Striking Off A Singapore Company
Striking off is the process of removing a company from the register maintained by ACRA when it has ceased business. The application for striking off can only be submitted by an authorised person on behalf of the company.
Who Can Apply For Striking Off?
The application for striking off can only be submitted by:
- Company director
- Company secretary
- Corporate service provider
Director Disqualification
If a director of the company being struck off was also a director of at least two other companies that were struck off within the last 5 years, they will face disqualification. The disqualification prevents them from taking part in the management of any company for 5 years starting from the date the third company is struck off.
Prerequisites For Striking Off
The following conditions must be met before a company can be struck off:
- Business Activity – The company must have stopped business activities or never operated since its incorporation.
- Legal Proceedings – There must be no ongoing court proceedings involving the company.
- Government Debts – No debts should be owed to any government authorities.
- Assets And Liabilities – The company must have no current or contingent assets or liabilities.
- Charge Register – There must be no outstanding charges in the company's charge register.
- Finalized Accounts – Finalized accounts drawn up until the date of cessation must be attached to the application.
- Shareholder Consent – Written consent from the majority of the shareholders must be obtained.
- Tax Liabilities – There must be no outstanding tax liabilities with the Inland Revenue Authority of Singapore (IRAS), including Income Tax Returns, accounts, tax computations, and GST registration.
If these liabilities had not been completely discharged, striking off does not absolve the company's officers and members of their liabilities.
We at Tianlong Services provide professional assistance in striking off Singapore companies.
Upon Approval Of The Application For Striking Off Company In Singapore
- ACRA sends a notice within 14 days of receiving the application to the company's registered address, the directors' residential addresses, and IRAS.
- A one-month period is provided for anyone to raise objections.
- If no objections are received after the first month, a notification of the intent to strike off is published in the Government Gazette. This starts a three-month period during which interested parties can still object.
- After the three-month Gazette period, a final letter confirms the company has been successfully struck off the Register.
- The entire process for striking off the company in Singapore takes about 5-6 months.
What If ACRA Receives An Objection To The Striking Off Application?
ACRA will withhold the application and notify the company to resolve the outstanding matter within 2 months of the date of objection. If the matter is resolved, the objector must lodge a clearance with ACRA via BizFile and ACRA will proceed with the striking-off application. If the company is unable to resolve the matter within 2 months, the application will lapse and the company will revert to live status.
Can You Withdraw The Striking Off Application?
Yes, you can apply to ACRA requesting the withdrawal of your application for striking off your company backed with clear reasons. You must lodge the request at least 5 working days before the scheduled struck off from the Companies Register.
How Can Tianlong Services Help You?
The process of closing a Singapore company can be complex and time consuming at the same time. Tianlong Services is a professional accounting and secretarial firm and a registered ACRA filing agent for company incorporation, lodgement of annual return and filing of changes and updates of company particulars, officers and shareholders.
Contact us today if you need help with striking off your Singapore company.
