29.03.2023
Are you thinking to close off your business? Striking off a company from the Malta Business Registry involves a process with several steps. This article will give you an idea of what is involved in this process.
For whatever personal reason you decide to close your Malta company, under the Maltese law, a company cannot be struck off the Registry automatically, but it requires to follow a strict process and it requires the services of a liquidator which is appointed by the shareholder to be struck off completely. At that point, the liquidator takes control of the company in the winding up process, meaning that the powers of the director/s are shifted upon the liquidator who will have the power to liquidate the assets of the company and pay the creditors, if any, and distribute the remaining assets to the shareholders.
In terms of liquidation process, the company needs to be fully up to date in terms of VAT returns and VAT payments, tax returns and tax payments, bookkeeping and accounting books, and audits. Once these are all are completed and submitted, the company needs to ensure it is in good standing with the authorities and proceeds with the following actions:
- VAT deregistration
- Tax deregistration
- Business license cancellation
- PE number deactivation
- Jobsplus terminations
- Debt settlements
- Closure of bank accounts
The necessary documents and latest set of financial statements are then submitted to the Malta Business Registry for their approval and to stuck off the company. Once a company is dissolved and struck off, it will no longer be able to trade, and the business name will become available again.
As a licensed corporate services provider, Fairwinds Management Limited can assist you with the dissolution and winding up process of your Malta company. As appointed liquidators of companies facing dissolution, the team at Fairwinds Management Limited works hand in hand with the accounting team to ensure that the company is fully up to date in order to have a smooth winding up process. For further information please do not hesitate to contact us on info@fairwindsmanagement.net.
Fairwinds Management Limited is a MFSA licensed firm offering Business Solutions in Malta. As part of our services, we offer Accounting, Administration, Corporate and Legal solutions. Fairwinds Management also manages the brand Accounting Services. More information about us and our key services please visit our website. You may reach Fairwinds Management on +356 2704 0903 or info@fairwindsmanagement.net.
Article written by Ms Charlene Sciberras, B.A. (Hons), guest writer, a marketing and business administration specialist with a special focus on corporate, accounting, and legal matters.