De-registration of Singapore company off the ACRA Register can be done following a few procedures.
The company should submit its final tax returns to Inland Revenue Authority of Singapore (IRAS) before it strikes off via ACRA.
If a company is no longer doing business or pursuing its chosen venture, the company should opt to strike off its company.
Provided enough and evident reasons are visible that a particular company indeed already has stopped operations, ACRA, as supported by the Singapore Companies Law can strike off that business entity.
On top of the initial reason for closure, a few others can be grounds for a business to be stricken out of the Business Register.
These several reasons are as follows:
- If the company would fail or decline to continue a case towards legal proceedings due to reasons such as the inability to pay for legal counsel or just the simple reason that the owner or CEO does not want to;
- If the company no longer has assets nor liabilities to provide for technology and manpower essential to running a business operation;
- If the company owes no penalty nor outstanding commitments to ACRA due to whatever relevant reasons;
- If the company does not owe the government anything like taxes or license charges;
- If the company no longer has a charge recorded in the Register of Charges or Mortgages; or,
- If the company has no outstanding summons for any of its employees. Otherwise, strike off or de-registration of a Singapore company will not be possible.
The striking off procedure starts when a company is sent a de-registration notice.
Our company secretarial service team will assist you in the process.
Upon delivery, all companies are given a grace period of one month should any of the parties would like to raise an objection about the copies received.
After that, in a period of three months, a notification of intention to de-register the company will be published in the Government Gazette for documentation purposes.
The same rights are endowed for anyone from the parties to stand off and express an objection.
When the 3 months are over and no relevant objection was raised, ACRA will push through with the final notification stipulating that the company is formally and officially off the register.
The same notification will signify the date a company had been successfully struck off.
Obviously, it takes 5 months to strike off one single company in Singapore.
If the application is unapproved, the request will be sent back to the sender for the purpose of modification, altering or adding a few details.
Once the revision is over, it is submitted again for consideration and the complete whole process will again go through.
The start of 5 months would be after the initial notice of de-registration is forwarded to all involved parties.
However, should any of the parties no longer require de-registration and decides to invest and continue the business operation, after all, the whole strike off business will be over.
Should you need assistance or would like to find out more about Strike Off Company services in Singapore, please send an email to Contact@AccountingSolutionsSingapore.com, and our business advisor will contact you.