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Company Formation Japan

Company Liquidation in Japan

Updated on Tuesday 04th July 2017

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company-liquidation-in-japan.jpgA company liquidation in Japan, also named winding up, refers to the procedure through which the assets of a business entity are liquidated and the entity is closed, or deregistered. 
 
In this article, our company formation advisors in Japan explain the different aspects involving such a procedure in the country.
 

Company liquidation procedure in Japan

 
In order to effectuate a company liquidation in Japan, the following procedure is required:
 
Preparing the assets inventory and the balance sheet on the dissolution date, as well as the acquisition of approval decided in the shareholder meeting;
Drawing up a public notice which should contain a report on credits and a notification forwarded to the known creditors. Our company registration consultants in Japan can offer more details on this public notice;
Submitting the dissolution notification of the business entity to the government tax agency;
Filing a final return for the dissolution business year;
Collecting the credits, liabilities repayment and conversions into cash of real estate;
Determining and distributing the residual assets;
Making up a statement of accounts for the business year of the liquidation and an approval acquisition of the liquidation completion;
Submitting the final returns for the business year of the liquidation;
Registering the liquidation completion;
Submitting the liquidation completion notification to the government tax agency.
 

Special liquidation procedures in Japan

 
Special liquidation procedures in Japan can be accessed only by stock companies. If a debtor wishes to go through such procedures, the debtor’s shareholders have to pass a resolution for the dissolving of the debtor first.
 
This resolution needs the positive vote of two-thirds or more of the shares, after which the business must name a liquidator. Our Japan company formation specialist can provide further details on this matter.
 
For more about a company dissolution in Japan, or if you are interested in setting up a company in Japan, we can help you with the right guidance; please contact us.
 

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