Closing your company - video transcript

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
• the company is not carrying on business
• the company's assets are worth less than $1000

For a full list of requirements, visit Closing your company.

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.

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