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Dissolving a Tax Exempt Company.

There are two options for dissolving a tax exempt company in St. Kitts and Nevis. The first option is by allowing for its name to be struck off the register of companies and the second option is by it being summarily wound up.

Striking off the name of a company is achieved by not filing its annual return with the Registrar of Companies. Drawback of this procedure is that the name of the company will remain on the register of companies until said Registrar decides to strike its name off as aforesaid (this may take months or even years). On the striking off, the company is dissolved but the liability (if any) of every director and shareholder of the company continues and may be enforced as if the company had not been dissolved.

If the company has no assets and no liabilities and is no longer carrying on any activities, then the company can be summarily wound up under Section 146 of the Companies Act, 1996, as amended. This process can be achieved relatively quickly.