If your overseas business has decided to exit the Australian market, winding down your operations involves more than simply ceasing to trade. Your Australian company continues to exist until it is formally deregistered with the Australian Securities and Investments Commission (ASIC).
For many foreign-owned companies, voluntary deregistration is the most straightforward way to close an Australian company, provided it meets ASIC's eligibility requirements. Understanding the process beforehand can help you avoid delays, ongoing compliance obligations, and unexpected liabilities.
What is voluntary deregistration?
Voluntary deregistration is the process of applying to ASIC to remove an Australian company from the official company register. Once ASIC deregisters the company, it ceases to exist as a legal entity.
This option is commonly used by foreign-owned subsidiaries or Australian companies that have completed a project, withdrawn from the Australian market, or are no longer required as part of an international group's corporate structure.
However, deregistration should only occur after the company has finalised its financial, tax, and corporate affairs.
Is your company eligible for voluntary deregistration?
Not every company qualifies for voluntary deregistration. Before applying, your company must satisfy several conditions, including:
All shareholders agree to the deregistration.
The company has stopped trading.
Company assets are valued at less than AU$1,000.
There are no outstanding liabilities, including tax debts and employee entitlements.
The company is not involved in legal proceedings.
All ASIC fees and penalties have been paid.
If your company does not meet these requirements, you may need to resolve outstanding matters before proceeding.
What needs to be done before deregistration?
Many overseas business owners assume deregistration simply involves lodging a form with ASIC. In reality, preparing a company for deregistration is often the most time-consuming part of the process.
Finalise operational matters
Before applying, you should ensure the company has properly concluded its business activities. Depending on your circumstances, this may include:
obtaining shareholder approval to close the company;
notifying employees, suppliers, customers, and other stakeholders;
terminating commercial agreements and employment contracts;
collecting outstanding debts and paying creditors;
selling or transferring company assets;
cancelling or transferring business names, licences, and permits;
transferring any remaining company property; and
closing company bank accounts once all transactions have cleared.
If your foreign-owned Australian company acted as trustee for a trust, a replacement trustee should also be appointed before deregistration.
Complete accounting and tax obligations
Even if your Australian operations have stopped, your reporting obligations generally continue until the company is formally closed. Before applying for deregistration, you should ensure that:
bookkeeping records are complete and up to date;
financial statements have been finalised;
all outstanding tax returns and activity statements have been lodged;
any ATO liabilities have been paid;
payroll and superannuation obligations have been completed; and
tax registrations, including ABN, GST, and PAYG withholding, are cancelled where applicable.
Completing these steps helps minimise the risk of future compliance issues.
How does the ASIC deregistration process work?
Once your international company has completed the necessary preparation and meets the eligibility requirements, an application for voluntary deregistration can be lodged with ASIC using Form 6010.
ASIC will review the application and publish a notice of the proposed deregistration. If no objections are received, the company is generally deregistered approximately two months after the notice is published.
Although the company ceases to exist, its historical record remains visible on ASIC's register with a status of "Deregistered."
How long does voluntary deregistration take?
The overall timeframe depends on how quickly the company can complete its outstanding operational and compliance obligations. As a general guide:
Operational activities may take one to three months.
Accounting, tax, and corporate secretarial work may require one to two months.
ASIC's deregistration process generally takes around two months after the application has been processed and the public notice has been issued.
Foreign-owned companies should allow sufficient time to gather records, obtain approvals from overseas stakeholders, and finalise Australian compliance requirements.
Do you still need to keep company records?
You need to keep company records. Deregistering your company does not remove your record-keeping obligations. Company records should be retained for at least five years after the relevant transactions or records were created. These records may be required to support tax, payroll, superannuation, and other regulatory obligations.
If your company disposes of business assets before deregistration, you should also consider any GST or capital gains tax implications and ensure any required tax registrations are cancelled within the applicable timeframes.
How ABN Australia can help
Closing a foreign-owned Australian company requires more than lodging an application with ASIC. International companies often need to coordinate accounting, taxation, corporate secretarial, and regulatory requirements before they become eligible for voluntary deregistration.
ABN Australia supports international businesses throughout this process. Our team can assist with preparing corporate secretarial documentation, lodging the ASIC deregistration application, bringing accounting records up to date, completing outstanding tax obligations, cancelling relevant tax registrations, and coordinating the compliance activities required before the company can be successfully deregistered.
If your overseas business is planning to exit the Australian market or simplify its corporate structure, we can help you navigate the voluntary deregistration process efficiently while ensuring your Australian compliance obligations are properly addressed.
Last updated: 23rd July 2026
About the Author
Ro Elvinia is ABN Australia's Customer Success and Marketing Manager. She holds a bachelor’s degree in mass communication, majoring in journalism, and also has an academic background in civil engineering. With over a decade of experience in professional writing and a background spanning journalism, Australian immigration, and business services, Ro brings a unique mix of communication and analytical expertise. She works closely with international clients and contributes to ABN Australia's content strategy, helping global businesses stay informed and confident as they navigate the Australian market.
Ro Elvinia
Customer Success and Marketing Manager