What is Company Strike off?
Strike off is the process by which a limited liability Company in Cyprus is removed from the Register of companies maintained by the Registrar of Companies.
Strike Off Method
A Company may be struck off in two ways:
- Voluntarily: By the Company when it is no longer active or wishes to cease to carry out business operations and when all of its pending obligations have been settled.
- Involuntarily: By the Registrar of Companies when it has reasonable cause to believe that the Company is no longer active or when it failed to meet its legal obligations.
What Happens Next
The Registrar of Companies publishes in the Official Gazette of the Republic a three-month notice of the strike off. With the expiration of the notice period, the Company is removed from the register of companies.
It is important to note that for a voluntary strike off, a Tax Clearance Certificate from the Tax Department must be provided to the Registrar of Companies. The Company must also be up to date with all of its filing and compliance obligations.
Company Reinstatement
A Company may be reinstated through an administrative process within two years of the strike off.
Alternatively, a court order for reinstatement may be obtained within twenty years from the date on which the Company was struck off.
Should you wish to find out more, contact our team at info@paraschou.com.cy.
