Company Deregistration - voluntary
($ 55.00 Cleardocs fee inc. GST and $ 40.00 ASIC fee)
Have you sold your business? Merging with another business? Are you retiring from your business?
It's a good idea to consider voluntarily deregistering a Pty Ltd company, if your company is:
- no longer trading;
- no longer the trustee of a trust or SMSF and property no longer vests in the company; or
- no longer required.
Even if your company has stopped trading, it's still registered with ASIC. This means that you must still meet the legal obligations of a company, including paying the annual review fee.
Voluntary deregistration is the simplest and cheapest way to close down your company so that you do not have to continue your obligations as an officeholder.
Time taken to complete30 minutes.
Cost$ 95.00 (inc. GST) - Cleardocs fee of $55.00 and ASIC fee of $40.00
Legal Sign-offThe master documents are written in plain language and are signed-off by our lawyers at Maddocks.
What is included in the Cleardocs package?
The Cleardocs package includes:
- electronic lodgement of ASIC Form 6010 Application for Voluntary Deregistration of a Company;
- Minutes of directors declaring the deregistration conditions have been met and resolving to voluntarily deregister the company;
- Circulating members resolution; and
- an Establishment Kit explaining what to do next.
What information do I need to deregister my a company through Cleardocs?
Our checklist outlines all the information you require.
What is voluntary deregistration?
A company exists until it is deregistered. Voluntary deregistration is one way of having a company deregistered — it is generally the quickest and cheapest method, but is only available in fairly limited circumstances — read more about these conditions below.
When can a company apply for deregistration?
Under the Corporations Act 2001 (Cth), a company can apply for deregistration as long as all of the following 6 conditions are met:
- all members agree to the deregistration;
- the company is not carrying on business;
- the company's assets are worth less than $1,000.00;
- the company has paid all fees and penalties payable under the Act;
- the company has no outstanding liabilities; and
- the company is not a party to any legal proceedings.
If the company is insolvent, you cannot apply for voluntary deregistration. If your company is a trustee, then it should first dispose of all trust property and ensure the trust has been wound up and terminated.
If a company applies for voluntary deregistration and does not meet all of the 6 requirements, ASIC will reject the application and the application fee will not be refunded. Note, however, that ASIC can only check whether certain requirements are met (such as payment of all annual review fees): the fact that ASIC accepts an application, does not mean it accepts all 6 requirements have been met. Accordingly, it is important that at the time of lodging the application for voluntary deregistration, the information provided is 100% accurate. It is an offence to make a false declaration.
How long does it take to voluntarily deregister a company?
The whole process takes approximately 3 months.
If the Company complies with all of the requirements for deregistration and ASIC approves the application for deregistration, ASIC will publish a notice about the proposed deregistration in the Commonwealth Gazette and on ASIC's national database.
Subject to any response received by ASIC about the proposed deregistration from, for example any creditors of the company, 2 months after the Gazette notice is published, ASIC can deregister the company.
ASIC will give notice of the deregistration to the person nominated on the application form to receive the notice.
What happens if ASIC rejects the deregistration application?
If the application is rejected, ASIC will write to the company directly advising why the application has been rejected. In this case, the application fee will not be refunded. The company will be required to lodge a new application and pay the application fee again.
What do I need to do after the company is deregistered?
You will need to advise the Australian Business Register and the ATO that the company is deregistered.
The company directors are required to keep the company's books for at least 3 years from the date of deregistration. However, the company may need to keep them longer for tax purposes.
If the company's account with ASIC shows a credit balance following approval of the application for deregistration, ASIC will issue a refund to the company's registered office or postal service address within 14 days. You do not need to contact ASIC.
Do I need to pay my current annual review fee?
You don't have to pay the current annual review fee for the company if the due date for payment is after the notice has been published on the Published notices website. For example: if your company's annual review fee is due on 01/06/2016, but a notice has been published on 30/05/2016, you don't need to pay your fee.
Questions or further information
If you have questions:
- about how to use Cleardocs, contact the Cleardocs helpline on 1300 307 343.
- about legal issues, contact the Cleardocs helpline on 1300 307 343. If you need advice, we will arrange for you to speak with a lawyer at Maddocks. The firm provides a free legal helpline in relation to the documents Cleardocs provides. If you require other legal advice in relation to your particular circumstances, then this will be charged for.
- Instant 24/7 ASIC lodgement — Cleardocs is an ASIC registered agent
- Pre-fill company information from earlier Cleardocs orders — saving you time and typing
- Includes copy function for address details — saving you typing
- Extensive online help and local phone support
- Easy to use question interface