Strike Off Company Singapore

Strike Off Company Service - Closing A Singapore Company

Strike Off Company Singapore

Striking off a company in Singapore 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.

What is the difference between striking off and winding up?

Winding up is another way of closing a company. However, it is a more formal process that involves the appointment of a liquidator to manage the company’s closure, such as the realisation and distribution of company assets and payment of remaining debts.

If the company to be closed is not in active business, or does not have any assets or liabilities, it would be cheaper and faster to strike it off instead of winding it up.

However if the company is insolvent, it can only apply to be wound up instead of struck off.

That said, a company being wound up may also be struck off by the Registrar when:

  • No liquidator is acting;
  • The company’s affairs have been fully wound up, and the liquidator has defaulted in filing any returns that they are supposed to file for 6 months;
  • or The company’s affairs have been fully wound up, and the company does not have sufficient assets to pay for a court order to dissolve the company.

Many business owners find striking off 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 a company, the company must meet the following criteria:

  • The company has 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

Who in the company may apply to strike it off?

Any of the following can submit an online application to strike off a company

  • company directors,
  • the company secretary
  • registered filing agents
  • ACRA*

*The Registrar is empowered to strike off a company if there is reasonable cause to believe that a company is not carrying on business or is not in operation. For example, failure to file with ACRA the ARs for a few consecutive years. 

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 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 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 has 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 strike off company process typically takes about four months.

A Singapore 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 strike off a company in Singapore 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 this matter, and assist you with the strike off process successfully.

Our Striking Off service starts from only $350!