Company Strike Off Service – Closing A Singapore Company
Striking off a company from the public registry maintained by the Accounting and Corporate Regulatory Authority (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 criteria:
- • The company have stopped operation or has not commenced operation since the incorporation of the company.
- • Not opened any bank account or all bank accounts have been closed.
- • There are no outstanding tax liabilities with the Inland Revenue Authority of Singapore (IRAS), Singapore’s tax authority.
- • 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.
- * Majority of the directors approves the company to be strike off
Process to Strike Off a Singapore Company
If the company strike off application is approved by ACRA, ACRA will issue a Striking Off Notice which will be mail 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 after 30 days and there has been no objection received, the corporate regulatory authority (ACRA), will publish the company’s name in the Government Gazette. This is the First Gazette Notification.
If after 60 days from the First Gazette Notification and there has been no parties had lodged an objection, ACRA will publish the company’s name in the Government Gazette again and the name of the company will be struck off the register. The date that the company is struck off will be stated. This is the Final Gazette Notification.
The entire process for company striking off typically takes about four months.
After a Company has been Struck Off
A company that has been struck off can be restored within 6 years, only by a Court Order.
However, an important point to take note is that a director who has 3 or more of his local companies struck off within 5 years, is disqualified from acting as director, or to be part of the management of any company for 5 years. This disqualification starts from the date when the third company has been struck off.
The procedure to close a Singapore company is time consuming and complicated as you will need to ensure that you comply with the relevant legal and statutory regulations required by the companies act. If you are considering closing your company and intend to do this via strike off application, it is recommended you seek the help of a professional company secretary service provider that can advise you on the this matter, and assist you in with the strike off process successfully.