Deregistering a company means that you do not have to continue your obligations as an officeholder. It's a good idea to consider deregistering a company if it's no longer trading.
If a company is solvent, but does not meet the requirements for voluntary deregistration (e.g. has assets worth more than $1000), the company's members can 'wind up' the company. This involves resolving outstanding affairs including:
If the company is insolvent, you can't apply for voluntary deregistration. Unless you refinance the company and make it solvent, you will need to consider voluntary administration or liquidation.
If you've applied for voluntary deregistration and changed your mind or ASIC has begun to deregister your company, you may be able to stop deregistration.
A third party (e.g. another company) can apply to ASIC to defer deregistration of a company if they are conducting, or plan to conduct, legal proceedings against the company.
We've put together a short video to help you understand when you can close your company, how to do it, and what you need to consider.
Registered companies have a number of obligations with ASIC. This includes keeping your details up to date and paying your annual review fee.
If you've stopped trading and you don't need the company, it's a good idea to consider closing it. This can help you avoid unnecessary fees.
To close your company, you can apply for voluntary deregistration online. When the company is deregistered, you are removed from your officeholder obligations.
You should apply for deregistration at least two weeks before your annual review fee is due. You can check your review date by searching our register.
This gives us enough time to process your application before your annual review fee is due.
Before we can accept your application, you need to meet a number of requirements. These include:
all members of the company agree to deregistration
To apply for deregistration, lodge an Application for voluntary deregistration of a company online.
There is also an application fee, which you must pay before we can assess your application.
Once your application has been reviewed, we'll contact you to let you know the outcome.
If your company doesn't meet the requirements for voluntary deregistration, you may need to consider other options. Visit www.asic.gov.au/closing for more information.
To learn more about ASIC, visit our website. You can also check us out on Facebook, Twitter, and YouTube for more information.
