Limited company business owners, whose company is defunct and solvent, want to cease thier business must prepare to deregister it. You can't leave the company open and hope a dormant company being deregistered. Non-filing of returns to the Companies Registry may be penalised. The deregistration process normally takes about 3 to 6 months to complete.
Any person who knowingly and recklessly gives information to the Companies Registrar that is false or misleading in a material particular is liable to a fine and to imprisonment. As the deregistration process is more technical and affecting company's property. A company should seek advice from its lawyer or certified public accountant on the disposal of its property before making an application.
Who Can Apply
the company; or
a director or member of the company.
Requirements
all the members of the company agree to the deregistration;
the company has never commenced business or operation, or has ceased to carry on business or ceased operation for more than 3 months immediately before the application;
the company has no outstanding liabilities; and
it has obtained a written notice of no objection from the Commissioner of Inland Revenue.