Cancellation of registration is a relatively simple way to liquidate a company, the appointment of a liquidator is not required.Criteria :
Time frame :
- The Company did not start its activity, did not function and did not conduct business activities during the three months immediately preceding the filing of the application for de-registration
- The company has no outstanding obligations (i.e. taxes, government fees and accounts payable to creditors).
- The Company is not a party to any legal proceedings
Starting from the date of approval by shareholders, it usually takes 4-6 months
to complete the de-registration.Voluntary Liquidation .
Voluntary Liquidation is a more complex process and involves the appointment of a liquidator. All assets of the company will be sold (sold and converted into cash) as part of the legal process to repay its debts.Criteria :
Time frame :
- The Shareholders' Meeting must adopt a special decision by a majority vote (at least 75%) in favor of liquidation
- The company's ability to repay its debts in full within 12 months from the start of liquidation
- Shareholders appoint a liquidator to control and manage the entire liquidation procedure
Starting from the date of approval by shareholders, the entire liquidation process usually lasts at least 9-12 months
.Keeping records :
The directors of the company immediately before liquidation are required to keep the company's books and documents for at least five years after liquidation.The dormant company .
There is also have another way, if you do not plan to close company yet and the company does not generate revenue, we can help you save money by applying for dormant status. A dormant company is still registered but requires little upkeep. You can always decide to restart it or completely dissolve it in the future.