Strike Off a Singapore Company
A Singapore company may apply to strike its name off the register to ACRA, (Accounting and Corporate Regulatory Authority) in pursuant to section 344 of the Singapore Companies Act. ACRA may approve the application if the company meets certain reasonable causes or required conditions of striking off. We at SBS Consulting provide professional assistance in striking off the Singapore companies.
Singapore Company Liquidation Requirements
- The company must have ceased the business operation or not started business since the day of incorporation
- The company must not have any outstanding/pending tax liabilities with IRAS
- The company must not be indebted to any other government department or agency
- The company must not have any outstanding penalties/charges in the company’s charge register
- The company must not have involved any court proceedings inside or outside Singapore
- The company director(s) must obtain the written consent of the majority of the shareholders regarding the strike off
- The company must not have current asset and liabilities
- Company limited by guarantee must submit their last set of audited report
Striking Off Procedure to Wind-up a Company
The process of Singapore company liquidation starts with the submission of application to ACRA. Depending on the complication of the case, ACRA may take about 7 working days to process the application.
If ACRA is satisfied with the application and finds that the company meet the requirements of the strike off, the authority will send a ‘striking off notice’ to the registered office address of the company, residential address of the directors and company secretary and lastly to IRAS.
Any person who wishes to object to the company wind-up process can lodge an objection within a period of one month. A final notification will be send after a period of four months stating that the company has been struck off the Register. This date will be treated as the final date of striking off. The entire process takes about 5-6 months.
The process of closing a Singapore company can be complex and time consuming at same time. Moreover, one must ensure to comply with the legal and statutory regulations. If you want to strike off your company, it is highly recommended you seek the assistance of professional service that can understand your situation, advise you on the best course of action, and assist you in accomplishing the liquidation process successfully.