If a company is not able to perform its operations, it is advised to take help from liquidation experts to strike off company Singapore. They can help you to understand the compliance issues and follow the guidelines of the honorable court to proceed ahead.
Business owners can sometimes get into difficult situations where they are unable to lead further operations. In this condition, they may like to shut their business down or take help from the court to manage the pending debts and payments. In Singapore, the government has set up several guidelines to help businesses cease operations by following company liquidation advice. They need to follow a few specific norms and professional company liquidation advice for striking off business names as per the ACRA guidelines.
What are the conditions to strike off company Singapore?
Below we have listed a few prerequisites or essential conditions that may be required to strike off a company in Singapore:
- The company should not be under any legal obligation.
- If the business has become a standstill, striking off can be the best solution.
- The company does not have any liabilities or assets by the date of application.
- There should be no pending dues and fines to either ACRA, IRAS, or any other agency.
- Company directors or secretaries should not have any neglected court summons.
- The company’s Bizfile record must be up to date with ACRA.
- There should be some written consent from stakeholders to strike off the company.
- All licenses of the business must be canceled.
- The bank accounts of the company must be closed.
In case any of these conditions are not met, it is not possible to go ahead with strike off company Singapore. The winding-up process appears costly and time-consuming.
What is the usual timeline to strike off company Singapore?
Once you submit an application to strike off the company, ACRA will initiate the process within 5 working days. When the application is approved, the agency will send a notice to the registered office of the company, as well as to the directors and secretaries at their home addresses. If they do not receive any rejection for around five months including the first gazette and final gazette notification, the company name will be removed from the register.
Can I withdraw my strike-off application?
Yes, it is possible to apply to ACRA for withdrawal of the strike off application in Singapore. But one should provide some clear reasons to do so; you can avail company liquidation advice to handle this. One can lodge the request within five working days before the final struck off.
How can Acres Advisory help me in striking off my company in Singapore?
If you are planning to strike off your business from the Singapore Company register, it is good to take company liquidation advice from Acres Advisory. Our professionals have years of experience in the field and they can guide you better with the government regulations and requisites. Moreover, we can also save much of your time and effort to handle the documentation and application process. When your company has become insolvent, a professional liquidator must be appointed to handle the asset distribution with legal procedures.