Formal CIPC deregistration – Update your company status
Should you wish to enter CIPC deregistration for your company, specific rules and regulations set out by the Companies and Intellectual Property Commission need to be followed. This process was established to formally declare that your company is no longer trading and to have your company status updated with this agency’s records.
Due to the nature of this process, executing it successfully requires knowledge of relevant regulations. Our years of experience has provided us with the knowledge and skill to ensure that this process is done correctly and within good time. If you require company deregistration, our professional secretarial services are here to assist.
What does CIPC deregistration entail?
Deregistering a company formally declares that your business is no longer trading and has no access to assets or liabilities. Businesses that wish to deregister are allowed to do so if:
- the company has ceased trade
- the company no longer holds assets or liabilities
- the company is not making reasonable profits
- the company is being liquidated
A formal request is considered the voluntary route to company deregistration, though businesses are also at risk of this process occurring automatically should they not submit their annual returns. This will result in unclaimed business property falling under the ownership of the state. Furthermore, deregistration causes a termination of all active contracts and a surrender of debt.
When does automatic deregistration occur?
Automatic deregistration of your business can occur if you have failed to submit annual returns for two consecutive return periods. To validate your active status, companies are required to prepare and submit annual returns by the annual anniversary date of registration.
Not meeting the deadline of your company’s annual return can significantly harm your business. This prohibits trade and the ability to enter business transactions, makes your company name available for any entity to reserve and forfeits all business owned assets to the state.
How we help you deregister
Voluntary deregistration requires a formal letter to be written that states that your company is no longer trading, has disposed of all assets and liquidated all liabilities, this letter must also contain your company income tax number. Our professional team assists in correctly preparing this letter to meet all these requirements, compile all necessary documentation and ensure that all relevant deadlines are met for a successful deregistration process. Once the documentation required has been lodged, the process will take up to 6 months to finalise.
For voluntary deregistration, it is essential to have up-to-date annual returns. All the business’s contractual obligations will have to be fulfilled or closed, and assets and liabilities will have to be liquidated.
To assure successful applications for our clients, we provide professional company secretarial services to champion process. Our professional team has extensive knowledge of handling company administrative matters and ensure everything is done correctly.
If you would like to have your deregistered company re-instated, it is possible under the following conditions:
- The company was still trading before the initial deregistration
- Immovable property is registered under the business name
- Re-instatement is in the creditors’ best interest
We offer outsourced secretarial services for companies who need assistance with CIPC deregistration, registration or reinstatement. With our professional assistance, you can deregister or re-instate your company with ease. For more information, please contact our team here.
