When it’s time to close your business, follow this comprehensive roadmap to ensure a smooth and legally compliant closure.
1. Deregister from the Chamber of Commerce
- Notify the Commercial Register of the Chamber of Commerce Sint Maarten to remove your business from their registry.
2. Notify Social Affairs and Employment (SZV)
- After notifying the Chamber of Commerce and obtaining the excerpt (T-form), inform Social & Health Insurances (SZV) about your company’s closure via walk-in or appointment. For additional details, please refer to this information.
3. Inform Tax Administration of Business Closure
- Notify the Inspectorate of Taxes (Sint Maarten Tax Administration) about the closure of your company.
4. Cancel Business Licenses at TEATT
- Terminate your business license with the Department of Economic Affairs (TEATT) | View document requirements and make an appointment here.
5. Notify Notary of Business Discontinuance
- Inform the Notary of the discontinuance of your N.V./ B.V./ Partnership/ Foundation/ Association/, etc.
6. Record-Keeping Requirements
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Finally, ensure the retention of all administrative documents, including business and payroll records, for a minimum of 10 years.
Importance of Deregistration
Failure to deregister may lead to ongoing obligations and financial responsibilities:
- Non-deregistration with the Sint Maarten Tax Administration may result in continued obligations like filing business tax.
- Without deregistration, you may receive returns that need filing and payment.
- Ongoing Chamber of Commerce registration necessitates the payment of annual fees.