SINGAPORE COMPANY STRIKING
SINGAPORE COMPANY STRIKING OFF / DE-REGISTRATION 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.
Engage our Singapore Company Striking Off Services!
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 Singapore Company Striking Off Services Koh Management is offering, this is a concise procedure for Singapore Company 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.
Koh Management consultants are on stand by to assist you with the whole process of company striking off & de-registration. Let us know how we can help and get behind this process for you now!
What is company striking off, and when is it necessary?
Company striking off, also known as deregistration, is the process of officially closing a company's operations in Singapore. It's typically necessary when a company is no longer conducting business and wishes to cease its legal existence. This is often done to avoid ongoing compliance requirements and costs associated with maintaining a company.
How does the company striking off process work in Singapore?
The striking off process involves submitting an application to the Accounting and Corporate Regulatory Authority (ACRA). It requires fulfilling various criteria, including the clearance of outstanding tax liabilities, resolution of contractual obligations, and obtaining approval from shareholders and directors.
What are the requirements for initiating the striking off process?
Key requirements include a board resolution to strike off the company, no ongoing legal proceedings, settlement of debts, and a declaration of solvency.
What is the difference between voluntary and compulsory striking off?
Voluntary striking off is initiated by the company itself, whereas compulsory striking off is enforced by ACRA due to non-compliance with statutory requirements or inactivity.
Can foreign companies operating in Singapore be struck off?
Yes, foreign companies registered in Singapore can also undergo the striking off process if they meet the necessary criteria.
What are the benefits of striking off a company in Singapore?
Striking off can relieve a company of administrative burdens, compliance costs, and ongoing obligations. It's a cost-effective way to close a company when it's no longer viable.
How long does it typically take to complete the striking off process?
The process usually takes several months, depending on factors like the complexity of the company's affairs and ACRA's processing time.
What are the responsibilities of directors and shareholders during striking off?
Directors and shareholders must ensure the company's compliance with the striking off requirements, such as settling outstanding debts, filing tax returns, and making necessary resolutions.
Are there any outstanding compliance issues that must be resolved before striking off?
Yes, all financial and compliance matters, including tax clearance, must be resolved before initiating the striking off process.
What documents are required for company striking off in Singapore?
Documents typically include a board resolution, a declaration of solvency, and any necessary tax clearance documents.
What happens to the company's assets and liabilities during striking off?
Assets are usually distributed to shareholders, and liabilities must be settled before striking off.
Are there any legal consequences or penalties for not complying with striking off regulations?
Yes, failure to comply with striking off regulations can lead to fines, penalties, or legal action.
Can you assist with the striking off process from start to finish, including documentation and compliance?
Yes, our company specializes in company striking off services and can guide you through the entire process, ensuring compliance and a smooth experience.
7 Keppel Road, Tanjong Pagar Complex
#02-04/04A/05 Singapore 089053
Tel: (65) 6256 9663
Fax: (65) 6256 9685
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