Striking Off Company
When you decide to cease business operations, it is often advisable to close down the company if you know for sure that you will not be doing any business with the company in the near future. In most cases, if there are no outstanding liabilities or creditors at the end of the business, you can engage a service provider to assist in the de-registration or “strike-off” of the Company’s name from the registrar. If there are debts you cannot pay off at the end of the business, a winding-up process is required.
Striking off a Company typically is a much less lengthy and complicated process than a winding-up process. The entire strike-off process typically takes approximately less than 6 months to be finalised.
What are the requirements for striking off a company?
- The company must have stopped business activities or not have commenced activities from the date of incorporation
- No current or contingent assets or liabilities
- No outstanding tax liabilities with the Inland Revenue Authorities
- No debts owed to any Government authorities
- No ongoing involvement in any court proceedings
- No outstanding charges in the company’s charge register
- Written consent from the majority of the shareholders must be obtained
- Finalised accounts drawn up till the date of cessation must be attached
Should you have issues fulfilling the above, our experienced team of experts will be happy to assist you in providing you with the advice you need.
