Once the company's objectives have been achieved, the business is no longer profitable or if there is another reason why you no longer wish to continue your business, the company must be wound up in an orderly manner. Mere inaction, such as by letting the license and residence visas expire and not renewing the same, is not sufficient and will trigger ongoing payment obligations and penalties. The proper winding up (so-called liquidation) of a company follows certain administrative procedures, regularly involving an auditor as liquidator. In the course of the liquidation proceedings, you must, amongst others, cancel all residence visas and work permits issued in relation to the company, close bank accounts and terminate current contracts, such as those with the landlord and utility providers.
