Business Account Closure Support
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Why You Should Not Leave a Company Dormant
Leaving an inactive company on record can create ongoing compliance risks, penalties, and future complications.
Ongoing renewal fees and late penalties
Company still considered legally active
Bank account freezes or compliance flags
Potential impact on the owner’s personal records
Difficulty registering new companies in the future
Consult My Corporate Structure
What Is Company
Strike-Off?
Company strike-off is a legal procedure to remove a company’s name from the official registry when it is no longer operating.
Typically applies when the company:
- Has ceased business activities
- Has no outstanding liabilities or disputes
- Has fulfilled required filings and obligations
- Once completed, the company legally ceases to exist under the applicable jurisdiction.
When Should You Consider Strike-Off?
Strike-off is appropriate when a company is no longer operating and has no outstanding obligations.
You may consider strike-off if:
- The company has no transactions or operations
- There is no longer a need to maintain the entity
- Business strategy has changed
- You are preparing for restructuring or migration
Eligibility Requirements
Only companies that meet specific legal and financial conditions are eligible for strike-off.
To qualify for strike-off, a company generally must:
- Have no outstanding taxes, fees, or legal obligations
- Have no unresolved legal disputes
- Have completed required accounting filings (if applicable)
- Have closed bank accounts or maintained zero balances
- Eligibility conditions may vary by jurisdiction.
How It Works - Our Process
A structured six-step approach:
1
Legal status review of the company
2
Eligibility confirmation for strike-off
3
Preparation of resolutions and supporting documents
4
Submission of strike-off application
5
Monitoring and authority confirmation
6
Delivery of official strike-off confirmation
Where Do You Want To Use Strike Off Service?
Important Notes
Strike-off is generally irreversible after the statutory period, with limited restoration options in some jurisdictions. Banks and counterparties should be notified before closure.
Strike-Off Service Fees
Strike-off service fees depend on the jurisdiction, company status, and closure requirements. The final scope and pricing are confirmed after reviewing your company’s eligibility and compliance position.
| Type | Fee |
|---|---|
| Company Strike-Off Review | |
| Strike-Off Application & Filing | |
| Authority Follow-up & Confirmation |
Exit Clean. Move Forward Confidently.
Frequently Asked Questions
What happens when you strike off a company in Cyprus?
In Cyprus, the strike-off formally terminates a company under the purview of the Cyprus Registrar of Companies:
1. The company ceases to exist legally
Once the strike-off is finally passed and entered as a record, the company ceases to be a legal entity. It cannot operate, hold property, make any contracts, or carry on any business activity.
2. Business activities must stop.
Prior to this application, the company must:
- Cease all trading or operational activities.
- Have no assets or liabilities.
- Settle all taxes, fees, and social insurance obligations.
3. Voluntary against involuntary strike-off
- Voluntary: The directors or shareholders of the company initiate the strike-off because the company is dormant or unnecessary any longer.
- Involuntary: For non-submission of annual returns, financial statements, or fees, the company might be struck off by the Registrar.
4. It’s not the same as liquidation
Striking off is a cheaper and less complicated way of closing down dormant companies, but contrary to liquidation, it offers no protection from unresolved liabilities. Creditors, in fact, can apply to have the company restored in order to proceed legally.
5. Restoration possible
A company may be restored in the register within 20 years, usually by a court order, especially for a good cause such as unresolved debts or legal claims.
=> Full Information: Strike Off Company in Cyprus (Everything You Need to Know)
What does strike off mean in Companies House?
''Strike off'' refers to the formal process of removing a company from the official register maintained by Companies House, the registrar of companies in the UK. Once a company is struck off, it ceases to legally exist, and its name becomes available for reuse.
There are two main types of strike-off:
1. Voluntary Strike Off
This occurs when the company directors apply to dissolve the company, typically because it is no longer trading, has fulfilled its purpose, or is no longer needed. To be eligible for voluntary strike-off:
- The company must not have traded or sold off any assets in the last three months.
- It must not be involved in ongoing legal proceedings.
- It must have settled all debts and closed its bank accounts.
An application is made using Form DS01, and if there are no objections, the company will be dissolved approximately 2–3 months later.
2. Compulsory Strike Off
This is initiated by Companies House when a company fails to meet statutory obligations, such as:
- Not filing annual accounts or confirmation statements
- No longer having a valid registered office address
A notice is published in The Gazette, giving time for the company to comply or object. If unresolved, the company will be forcibly removed from the register.
Implications of Strike-Off
- All assets remaining at dissolution become bona vacantia (property of the Crown).
- The company can no longer trade or operate legally.
- It may be restored only through a formal court process
Learn more: Strike Off a Company in the UK - Guide to Dissolving