Company Cancellation in Yiwu means a company must file an application with related government department. Owners should follow all the other steps to proper company dissolution.
Procedures for Yiwu Company Cancellation
In Yiwu, the procedures for Company Cancellation is rather complicated, particularly in face of different kinds of departments. For a Yiwu company to be properly dissolved, the following procedures should be taken adopt of:
1. Formal corporate action (liquidation procedure);
2. Filing with the appropriate government department;
3. Statutory notice to creditors;
4. Processing of all creditor claims;
5. Sale and distribution of all remaining assets;
6. Cancellation of invoice, business license, and other registered information.
Please note that before filing the Application for Cancellation, you should close the corporate bank account and also make sure that there is no outstanding accounts receivable.
Time Required For Yiwu Company Cancellation
Normally, an officially process of Yiwu Company Cancellation in a whole will take around six months.
In What Circumstances Will Yiwu Company Cancellation Happen?
According to the related company law, a Yiwu company may have to be deregistered because of one of the following reasons:
1. The business operation term as agreed in the company’s Articles of Association becomes expired or other condition for dissolution as agreed in the Articles of Association for dissolution occurs;
2. Resolution of dissolution is made by the meeting of shareholders;
3. The company is merged or separated and the company will not exist any more;
4. The business license is revoked by government, or the company is ordered to be closed or canceled;
5. There is serious difficulty in company’s operation and management and the shareholder’s interest may suffer great loss if the company continues to operate. Shareholders who holding ten percent or above voting right may file to the court for dissolution if negotiation among shareholders fails.
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