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Company Strike Off

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COMPANY STRIKE OFF AND RESTORATION OVERVIEW

Updated time: Jul 31, 2018 , 15:46 (UTC+08:00)

1.1. Company strike-off 

There are many who would like to dissolve a company after they have completed their business goals, or who do not want to use a company anymore for some reason. Setting up companies seems to be simple, but when you dissolve them, you need to fulfil all your duties with the jurisdiction your company is based in.

Depending on the jurisdiction, normally with IBC/BC model, the company requires internal resolution and to inform the government of the dissolution.

However, in regard to the jurisdictions requiring a tax declaration, such as Hong Kong, Singapore, US or UK, the procedure is much more complicated. If the company has not incurred any transactions since formation, they can proceed to dissolve without a tax declaration. If the company had transactions, accounting and auditing are required before the dissolution. They need to deactivate their bank account as well, then submit documents and related resolutions to the local authority.

1.2. Company restoration

We can apply to get your company restored if it was struck off the register and dissolved by the Companies Registrar.

Our experience ensures you stay ahead of legal requirements that can impact your company. You can apply for a company restoration if you were a director or shareholder of the company.

COMPANY STRIKE OFF PROCESSING

Updated time: Jul 31, 2018 , 15:56 (UTC+08:00)

A proper company shut-down process will give your creditors and customers clear notice of your business’s closure, an important step towards limiting the amount of time you may be subjected to lawsuits.
Step 1 The directors make a declaration of solvency, in the approved form, which confirms that, in their opinion, the company is and will continue to be able to discharge, pay or provide for its debts as they fall due, and the value of the company’s assets equals or exceeds its liabilities.
Step 2 The directors should prepare a liquidation plan for approval, specifying the following.

  • The reasons for the liquidation
  • Whether the liquidator is authorised to carry on the business
  • The name and address of each individual to be appointed as liquidator and the remuneration proposed to be paid to each liquidator
  • Whether the liquidator is required to send his statement of account to all members

Step 3 Once the liquidation plan has been approved by a resolution of the directors, it must then be authorised by a resolution of the shareholders. It is required that the liquidation plan is sent to all shareholders, regardless of whether such resolution is to be passed at a general meeting or in writing.
Step 4 After being formally appointed, the liquidator has strict time frames to undertake the liquidation process and file the following documents with the Registry of Corporate Affairs.

  • A notice of his appointment in the approved form
  • The executed declaration of solvency made by the directors

Finally, the Registrar of Corporate Affairs (Registrar) shall:

  • strike off the company from the register of companies; and
  • issue a certificate of dissolution, in the approved form, certifying that the company has been dissolved.

The time frame for completion is from 4 weeks to 4 months, depending on your company’s jurisdiction.
For a company incorporated in Hong Kong, Singapore, UK or the US, if you do business locally you have to file tax reports and audit-related documents, as well as closing all bank account in the local country, before step 4.

COMPANY STRIKE OFF FEE SCHEDULE

Updated time: Mar 21, 2018 , 15:40 (UTC+08:00)

1. Company Strike Off Fee Schedule

Other Jurisdictions: time frame and fee depend on each jurisdiction.

Country Time frame Fee
United Kingdom 2-3 months US$ 350
Hong Kong 5-6 months US$ 499 + Other fee (If applicable). Note: The company must be in good standing in order to proceed with the liquidation.
Seychelles 2 months US$ 1,600
St. Vincent – Grenadines 2-3 weeks US$ 850
Belize 2 months US$ 1,600
Anguilla 6-9 weeks US$ 1,950 Note: The company must be in good standing in order to proceed with the liquidation.
Delaware 2-3 weeks US$ 800
British Virgin Islands 6 weeks US$ 1,600 Note: The company must be in good standing in order to proceed with the liquidation.
Vanuatu 3-4 months US$ 898
Panama 2 months US$ 1,200

2. Company Restoration Fee Schedule

Country Time frame 
(From the Closing date of the Company)
Fee
Seychelles Under 6 months US$ 850
Over  6 months US$ 1,150
St.Vincent Under 6 months US$ 930
Marshall Islands Under 6 months US$ 1,025
Belize Under 6 months US$ 1,150
Over  6 months US$ 1,650
Anguilla Under 6 months US$ 825
Over  6 months US$ 1,125

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