Strike Off Company Singapore
Strike off company from Singapore Companies Register requires the company director, company secretary or your appointed registered filing agent to submit the striking off application to Accounting and Corporate Regulatory Authority (ACRA) via BizFile. The liquidation applications for strike off is often rejected due to companies not able to accomplish the mandatory requirements to show to the authority that the company is winding up. For higher success rate and non-disruptive in striking off company from ACRA, please ensure all the conditions of the Criteria are met if company is not intending to carry on business before submitting the application.
Winding Up Companies
For matters regarding to companies winding up rules due to bankruptcy, statutory demand or compulsory winding up, please refer to Singapore Companies Act (Chapter 50, Section 410). Winding up companies can be applied either through Supreme Courts Singapore for compulsory winding up proceedings or through ACRA for voluntary winding up proceedings. Members’ Voluntary Winding Up and Creditors’ Voluntary Winding Up are the 2 types of voluntary winding up effected by creditors or shareholders of the companies for the liquidation or closing a company.
Strike Off Company Criteria by ACRA
The following criteria are part of the strike-off procedure compulsory to be fulfilled in order to prove IRAS Singapore that company is winding up:
- Ceased business operations
- No outstanding tax liabilities.
- No outstanding employers’ CPF contributions
- No debts or loan, rental etc owned to any government agencies
- No outstanding charges in company’s charge register
- Not involved in any court proceedings
- Obtain written agreement from majority of company shareholders
- Accounts should not have any assets as well as any outstanding liabilities, otherwise company must produce evidence of assets being disposed or liabilities to be settled.
- Accounts report prepared to the date of business cessation
- Last set of audited accounts to be submitted.
Strike Off Application Process For Closing Company
After all the above criteria guidelines are achieved and the strike-off application is approved by the authority, a minimum of 4 months duration is expected for the entire striking off process to complete. As a guide, the following are the expected work flow for successful acra strike off.
Company deregistration process continues next with an official striking off letter to be sent to IRAS Singapore, CPFB and to the closing company office at its own ACRA registered address. The directors and company secretary would also receive the similar letter at their respective residential addresses instead.
Following which if the authority does not receive any objection against the striking off application, the “First Gazette Notification” would be published to Singapore Government Gazette by ACRA where it is available to the general public. In this period, anybody can file an objection to disapprove the application.
After the expiration date, if the authority received no further objections after 60 days since the first published date of the First Gazette Notification, the name of the closing company would be published the second as well as the final time to Singapore Government Gazette where the company name will be officially strike off from the Register of Companies with immediate effect. This last company strike off stage is known as Final Gazette Notification where it concluded the company winding up application to be successful.
However, when there is someone lodging an objection within the period, the affected company would be informed and is required to resolve the critical matter within 2 months. Otherwise, the current strike off application will lapse effectively and the closing company have to and can only submit a new striking off application after they have managed to clear the objection for the voluntary liquidation process.
At any point of time, if the organisation changes mind, the company can still apply for the withdrawal for striking off acra. There will be no filing fee chargeable for this event. Otherwise, should the organisation wish to restore the company after the strike off status is attained, it is still achievable within 6 years from the date of striking off by a Court Order to a “live” status.
Strike Off Company Services Singapore Packages Fees
Singapore Accounting team provide an affordable comprehensive strike off company package where we would help our clients prepare and submit all the necessary documents needed for the strike off. We would manage the whole strike off process until we achieve the official strike off status for the company successfully where we will work closely with company and ACRA to ensure the company deregistration is not delayed by any of the criteria or objections. Accounting Services Singapore Price List has more details of our other accounting services.
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