Sometimes business owners need to close their companies. For a short period of time or indefinitely, they need to take a break from their entrepreneurial career. In this case, not plenty of available options are available. While your Google search results are full of advice around how to register a limited company, understanding how to close it needs some more time. So let’s dive into details learning how long and how much it takes – company closure service by Chern & Co.
Types of Company Closure
There are two “types” of Irish company closure. These are the windup (voluntary closure) and insolvency (involuntary closure).
The voluntary closure is the process of winding up the company so it no longer exists by using its assets to pay its debts. A liquidator is a person chosen to shut down a company.
Insolvency is a process of forced company closure initiated by a court. The High Court appoints the liquidator and supervises the liquidation process.
How to Close a Company in Ireland
A company that has never traded or ceased to trade can proceed to a voluntary strike-off. The required steps and conditions for a Voluntary company shut down in Ireland are the following:
- Make sure you paid off all the debts (if there are/were any);
- Make sure all annual returns and accounts are up to date;
- The amount of any assets of the company must not exceed €150
- Prepare a director’s statement that a company ceased trading or has never traded;
- Directors’ and shareholders’ consent for company closure;
- Sent a letter to the Revenue requesting a no-objection letter;
- Prepare and submit the H15 form to CRO.
Get to learn all mandatory conditions for company closure in Ireland.
Why Close a Company with Chern & Co
You must be wondering “What is the point to apply for company closure service by a third party?” There are at least three solid reasons why you should apply for company closure service by Chern & Co.
It is affordable: we offer a budget-friendly option of company closure for only €600. This is one of the most reasonable offers on the market and an excellent option in terms of the price-quality ratio.
It will get you rid of the hassle: we are perfectly aware of all the legal requirements of company closure in Ireland. In particular, we follow the guidance of company closure by the Company Registration Office. You can rest assured you will not have to worry about anything.
It is fast: our expertise and commitment allow us to deliver the company closure service within the fastest terms.
How we Deliver the Company Closure Service
At Chern & Co, we believe in a fast and unproblematic service delivery process. Thus, check out a few super easy steps we take to assist you with Irish company closure!
- You leave an application and our managers contact you ASAP.
- We clarify the details and prepare an invoice for payment. You can pay in any convenient way.
- You fill out the documents and send scans electronically.
- Service is in progress. We contact the legal authorities required to close your company.
- We prepare the documents and send them for your sign.
- Done! You can always get to our company restoration service if you want to revive your company.
Company Closure Service by Chern & Co
Chern & Co can carry out a proper company closure procedure on your behalf sticking to all legal requirements. We believe that running a business doesn’t need to be a burden and so the company’s shut down. Contact our managers for more information or to proceed with company closure with Chern & Co.
Disclaimer: This content of this page is for acquainting purposes only and is subject to change. It does not constitute any professional advice. No liability is accepted by Chern & Co for any actions taken or not taken in reliance on the information set out in this article. Professional, legal or tax advice should be obtained before taking or refraining from any action.
600€ excl. VAT
Company closure with CRO
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Frequently Asked Questions
Answers to Common Concerns
Why to Register a Company in Ireland?
Setting up a company in Ireland carries plenty of benefits. These are the smooth process of annual returns submission, low Ireland corporate tax rate (lowest in the EU), official documentation in English, access to the European market, the brilliant reputation of Ireland as a business-friendly country, availability of progressive and educated workforce.
Is it Dangerous to Assign a Nominal Director?
Yes, from the moment of the first trademark submission, it’s valid for 10 years and can be renewed indefinitely.
Can I Promote Goods and Services Under an Unregistered Trademark?
Yes, according to law, it is not mandatory to register a trademark. You can operate under an unregistered mark but in that case it would be more difficult and expensive to protect your rights for the mark in a court.
Can I Change the Specialization of My Company?
Yes, it is possible to change the specialization of your company en-route.
Can I Trade on Amazon with an Irish-registered Company?
Yes, we offer business-friendly packages for those who want to trade on Amazon for both European and US customers. We also help to pass the verification process on the marketplace.
Can I Close a Company?
Yes, this option is also possible, and we do provide this kind of service. In perfect circumstances, it takes around a month to close your company. A legal requirement is not to have large unpaid loans.