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Liquidation of foreign companies
If a registered foreign company has lost its relevance and its annual maintenance is no longer appropriate, the liquidation procedure is applied.
The liquidation of a company can be realized by deletion from the register ("strike-off") or by voluntary liquidation. Offshore jurisdictions are often characterized by the so-called "technical liquidation" by deleting registration data from the Companies Registry. To do this, an appropriate application is submitted for the deletion of the company in connection with the termination of actual activities or there is an automatic exclusion due to any violations. With the technical deletion of data from the Register, we come to the legal end of the offshore activity. At the same time, the owners of the company are not required to undergo additional liquidation procedures.
- lack of payment of the annual state duty and fines;
- lack of permission for licensed activities;
- non-renewal of the license to carry out activities;
- cancellation of a business license;
- filing an application for termination of activities;
- failure to submit reports, declarations or other required documentation;
- absence of a registered agent;
- reorganization or relocation of the company to another country;
- other violations of the law.
- decision of the directors of the company on liquidation;
- payment of all debts and liquidation fees;
- drawing up a liquidation plan;
- appointment of an authorized liquidator;
- submission of a notice to the Register on commencement of liquidation;
- placement in the newspaper of a notice about the beginning of the liquidation;
- submission of a notice to the Register on the completion of the liquidation procedure;
- deletion of the company from the Register;
- obtaining a Certificate of closing the company;
- publication in the newspaper of a notice that the company has been liquidated.
A liquidated company under this procedure can also be restored within the prescribed period, but only through a lawsuit. In the event of complete liquidation, the company is considered to be such that it has no outstanding obligations, outstanding debts and claims against the owners are not accepted. In order to correctly comply with each stage of liquidation and speed up the deadlines, it is recommended to enlist the support of lawyers who will help you fulfill all the requirements and avoid penalties in cases of violation of the procedure. Our specialists will implement the liquidation of an offshore company on a turnkey basis, and, if necessary, will help to transfer your business to a more respectable country.
Liquidation of companies and CFC requirements
In connection with the legislation adopted in Ukraine regarding Controlled Foreign Companies, residents of Ukraine who owned foreign companies, in the event of their liquidation, are required to notify the tax service of Ukraine of the changes within 60 days. If this notice is not filed on time and in the proper form, a penalty of 300 living wages will apply. The fact of termination of actual control over a foreign person leads to the loss of the status of a controlling person in Ukraine.
For more detailed information about the liquidation procedures, as well as their consequences, please contact us for advice. Our lawyers are ready to provide comprehensive support and support in these matters.