Jilian Consultants Co., Ltd.
Jilian Consultants Co., Ltd.
Company Cancellation

Global Corporate Dissolution

Global Corporate Dissolution

Global corporate dissolution occurs when a company had not fulfilled its purpose, facing bankruptcy, is acquired by another company, or even when it never operated any business. It is necessary to follow the legal procedure before the local authority can remove its name from the registry and declare it “dissolved”. 

 

There are several common steps to follow when closing a company: filing a resolution by the owner or board of directors, company liquidating, settling outstanding payments, notifying related companies and personnel, and get published in a local newspaper in some countries and regions. 

What makes global corporate dissolution more complicated?

What makes global corporate dissolution more complicated?

Companies may encounter other obstacles when filing for global company dissolution  or cancellation to wind down the corporate entity. In some places, a company must first obtain a tax clearance certificate to file a dissolution clause. In addition, some jurisdictions require companies to publish a cancellation in a general circulation newspaper in the area where they know their place of business is located, and to file a publication affidavit and a dissolution clause with the local government. If the entity has lost good standing due to failure to pass a compliance filing, the authority may require the company to restore the entity to good standing before submitting a dissolution clause.

Difference between global corporate dissolution and withdrawal filing

Difference between global corporate dissolution and withdrawal filing

In most places, "global company dissolution" describes the process of closing a corporate entity in its formative state. You will submit a withdrawal  request for foreign registration. A withdrawal application allows an entity to cancel its registration in a foreign qualified country and continue to exist as an incorporated or domicile. Global business dissolution, like building one company, is a long and complicated process. The company must follow each step carefully or risk paying fines and losing liability protection. This process can be daunting and difficult to understand, but Jilian Consultants stands ready to help company navigate it.