Brief Info About Closing Down or Striking Off a Singapore Company

Last modified: December 12, 2015

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There comes a time when closing down a business appears to be the most viable option. For striking off a Singapore company, the company officials needs to follow the elaborate process insisted upon by the ACRA (Accounting and Corporate Regulatory Authority). The process takes time and involves following the regulations covered by the section 344 of the Singapore Companies Act.

SG Company Incorporation is one of the Singapore incorporation services that assist its clients in Singapore company setup. The striking off application is made to ACRA, whereupon, the agency decides whether the company fulfills certain striking off conditions. The firm also provides efficient services to the business owners in dismantling their companies.

Striking Off Conditions for the Singapore Companies

  • The company must have completely stopped its business activities or not started business activities since the day it was registered
  • The company must have discharged all its outstanding / tax liabilities with Inland Revenue Authority of Singapore
  • The company must also have paid all its outstanding with the other government departments
  • The company must have paid all the penalties / charges in the company’s charge register
  • The company must have taken care of all its legal proceeding in or outside Singapore
  • The company directors must have the shareholders’ written consent for the striking off the company
  • The company must have dissolved all its asset and taken care of all its liabilities
  • It is required for the companies limited by guarantee to file their last audited report

Details of Striking Off Procedure

The Striking off procedure to delist a Singapore company from the Company Registry is lengthy and may take months. Our experts take charge of the process and assist you at each of its stages.

The process obviously starts with by sending an application to the ACRA. The ACRA officials may take as much as 7 business days to deliberate on the complexities involved. They must satisfy themselves that the company fulfills all the stipulated striking off requirements. If they are satisfied then they send striking off notices to the company at its registered address and to the directors and company secretary at their residential addresses. A copy of the notice will also be sent to the Inland Revenue Authority of Singapore.

The individuals opposing the decision to strike off a company must apply to ACRA within the one month of the striking off notice. If there are no complications, then ACRA issues a final notice to declare that the company has been struck off the Company registry. The ACRA officials take as many as 4 months to issue the final notice. The whole striking off process may require 5 – 6 months to complete.

For striking off a Singapore company, you need to take help of the qualified and experienced professionals. It is time-consuming, costly, and fraught with legal potholes. The experts employed by SG Company Incorporation enable you to negotiate striking off requirements with ease.