If you plan to wind up a solvent company you will need to deregister with the Australian Securities and Investment Commission (ASIC). Even after it ceases trading a registered company is still subject to all of the legal requirements of a registered company including payment of the annual review fee.

A company ceases to exist on deregistration.

To wind up your company you need to ensure that the following requirements have been met:

• all members of the company agree to deregister;
• the company isn't carrying on business;
• the company's assets are worth less than $1000;
• the company has paid all fees and penalties payable under the Corporations Act 2001 (Cth);
• the company has no outstanding liabilities; and
• the company isn't a party to any legal proceedings.

ASIC provides comprehensive information on:

• deregistering a company;
• winding up a solvent company;
• ASIC initiated deregistration; and
• deregistration of company assets.

What's next...

• How do I close a business with employees ?
• What are my tax obligations when I close my business?