CR Liquidation Advice

Hello. My wife and I own a commercial entity, sharing equal investment at 50% each on the commercial registration (CR).

Recently, we obtained a “self-sponsorship visa” and have canceled our investor visas. I was considering liquidating the CR, but the process appears quite complicated, involving steps like appointing a liquidator, publishing notices, and reassessing accounts. We previously operated only a small retail outlet, which has been non-functional for about 12 months. However, the CR remains active with a legitimate virtual office and no outstanding issues.

Given my new self-sponsorship status, I do not intend to renew the CR. I understand that it will be deleted by law upon its natural expiration. This deletion remains effective for three years, during which it could potentially be revived. I have a few questions:

Q1: I allow the CR to be deleted by law, what will happen after three years when it can no longer be revived, considering that I am still listed as the responsible person in the system? Would I have any liability?

Q2: If I decide to take action two years later, how do I close the chapter by converting deleted by law status to deleted by payment. What could be the approx payments I’d need to make at that time ?

I would appreciate feedback from members with expertise in this area regarding the best and most economical course of action. Thank you!