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The process is usually initiated by the shareholder(s) of the Company. The company director must provide confirmation that the Company has no assets or liabilities. Together with the confirmation statement, audited financial statements must be prepared up to the date of termination of business showing that the Company no longer carries on business and has no assets or liabilities. The Company must also close all operative bank accounts and to settle all tax and other obligations (including payment of the annual levy for any pending year) with the relevant authorities. If registered with the V.A.T Department, it must apply to de-register from the V.A.T Registry as well. Thereafter, depending on the Articles of Association the directors or the shareholder should pass a resolution resolving the termination of business and closing down of the company.
Then the directors prepare a formal letter which they submit to the Registrar of Companies requesting the Registrar to strike-off the Company from the Company Registry under Section 327 of the Companies Law Chapter 113. Such a formal letter is accompanied by the statement of the Directors that the Company has terminated any and all operations and has no liabilities. Upon the submission of such formal letter, the Registrar will examine the application and if satisfied that the company is not indeed carrying on business , the Registrar will publish a notice of its intention to strike-off the Company from the Registrar’s Registry within three months in the Official Government Gazette unless an interested party claims against the Company. If within this period of three months there is no claim by any other third party against the Company, the Registrar will publish a final notice at the Official Government Gazette and the Company is considered as being struck-off from the Registrar’s Company registry.
DISCLAIMER: Information contained in this publication does not constitute any kind of advice on any particular matters and should not be considered as such. ATCA accepts no responsibility for clients’ decision