Company Strike Off

Company Strike Off in Singapore

Dissolving a company in Singapore can be done in numerous ways. Enterprises can choose to strike off, involuntary winding up, or voluntary winding up. However, striking off a local company in Singapore is the easiest and fastest option to dissolve a business without potential roadblocks.

If your company is no longer doing business, a striking off application to the Accounting and Corporate Regulatory Authority (ACRA) can strike off the company’s name off the Companies register. Are you looking for ways to strike off your company in Singapore? Need help with the overall process? Then contact the experts at Paciol.

What does striking off a company mean?

In a nutshell, to strike off a company means to close it down. Businesses that opt to strike off a company in Singaporederegister their business from the Register of Companies and dissolve their business. The company’s name is struck off the register if it has ceased trading or business, but striking off does not dissolve the enterprise assets and liabilities if the liabilities have not been completely discharged.

After the company is struck from ACRA, the director is disqualified from managing any other company for a sum of five years, if they:

Also had been the director of at least two distinguished businesses, and
The said companies have also been struck off within the past five years.

1 Criteria for Striking Off

You might want to strike off your company in Singapore for the obvious reasons. However, you need to follow the striking-off criteria as well. The striking-off benchmarks for companies in Singapore include the following:

The company should have stopped business or must not have commenced any activities from the date of striking off incorporation.

The company must have no assets. There should be no existing or contingent assets or liabilities.

There should be no outstanding tax liabilities with the Inland Revenue Authority.

When the company has no outstanding tax liabilities, it should also show the absence of debts owed to any government agency.

There must be no outstanding charges in the company’s charge register, and the company should not be involved in any court proceedings.

The enterprise should submit written consent from the majority of the shareholders.

Finalized bank accounts drawn up till the date of cessation should also be attached.
If the company has been dormant since the day of its incorporation, it should submit a letter stating that no business transaction has taken place since the date of incorporation. And no bank account is opened, or any opened bank account is closed.

2 The strike-off application process

With all the criteria satisfied, apply for the striking off process online through the ARCA BizFile website.

Then the company registrar sends a striking off notice to the registered office address.

Your company gets 30 days to raise objections, and if no objections are raised, the company registrar publishes a Notice of Intention to strike off on the government gazette. Post that, the business gets 60 days to raise objections.

If no objections occur after that, the concerned company registrar can publish a final notice that the company has been struck off.

The company is dissolved successfully.

The striking-off application can be submitted only by:

Company Secretary

Company director, or

Corporate Service provider

Why choose Paciol?

Paciol is reforming how people view company secretarial services in Singapore. Its brand of service is defined by strict adherence to corporate values. The team at Pacioland it partnerspreach values that promote ethical conduct, passion and accountability. Borne of humble beginnings, with a trusted network of affiliate companies and partners, we have the competence and experience to advise and assist clients competently in different stages of a business lifecycle. Our services are meant for everyone who wants unparalleled business solutions with a structured approach starting from company incorporation up to its dissolution.

Still looking for a Corporate Secretary in Singapore? Reach out to Paciol for a non-obligated consultation now!