You may wish to close a Singapore company for various reasons.
One of the options is to remove ("strike off") the name of the company from the Singapore register.
It is necessary in certain cases to strike off a company from the ACRA.
You do not want to still have a company on the books if it is no longer doing business.
Here are some of the things you need to know when you intend to strike off a Singapore company from the Accounting and Corporate Regulatory Authority (ACRA).
There are certain requirements that the ACRA needs from the business owner to strike the company off the register.
1. The directors of the company will have to receive written consent from a majority of the company’s shareholders stating that they are aware of the strike off of the company.
2. The company is required to have no debts with any government agencies or any banking institutions.
3. A company that is limited by guarantee has to file the company’s last set of audited or unaudited financial statements.
4. The company is required to have stopped all business operation. The other option is if they did not start any business operation at all.
5. The company has to have zero current liabilities or assets.
6. The company is required not to have any court proceedings anywhere in Singapore.
7. The company must not have any outstanding or pending tax liabilities with the IRAS.
8. The company must not have outstanding charges, penalties, or fees in the company’s register of charge.
The first order for striking off a company in Singapore is to submit an online application with the ACRA.
The usual amount of time to process a request for the strike off is about seven days.
When the ACRA determines that the application is satisfactory and decides the company reached all the requirements of the strike off, there will be a notice.
The authority will send a ‘striking off notice’ to the registered address of the company seeking strike off.
‘Strike off’ notices will also be sent to the residential address of the directors, the IRAS, and the company secretary.
If there are people who want to object to a company’s wind-up process, they can make an objection to the wind-up within one month.
When everything is satisfied, a final notification will be sent after four months confirming the company has been struck off.
The final notification date will be treated as the final date of the company’s strike off.
The entire strike off process usually takes about five to six months to complete.
If your business is in need of closing in Singapore, it is a good idea to seek professional help to make the process smoother and more understandable.
There are several legal and statutory regulations that have to be followed to ensure a successful strike off.
A Court Order can restore a company within six (6) years from the date of striking off.
For more information and assistance, please complete the quotation form and our company secretarial service team will get in touch with you.