Voluntary Liquidation Services

A Cyprus Company can be closed down either by way of strike off by the Registrar of Companies or by a members’ voluntary liquidation. The main difference between strike off and liquidation is that if the Company is struck-off it may be restored following a relevant application to the court through a Cyprus Lawyer within 20 years from the moment of strike off, whilst this cannot be done if the Company is liquidated. The procedure to be followed for striking off the company is also much simpler and straightforward than the one to be followed for liquidation.

Strike-off Procedure

• According to the Cyprus Law the steps to be taken for the strike-off procedure are as follows:
• The Directors of the Company submit with the Registrar of Companies a letter confirming that the Company has no activity.
• The Registrar publishes in the Gazette of the Republic of Cyprus notice that the name of the company will be struck off contrary.
• After three months have elapsed, and provided that nobody has objected to the striking off of the Company, the Registrar will publish in the Gazette notice that the Company has been struck off and the Company is then dissolved.
• The whole procedure usually lasts from several months up to a year.

Members Voluntary Liquidation

According to the Cyprus Law the steps to be followed for a members voluntary liquidation are the following:

• Statutory declaration by the majority of the directors that the Company is solvent. The declaration must be accompanied by an up to date statement of the company’s
  assets and liabilities and must be notarized.
• The members of the company resolve to put the company into voluntary liquidation at the extraordinary general meeting during which the liquidator is also appointed.
• The liquidator informs the Registrar of Companies or the Court that the company has been placed into members voluntary liquidation and an advertisement of this is made in the Official Gazette of the Republic of Cyprus.
• Notice of one month for the company’s final general meeting is them placed in the Gazette.
• The Liquidator prepares a statement of his dealings during the liquidation period, which is presented at the final general meeting. Notice of the results of the final general meeting is given to the Registrar of Companies within 7 days from the date thereof.
• The Company is considered dissolved in 3 months from the date of the final general meeting.If there are no assets or liabilities at the time the company goes into liquidation the liquidation procedure should take approximately 5-6 months from the time the first filing is made.
• The liquidation procedure will only be completed if the annual levy fees have been paid to the Registrar of Companies and a company Tax Clearance Certificate is obtained.

Our corporate services professionals can assist you to select a suitable method of closing down your company and follow the legal steps for the strike off or members voluntary liquidation.