$170 (INCL ASIC FEE $49 & GST)
CLOSING A COMPANY
Closing a company with ASIC in Australia, also known as company deregistration or voluntary deregistration, can be done with us. We can help close your Australian company.
We can apply for voluntary deregistration of your company through ASIC if you no longer require the company and wish to close it. When closed you will no longer need to pay ASIC’s annual review fee.
CONDITIONS FOR CLOSING A COMPANY
Company deregistration is subject to the following prerequisites:
- All members of the company agree to the deregistration
- The company is not carrying on business
- The company's assets are worth less than $1,000
- The company has paid all fees and penalties payable under the Corporations Act 2001 (Cth)
- The company has no outstanding liabilities
- The company is not a party to any legal proceedings
What is included in the Company Deregistration Package?
- Directors' resolution
- Members' resolution
- Copy of ASIC Form 6010
HOW TO DEREGISTER A COMPANY?
Once an order to close your company is received, Patricia Holdings will prepare all documentation that day during business hours and email the Form 6010 to you for signing. Once signed and returned, we will lodge the Form 6010 electronically with ASIC. Copies of the lodged documents and resolutions will be emailed to you that day.
ASIC will then notify Patricia Holdings when they have approved the application (usually about 2 weeks) via post. The application to deregister the company will then be published in the ASIC Gazette which usually takes a period of 2 months. Following this, ASIC will deregister the company and send a notification to Patricia Holdings, which we will forward to you immediately via email.
WHAT IS CLOSING A COMPANY?
Closing a company with ASIC is when a company ceases operations, is deregistered and no longer exists. It’s also known as voluntarily deregistration of a company. After closing your company, you no longer will need to pay any ongoing fees.
Once a company is deregistered, it indicates the end of the obligations of the company officeholders. In the ASIC register your registered company status will be displayed as deregistered.
REASONS FOR CLOSING A COMPANY
You may decide to close a company for a variety of reasons. You may choose to deregister your company with ASIC because the company is no longer operational or you either physically or financially cannot continue to run your business and don’t not want to pay the ongoing costs of running the company. Changes to market conditions can be a reason for company deregistration. You may simply just want to retire your company if it was solely the Trustee of a Trust that has since been wound up, as there would be no need to continue paying the ongoing annual costs of keeping it open.
Patricia Holdings can help make closing your company simple.
WHAT HAPPENS AFTER CLOSING A COMPANY
Once you close your company, it will no longer be operational and can no longer do anything in its own right. Upon deregistration, company officers cease their obligations to the deregistered company. However, the company would still be required to keep its books for a period of three years following deregistration.
COMPANY DEREGISTRATION ALTERNATIVE
If your company has ceased trading but you don’t want to deregister your company, you can consider keeping the company as a dormant company. Dormant companies have the same obligations under the Corporations Act, which includes paying an annual review fee to ASIC. Additionally, a dormant company needs to adhere to ATO obligations. If your company has no trading activity, then you can lodge what’s known as a ‘NIL Return’. If you would like to change your company to a dormant company, Patricia Holdings can help you complete your ASIC annual review under a service we call ASIC Compliance for Small Business. If you are interested to learn more about how we can help your company with this, contact us here.
