STRIKING OFF SERVICES
Section 344 of the Companies Act empowers the Registrar of Companies and Businesses to strike a company off the Register if the company is not carrying on business or is not in operation. Koh Management has vast experience in the Striking Off Services.
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There are 11 conditions to fulfil before striking off your company and are carried out under our Striking Off Services:
1. The company must have ceased operations and has closed its bank account.
This means that the company is no longer engaging in any form of business activity with a view of making profits.
2. The company must not be involved in any court proceedings, whether inside or outside Singapore.
If a company is aware that there is an impending action against the company, it should also not make any application for striking-off.
3. The company must have no assets and liabilities when the application is made.
The company’s charge register must also be clear. Outstanding charges must be removed before an application can be made.
4. If the company is an exempt private company and its last audited accounts show no assets or liabilities, it should submit a copy of its certificate of exempt private company.
If there are assets or liabilities, the company must enclose this last set of audited accounts in its application and directors need to explain in their applications how these assets or liabilities are disposed.
5. The company does not have any outstanding penalties, outstanding charges or offers of composition owing to the Registry.
6. The company does not have any outstanding tax liabilities with IRAS.
7. The company is not indebted to other government departments.
8. The company directors and secretary (officers) must not have any unsettled ACRA summons.
9. ACRA records of the directors’ particulars must be same as in the records of striking off application.
10. All directors and majority shareholders consent in writing to the striking off.
11. The company has cancelled the GST status with IRAS, if it is a GST registered.
To know more about the Striking Off Services Koh Management is offering, this is a concise procedure for Striking Off Services Application.
Firstly, and application must be submitted to ACRA. After submission, it takes 14 days to process the application. Once the application has been approved, a “striking off notice will be sent to the company at its registered office address, its directors and company secretary (officers) at their residential address and to IRAS.
A one month period is then given in the “striking-off notice” to anyone who wishes to raise any objection. After one month has expired, a notification to strike the company off the register 3 months later is made in the government Gazatte. Objection to the application can still be made during these 3 months.
Finally, once these 3 months has passed, a final notification with the date is made stating that the company has been struck off the Register. All in all, the whole striking off process will take about 5 months.
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