Closing down a business may appear a difficult task for any beginner in the industry. Let us consider that a business is not ready to do some business, they can simply submit the application to close the operations. The task to strike off company Singapore can be done in several ways such as voluntary winding off, striking off, and involuntary winding off. However, company liquidation advice for striking off is the best solution among these all to close the activity.
Company Liquidation Advice – All You Need to Know to Strike off Company Singapore
Strike off company Singapore – Definition
Striking off is one of the most efficient solutions for handling dormant or inactive companies in Singapore. If the owner is keeping it idle or is not aware of the consequences of non-compliance, striking off can appear the best decision. You may need to meet the government guidelines and professional company liquidation advice can help you better with that. Striking off can help you avoid possible penalties and fines in the long run.
The strike-off application process
The strike-off application process may be submitted by the company director, company service provider, or company secretary. ACRA will go through the documents submitted for strike off company Singapore, and they generally take 5 to 7 days to get it approved. You need not pay any fee for this process. Once the criteria are satisfied, the company registrar may send a striking-off notice to the registered office address and then they give 30 days to raise any objections. If no objections are received, the notice may be published in the government gazette. It is possible to submit an appeal against the strike-off within 6 years to Singapore.
Requirements & criteria for striking off a company in Singapore
Your business may meet requirements or criteria finalized by ACRA to strike off company Singapore. This may serve as a reasonable clause for ensuring that the company is not operational. Few additional requirements include:
- The company is not doing any business right since its incorporation.
- The company is not going through any court procedures within or outside Singapore.
- No outstanding charges are present in the charge register of the company.
- The company is not having existing liabilities and assets by the date of application.
After a Singapore Company has been struck off
When a company has been struck off, the business can be restored within six years following a court order. The associated people can lodge their application online and then the status of the company will be updated to “Live” again. Restoring process doesn’t require you to pay any fee. However, one needs to understand that if a company director has managed many companies in the past out of which around 3 were closed, then ACRA will disqualify such person from holding the role of director after 5 years.
Strike off company Singapore – Appeal
In order to appeal against striking off in Singapore, one has to submit an application to restore the company. The process is followed under section 344D CA and directors can take help from company liquidation advice providers in the country to get to the best outcomes.
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