At times we all need assistance. Whether you're looking for the best place to register your company or a physical office to open a company anywhere in the world, or simply want to know the meaning of an onshore/offshore company, this is a great place to start. Browse commonly asked questions on company formation below.
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Company Dissolution Related Questions
Can any company apply for dissolution/deregistration?
What are the requirements for a company to be dissolved?
Does the company need to file all outstanding Annual Returns before delivering the application for deregistration/dissolution ?
How can I restore a deregistered company?
What are the differences between winding up, dissolution and striking off?
How long does it take to dissolve a company?
Which document I will get once my company has been dissolved?
Can any company apply for dissolution/deregistration?
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Yes, any company, regardless of the jurisdiction, can apply for dissolution. SFM can take care of the dissolution process for you. Prices vary from one jurisdiction to the other, and also depending on the amount of accounting work if needed.
What are the requirements for a company to be dissolved?
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This will depend on the jurisdiction and procedure selected, the company must meet the following conditions before making an application for dissolution :
- The shareholders of the company should formally agree to dissolve.
- The company should not have any outstanding assets or liabilities.
- The company should not be involved in any litigation.
Does the company need to file all outstanding Annual Returns before delivering the application for deregistration/dissolution ?
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Yes. A company is usually required to file Annual Returns and observe its obligations under the applicable Companies law in general, until it has been dissolved. Failure to do so could have consequences such as preventing the deregistration/dissolution or make the company liable to prosecution.
How can I restore a deregistered company?
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An application for the restoration can be made to the Registrar or the relevant Authority of the relevant jurisdiction. SFM can take care of this process for you. If your company was struck off, it may be possible that the company’s name may no longer be available.
What are the differences between winding up, dissolution and striking off?
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Winding up is the process of settling the accounts and liquidating a company’s assets to extinguish existing liabilities and finally permit the distribution of the net assets to the shareholders. It is part of dissolving the company.
Dissolution: dissolution is the entire process of formally closing down the company, from winding up to the striking off from the Company Registry. It aims at protecting you against future liabilities.
Striking off refers to the Registrar of Companies literally striking the name of a company when there is reasonable ground to consider that a company is no longer meeting the conditions for being registered. The strike off may be compulsory, for instance as the result of a lasting failure to maintain a situation of good standing, or be the result of a dissolution/deregistration procedure. Striking off is a statutory power and responsibility of the Registrar.
Dissolution: dissolution is the entire process of formally closing down the company, from winding up to the striking off from the Company Registry. It aims at protecting you against future liabilities.
Striking off refers to the Registrar of Companies literally striking the name of a company when there is reasonable ground to consider that a company is no longer meeting the conditions for being registered. The strike off may be compulsory, for instance as the result of a lasting failure to maintain a situation of good standing, or be the result of a dissolution/deregistration procedure. Striking off is a statutory power and responsibility of the Registrar.
How long does it take to dissolve a company?
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This depends on the jurisdiction of incorporation – i.e. on the applicable procedure – and on the status of the company’s business. For simple cases where companies have no liabilities and where all documents are up to date, the process generally takes about 45 days. For more complex cases, the process can take up to one year.
Which document I will get once my company has been dissolved?
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The most standard document is a Certificate of Dissolution issued by the Company Registry.
Disclaimer: SFM Corporate Services and its affiliates do not provide tax, legal, or accounting advice. Materials provided by SFM Corporate Services and www.sfm.com have been prepared for informational purposes only, and is not intended to provide, and should not be relied on for tax, legal, or accounting advice. You should consult your own tax, legal, or accounting advisor with regard to your own tax, legal, or accounting scenario. Nothing on this webpage shall be construed as a contractual commitment or as a warranty. Services conditions are governed by the applicable terms and conditions.
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