If you are thinking of shutting your business, the following procedures and considerations are critical:
Have an escape strategy in place: … Inform your employees:… Inform your consumers…. Collect your outstanding bills…. Inform your creditors and settle your outstanding obligations.
Sell your company and its functioning assets.
Deregister the company.
What is the cost of liquidating a corporation in South Africa?
The liquidation fee is R 13,500.00. Yes, there are firms who charge R 70 000 for the same job, but if you have that much money, you should pay some of your creditors instead.
How can I disband a CIPC company?
To de-register the business, the members must submit a statement to CIPC (on company letterhead) declaring that the firm is dormant, has no assets or obligations, and that all members desire to de-register the company. This letter must be signed by all parties who are in agreement.
How long does it take for a corporation to be deregistered with CIPC?
Voluntary deregistration usually takes less time, and according to the CIPC’s service standards, such a request takes around 10 days to process and another four months to fulfil.
How long does it take to deregister a company?
To deregister a corporation, the assets and obligations must be disposed of before the deregistration procedure can begin. The Companies and Intellectual Property Commission (CIPC) normally takes 3 to 7 months to complete the deregistration.
