to help you wind up your company in 2 ways:1. Voluntary winding-up
Winding-up procedure is clearly prescribed by the legislation of every state. This procedure is carried out in stages:
2. Winding-up by de-registration
- A decision is made to terminate the company’s operations. The persons making the decision must be on the Charter. If the organization operates through a nominee, then the decision should also come from the beneficial owner of the legal entity.
- Before the termination, the company must pay all termination fees as well as obligations to partners, employees, etc.
- Then the company shall seek for the appointment of a liquidator. As a rule, this is a person familiar with the financial situation of the liquidated enterprise. For example, the accountant. Their responsibilities include notifying the registrar of the liquidation, as well as identifying assets and distributing them to shareholders.
- Informing the press about the termination.
- Obtaining a certificate of cancellation. Having gone through all the stages, the liquidator receives a certificate that confirms the completion of the winding-up procedure.
Payment of state duties and taxes is the main condition for the existence of a company in the country of its registration. Failure to pay the fees will result in the enforced liquidation of the enterprise by deleting it from the register. The exclusion of the company from the State Register does not relieve it of monetary obligations. The liquidated company can be restored within a certain time interval (determined by law). To do this, one need to pay all accrued fees. This method is typical for offshore companies. The procedure is much more complicated in more popular jurisdictions.