Liquidation of a Cyprus company
Our partner has a long experience of liquidating companies in the Republic of Cyprus. Closing a Cyprus company can be done in 3 different ways, the involuntary winding up by its creditors, voluntary winding up by the members and voluntary winding up with the supervision of the Court.
We require approximately 7 to 8 months from the moment that we have the Ultimate beneficial owner’s instructions and a Tax clearance certificate to liquidate the company and obtain the relevant certificate of dissolution.
Strike-off procedure initiated by the company
A Cyprus company can apply under Section 327 of the CAP 113 to strike the company off the companies registry provided that the company has no assets or liabilities. If a company is stuck off voluntarily it only means that the company has ceased to carry on any business and shall be considered dormant. A strike-off should not be confused to with liquidation.
For an in-depth explanation please click on our memo on the methods of closing a Cyprus company.
How to Reinstate a company in Cyprus
In the event that a company has been liquidated or struck off the Registrar of Companies (hereinafter referred to as “ROC”), any interested party has the ability though a court order to reinstate a company.
Time Frame limitations
A company may be reinstated within 2 years from the date that the company has been liquidated (dissolved) and 20 years for a company that has been struck off by the ROC.
- The accountants prepare and finalise accounts for all pending year that have not been submitted to the ROC.
- We prepare and submit a Court Application requesting that the company be reinstated. A hearing is held on a set date and the Judge needs to be satisfied that there are reasonable ground to issue the relevant order.
- Once we obtain the reinstatement order it is submitted together with required HE32 and accounts.
- The outstanding levy is paid.
- The ROC reinstates the company.
The Reinstatement fees for strike off are at €500 (in addition to the outstanding amount of the annual levy) and a penalty of €750 where a company is re-instated after the two-year period.
Our Services Include
Voluntary liquidation with the supervision of the Court
Voluntary Liquidation without the supervision of the Court
Reinstatement of a Company