STRIKING OFF OF COMPANY IN SINGAPORE

STRIKING OFF OF COMPANY IN SINGAPOREEasiest way to “close down” a company is through striking off. You can strike off the company when it no longer carries a trade and has already cleared off all its assets and liabilities. The company Director, the company secretary, or any professional firm can submit the application to ACRA online via Bizfile to strike off the company.

 

Criteria to strike off the company

The company has to satisfy all the following criteria before application:

  • The company has not commenced business since incorporation or has ceased trading.
  • The company has no assets and liabilities (current/future).
  • The directors have obtained the written consent of the majority of the shareholders.
  • The company has submitted the last set of audited accounts (only for a public company limited by guarantee) OR the latest unaudited balance sheet (for all other companies).
  • The company has no outstanding tax liabilities with IRAS.
  • The company has no outstanding employers’ CPF contributions owing to the Central Provident Fund Board (CPFB)
  • The company has no outstanding debts owed to any other government agency.
  • There are no outstanding charges in the charge register.
  • The company is not involved in any court proceedings (within or outside Singapore).

 
After the application is approved, ACRA will send the striking off notice to all officers in the company (Directors and Company Secretary), IRAS and CPF board. If there is no objection from any parties or creditors, then the company name will be struck off from the register.

The entire process will take about 4 months.

 

What is the Process for application to Strike Off?

We will review the company status and ensure that all criteria are fulfilled, then we will advise on the application to strike off the company.

Firstly, all assets and liabilities have to be cleared and there must be no more outstanding payments.

The company then has to close all the corporate bank accounts.

The striking off resolutions will be prepared for all Directors and Shareholders to sign and acknowledge the decision to strike off the company.

An un-audited financial statement, which indicates that all assets and liabilities are cleared (zero), will be prepared.

We will apply tax clearance with IRAS to clear any outstanding tax or penalty.

The process will take about 2 weeks to finalise and submit to ACRA for striking off application.

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