Company Dissolution FAQs
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.
Do you have more questions? Read the answers to our most frequently asked questions below.
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Company Dissolution Related Questions
Yes, any company, regardless of the jurisdiction, can apply for dissolution. GCM 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.
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.
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.
An application for the restoration can be made to the Registrar or the relevant Authority of the relevant jurisdiction. GCM 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.
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.
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.
The most standard document is a Certificate of Dissolution issued by the Company Registry.
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We understand that you may have several questions regarding the offshore company formation process. That’s why we have compiled a list of FAQs to help you out. If you have additional questions that are not addressed in this list, you can contact GCM directly.
If you were looking for our offshore jurisdiction list, you can click on the link to be redirected to that page. There, you will find a list of the services we offer for each country or jurisdiction, as well as the applicable fees.
With years of experience in assisting clients with offshore company registration, our team of experts can guide you through every step of the process. We are committed to providing you with professional, efficient, and cost-effective services to help you achieve your business objectives.
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