Striking off a Singapore Company
A Company director, Company Secretary, or Corporate Service Provider are the ones who can submit the striking off application.
If a director of the company being struck off was a director of at least 2 other companies already struck off over the last 5 years, he or she will face disqualification from taking part in the management of any company for the next 5 years from the date the third company is struck off.
What are the Prerequisites for Striking-off a Company?
A Company director, Company Secretary, or Corporate Service Provider are the ones who can submit the striking off application. If a director of the company being struck off was a director of at least 2 other companies already struck off over the last 5 years, he or she will face disqualification from taking part in the management of any company for the next 5 years from the date the third company is struck off.
- The company must have stopped business activities or never operated since incorporation
- No ongoing court proceedings
- No debts owed to Government authorities
- No current or contingent assets or liabilities
- No outstanding charges in the company’s charge register
- Finalised accounts drawn up till the date of cessation must be attached
- Written consent from the majority of the shareholders must be obtained
- No outstanding tax liabilities with the Inland Revenue Authorities including Income Tax Returns, Accounts and 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 the Singapore companies.
Upon Approval of the Application for Striking Off Company in Singapore
- A notice will be sent within 14 days of the receipt of the application of Strike off to the company’s Singapore registered address, the director(s) residential address and IRAS.
- A one month period is stated in the “striking off notice” to allow anyone to raise any objections to the strike off application.
- After the one-month period, a letter notification of the intent to strike off this company from the Register will be made three months later in the Government Gazette during which any interested party can object the application.
- After the three months, a final letter notification will state that the company has been struck successfully 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 of an Objection to Striking Off” via BizFile where after 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 its 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 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.
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