General steps involved and an estimated timeline for deregistration:
1. Board Resolution
The company’s board of directors must pass a resolution to initiate the deregistration process. This resolution should be recorded in the company’s minutes.
2. Settle Outstanding Obligations
Before deregistration, the company must settle all outstanding obligations, including debts, taxes, and other liabilities. It is important to ensure that all tax filings and payments are up to date with the Inland Revenue Department (IRD) and other relevant government agencies.
3. Inform Relevant Parties
Notify all relevant parties, including shareholders, directors, employees, creditors, and any other interested parties, about the intention to deregister the company. This can be done through written notices or other appropriate means.
4. Application for Deregistration
Prepare and submit the application for deregistration to the Companies Registry (CR). The application should include the completed Form NDR1, together with the required supporting documents, such as a notice to creditors and a statement of no outstanding liabilities.
5. Gazette Notice
Upon receiving the application, the CR will publish a notice in the Gazette, the official government publication, indicating the company’s intention to be deregistered. The notice will invite any objections to the deregistration within three months from the date of publication.
6. Objection Period
During the three-month objection period, any interested party can lodge an objection to the company’s deregistration. If no objections are received, the deregistration process can proceed.
7. Deregistration Certificate
If no objections are raised, the CR will issue a deregistration certificate once the three-month objection period has passed. This certificate confirms the company’s deregistration and marks the completion of the process.
The estimated timeline for the deregistration process can range from six to nine months, depending on various factors such as the complexity of the company’s affairs, the prompt settlement of outstanding obligations, and any potential objections that may arise.
The specific requirements and timeline may vary in individual cases. Please contact us for your own case.