According to the “Companies Act” the law provides a number of possible ways to dissolve the Company:
Voluntary liquidation of the company (Voluntary Liquidation); and
Elimination by cancellation from the register of Companies (Strike Off); and
Liquidation by court order (made with substantial violation or non-compliance with the law).
Strike Off is a simple and fast way of dissolving a company, but it is recommended to be applied in cases where the company had little or no activity and its balance sheet didn’t have/does not have any assets and etc.
By the method of strike off from the Register, it is possible for the Company to be reinstated within 20 years from the date of publication of the announcement of the deletion of the company.
It is worth noting that by the method of strike off from the Register, the Company may be reinstated (in contrast to the voluntary liquidation method) through the court, at the request of any shareholder, creditor, by the Registrar of Companies or by the Tax Department and so on (e.g. either because the Company did not pay the annual fees or they did not submit any HE32 Forms, it did not receive a tax clearance certificate before closure etc ). This may happen within 20 years from the date of publication of the announcement of the deletion of the company.
In contrast to the method of strike off, choosing to proceed with Voluntary Liquidation, the time frame whereby the Company may be reinstated at the request of any shareholder, creditor, or by the Registrar of Companies House and so on, is ONLY within 2 years.
The Voluntary Liquidation procedure requires more time (almost a year), it is carried out by an appointed liquidator.
Three months after the dissolution of a company, the Registrar of Companies publishes an announcement in the Cyprus gazette, regarding the deletion of the company from the register. The purpose of the three month delay is to allow possible objections from shareholders, the tax department of Cyprus, creditors and so on. If no objections have been received, then the registrar of companies sends a notification to the Company’s legal address of no objection and publishes an announcement.
How we can help you:
- Preparation of a written notice of the decision of the beneficiary to cease the company
- Preparation and submission of financial statements up to the point of submission of an application for strike-off / liquidation.
- Preparation and submission of all Tax declarations to be submitted and calculation of all liabilities to third parties that must be paid.
- Preparation and submission of Annual Return (HE32)
- Termination of all bank accounts (if applicable) and transferring any remaining funds
- Acquisition of a final Tax Clearance certificate
- Appointment of a liquidator and preparation and submission of documents for liquidation.
Let us know if you wish to start the process and which way you wish and we will contact you to provide you with all the necessary instructions straight away.
- Dedicated team of liquidators and legal advisors
- Complete support through the entire process
- Reasonable prices
- Objective advice by our experts given based on your individual case and needs
- Fast preparation of all required documents
- Monitor, review and update you on the process of application