Retire your business with peace of mind! We make wrapping up and moving forward simple and hassle-free with our expert Company Closure Service.
We understand that you need to close your company or business for whatever reason. We can help you manage and execute the process legally and efficiently.
Our Company Closure Service
As part of our business compliance and post registration services, we offer a complete package of company closure services, which include handling administrative tasks, financial obligations, legal requirements, and other aspects throughout the process, from the barangay level to the Securities and Exchange Commission (SEC).
Barangay and City/Municipality
Once we have gathered and organized your documentary requirements, we can immediately file for company closure with the barangay and city or municipal government with jurisdiction over your principal business address. We need to surrender your business permits, pay the unpaid local business taxes and penalties, if any, and secure a company closure or business retirement certificate.
Bureau of Internal Revenue (BIR)
While the company closure at the BIR level may take months, it is important that we file the necessary paperwork right away after we secure the certificate from the barangay and city or municipal hall. During the process, we need to surrender BIR-issued documents, e.g., permits, receipts, and notices, for destruction, pay delinquent taxes, if any, resolve all open cases, and secure the BIR Certificate of No Outstanding Tax Liability (BIR Form 2320).
Statutory Agencies (SSS, PhilHealth, Pag-IBIG)
As an employer registered with the SSS, PhilHealth, and Pag-IBIG Fund, you are responsible for the timely and accurate remittance of social security and statutory contributions of your employees. During company closure, we must surrender the issued certificates of registration (CORs), pay the unremitted premium contributions and penalties, if any, and secure proof of approved company closure.
Securities and Exchange Commission (SEC)
At this final stage, we can help you draft and file the necessary documents, e.g., board resolutions, directors’ certificates, amended Articles of Incorporation (AOI), etc. Our in-house legal team can offer you legal consultations and assistance as we navigate the intricacies of the transactions. At the end of the process, we should be able to secure your SEC Certificate of Dissolution.
Company Closure FAQs
What Is Company Closure?
A company closure, also known as business retirement, is a long and tedious process of formally closing the business and its operations by filing the necessary documentary requirements with various government agencies and by securing retirement clearances and certificates.
What Are the Reasons for Company Closure?
There are various and often mixed reasons why businesses have to close or retire. Some of these are financial losses and instability, relocation to another city or municipality, internal or management conflicts, and other external economic factors.
What Is the Importance of Properly Closing a Company or Business?
Official company closure, regardless of circumstances and reasons, can only be achieved through filing for retirement with the concerned government agencies. In this way, the company can ensure compliance with corporate laws and regulatory frameworks, avoid continuous taxes and the accumulation of penalties, and move forward with other ventures.
What Is the Process for Filing for a Company Closure?
Unlike the usual business registration process, business retirement goes the opposite way. The filing starts with the barangay level and ends with the SEC. Between these, other LGUs and government agencies involved are the City or Municipal Treasurer’s Office, BIR, and statutory agencies (SSS, PhilHealth, and Pag-IBIG Fund). Depending on the industry or nature of business operations, additional clearances from other regulatory agencies may also be required.
What Are the Expected Fees?
Aside from the business retirement fees and documentary stamp taxes paid to the concerned LGUs and government agencies, all unpaid taxes, unremitted statutory contributions, and penalties, if any, corresponding to the length of business operations or within a specific period, must also be settled for the issuance of clearances and certificates.
How Long Does It Take to Process?
The company closure process may take months or even years depending on many factors, such as the compliance history of the company with the regulatory agencies, the number of open cases to resolve, the completeness of requirements, and efficiency in government processes, among others.
Ready to Avail Our Company Closure Service?
Arrange an initial consultation with our business compliance and post registration specialists today! Call us at (02) 8478-5826 (landline) or 0917 892 2337 (mobile) or send an email to info@filepino.com.
