how to deregister a new zealand company

TAX AND CORPORATE NEWS Latest news and information about tax and corporate legislations in New Zealand How to deregister a New Zealand Company The process of deregistering down a New Zealand company is: 1. Application to remove the Company The Companies Act 1993 sets out that the initial application to remove a company from the Register may be made by any of the following: a shareholder authorized to make the request by a special resolution of shareholders entitled to vote and voting on the question; or the board of directors or any other person, if the constitution of the company so requires or permits 2. Reason for Removal The applicant is required to provide a reason for the removal of the Company. The Companies Act 1993 sets out that the two viable reasons for the removal of a company are: that the company has ceased to carry on business, has discharged in full its liabilities to all its known creditors, and has distributed its surplus assets in accordance with its constitution and this Act; or that the company has no surplus assets after paying its debts in full or in part, and no creditor has applied to the court under section 241 of the Companies Act 1993 for an order putting the company into liquidation. 3. IRD Objection The application to close the Company must be accompanied by a letter from the Inland Revenue Department stating that there are no objection to the company being closed down or confirming that the entity has never registered with the Inland Revenue Department. 4. Processing Once the application is received by the Companies Office, the processing of the request may take up to five working days, and a notice will be issued to applicant informing them of the results. 5. Public Notice The Companies Office will issue a public notice stating its intention to deregister the Company, and will be open to receive objections to the move. If no objections are received within 20 working days of the publication of the notice, the Registrar will remove the Company from the Register. KIRILL KRUGER Director of AMG Business Development Kirill Kruger is a young but experienced financial consultant, with a specialization in international and New Zealand taxation research, management and planning. Being a successful entrepreneur he has also authored advanced studies in the field of financial academics, and regularly writes reports on current affairs and developments in international and New Zealand finance, taxation and management. www.businesscompass.co.nz [email protected] +64 7 8080 444 © AMG Business Development

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Page 1: How to deregister a New Zealand Company

TAX AND CORPORATE NEWS Latest news and information about tax and corporate legislations in New Zealand

How to deregister a New Zealand Company The process of deregistering down a New Zealand company is:

1. Application to remove the Company The Companies Act 1993 sets out that the initial application to remove a company from the Register may be made by any of the following:

a shareholder authorized to make the request by a special resolution of shareholders entitled to vote and voting on the question; or

the board of directors or any other person, if the constitution of the company so requires or permits

2. Reason for Removal The applicant is required to provide a reason for the removal of the Company. The Companies Act 1993 sets out that the two viable reasons for the removal of a company are:

that the company has ceased to carry on business, has discharged in full its liabilities to all its known creditors, and has distributed its surplus assets in accordance with its constitution and this Act; or

that the company has no surplus assets after paying its debts in full or in part, and no creditor has applied to the court under section 241 of the Companies Act 1993 for an order putting the company into liquidation.

3. IRD Objection The application to close the Company must be accompanied by a letter from the Inland Revenue Department stating that there are no objection to the company being closed down or confirming that the entity has never registered with the Inland Revenue Department.

4. Processing Once the application is received by the Companies Office, the processing of the request may take up to five working days, and a notice will be issued to applicant informing them of the results.

5. Public Notice The Companies Office will issue a public notice stating its intention to deregister the Company, and will be open to receive objections to the move. If no objections are received within 20 working days of the publication of the notice, the Registrar will remove the Company from the Register.

KIRILL KRUGER

Director of AMG Business

Development

Kirill Kruger is a young but

experienced financial

consultant, with a

specialization in

international and New

Zealand taxation research,

management and planning.

Being a successful

entrepreneur he has also