You must meet the following requirements in order to voluntarily deregister your company with ASIC:
- All members must agree to deregister
- The company should not be conducting business
- The company must not have outstanding liabilities
- The company must not be party to legal proceedings
- The assets of the company should be less than $1000
- The company must have met all payments pursuant to the Corporations Act 2001 (Cth)
It is important to remember that once deregistered a company ceases to exist as a legal entity. If the company holds business names these may also be cancelled in the process.
The company will remain on the ASIC companies register but will be classified as 'deregistered'. It is possible to reinstate a deregistered company in future. Once reinstated a company again retains a registered status as if it were in fact registered the entire time.
You must lodge a Form 6010 with ASIC along with the $39.00 deregistration fee. It is crucial to ensure that you do not have outstanding payments due to ASIC, such as annual review fees, as these will restrict deregistration from occurring.
Please be aware that the deregistration process, once the appropriate forms have been lodged with ASIC, can take about 2 months.