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Striking Off Company In Singapore

If your company is registered in Singapore, you may wish it stricken off the Register for one reason or another. For instance, if the shareholders have irrevocable differences, striking off might be the best option for the company. Other reasons for striking off a company include cessation of business activities, dormancy, breach of statutory provision, debts and insolvency, and restructuring of the group under which the company falls.

The Singapore Companies Act has strict guidelines that have to be adhered to a company to be stricken off the Register. Striking off a company is a complex and time consuming process. The process is rigorous and spans five months. Therefore, it is advisable to hire a professional secretarial services company to help you initiate the process of striking off your company.

Professional striking off companies will ensure that your company meets the criteria for being stricken off and that your application sails through.

Requirements for Striking Off a Company

According to the Companies Act, a company seeking to have its name purged from the Register must submit an application to the Accounting and Corporate regulatory Authority (ACRA). For the application to be considered, the company must satisfy certain requirements at the time of application.

Striking Off Company requirements include:

1. The company must have ceased all its trading activities.
2. The company should not be or anticipate involvement in any court proceedings within and outside Singapore.
3. The company must not have outstanding debts to any government agency.
4. The company must not have any outstanding tax liabilities with the Inland Revenue Authority of Singapore (IRAS).
5. The company must not have any outstanding penalties or offers of composition owed to the Registry of Companies and Businesses (RCB).
6. The company must not hold any current and/or foreseeable assets and liabilities.
7. The company officers should not have any outstanding ACRA summons.
8. The company director(s) must have written consent from all shareholders agreeing to the striking off.
9. The list of directors in the company’s striking off application must be similar to the one in ACRA records.
10. The company accounts must be presented and drawn up till the date of cessation.
11. The company must not have any outstanding charges in the company’s charge register.

Striking off Procedure

Below is the procedure for striking off a company:

1. The company seeking to be struck off should submit an application to ACRA stating the intent and attaching the relevant documents. ACRA will go through the application and assess if the company has fulfilled the requirements set. The ACRA will then approve or reject the application within 7 working days.
2. If the application is successful, a ‘striking off notice’ will be sent to the official company address, the directors’ residential addresses and the Inland Revenue Authority of Singapore (IRAS). The notice is open for one month within which the striking off can be challenged.
3. If the ‘striking off’ is not challenged within a month, the ACRA will publish the First Gazette Notification.
4. If no objection is raised after three months, a final Gazette Notification will be published. The final notification strikes off the company from the register indicating the date.

If an objection is raised against the striking off notice, ACRA will inform the company of the situation. The company then has two months to resolve the situation surrounding the objection. If the situation is not resolved within the two months, the striking off process will be terminated.

Get Help Now To Strike Off Your Company for only S$500

Striking off a company in Singapore is a demanding process which is better handled by a professional secretarial services provider.  Contact us now by filling the following form to get help with striking off your company.

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