Company deregistration in 2023
Occasionally, our clients require Healy Consultants to deregister their company and close the corporate bank account. Company deregistration is the optimum strategy if the company i) has ceased operation ii) is not and will not be involved in any court proceedings iii) has no assets and liabilities iv) has no outstanding penalties or offers of compensation, is not indebted to other government departments or any outstanding tax liabilities v) has no outstanding charges in its charge register or if vi) none of the officers of the company have outstanding summonses or vii) the corporate bank account has been closed. The following is an overview of company deregistration.
- Company deregistration is the most cost-efficient method of winding up an entity (since it removes the requirement to pay ongoing annual company maintenance fees). Healy Consultants recommends this strategy to all clients to avoid damaging and costly court proceedings;
- Although company deregistration procedures vary depending on the jurisdiction, the average company deregistration engagement takes 3 to 6 months;
- Typically, company deregistration proceeds as follows:
- Closure of company bank account;
- A company deregistration application is lodged with the relevant corporate regulatory authority;
- If the company deregistration application is approved, a ‘striking off’ notice is sent to the company’s registered office address, as well as to the directors at their residential address, and relevant tax authorities;
- A period of time (normally one month) is given in the ‘striking off’ notice to anyone who may wish to object to the application;
- After the notice period, a notification of the intention to strike the company off the company register is made and published in a government gazette (if applicable);
- Final notification is given that the company is fully deregistered.
- Healy Consultants will project manage the company deregistration process from start to finish on our clients’ behalf. Examples of our assistance in this regard include:
- Submitting company deregistration documents to the relevant authorities, along with completed application forms if required;
- Closure of the corporate bank account;
- Following up on the deregistration application and providing additional supporting information if required.
Healy Consultants’ company deregistration fees vary according to jurisdiction, depending on the complexity of the procedures. Our fees are listed on each jurisdiction page. Please contact us for further information.