Voluntarily deregister your company

A company officially closes when it is deregistered with the Australian Securities & Investments Commission (ASIC).

When you deregister a company, it will cease to exist as a legal entity and is no longer able to trade.

Until you deregister the company, it must continue to meet all the legal requirements of a company. This includes annual review fee payments, even if it is no longer trading.

Consult your legal adviser, accountant or business adviser for advice to make sure closing your business is the right move.

Eligibility to voluntarily deregister

Only solvent companies can voluntarily deregister. If your company is insolvent, read ASIC’s guidance on how you can wind up an insolvent company. In order to voluntarily deregister your company, it must meet all of the following conditions:

  • all members of the company agree to deregister
  • the company has stopped trading
  • the company's assets are worth less than $1000
  • the company has no more outstanding liabilities, including employee entitlements
  • the company is not involved in any legal proceedings
  • the company has paid all fees and penalties payable to ASIC

Application for voluntary deregistration of a company

You can deregister your company with ASIC. Before you deregister your company make sure:

  • your company bank accounts are closed
  • any registered business names and licenses are cancelled
  • your final tax return has been lodged
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