Strike Off Service – Closing A Singapore Company
Striking off a company from the public registry maintained by ACRA, is one of the ways in which companies that are no longer interested in continuing operations can close their company. Many business owners find this a cheaper and more convenient way to end their business than going through the process of winding up.
To be successful in your application for striking off, the company must meet the following criterias:
- • The company have stopped operation or has not commenced operation since its incorporation.
- • Not opened any bank account or all bank accounts have been closed.
- • There are no tax liabilities outstanding with the tax authority, IRAS.
- • The company has no outstanding debts with any government agency.
- • There are no outstanding charges in it’s charge register.
- • There are no court proceedings involving the company in Singapore or overseas.
- • There are no liabilities and current or contingent assets.
- • The accounts must be up to date till the cessation date as stated in the application.
Process to Strike Off a Company
Upon approval of a strike off, a Striking Off Notice will be mailed to the company’s registered address, company officers at their registered residential addresses and to the IRAS, within 2 weeks of the receipt of the strike off application.
If there are no objection to the application within one month of the Striking Off Notice, a notification of the intention to strike off the company from the register will be made in the Government Gazette.
After the three months, a final notification will be issued stating that the company has been struck-off the register with the struck-off date indicated on the notice.
The entire process for company striking off typically takes about five months.