Running a business in Singapore can be an amazing experience with all the favorable conditions. The local regulations support you and there is the easy availability of raw materials and labor as well. But several new businesses fail to maintain their financial stability either due to poor marketing strategy or higher competition in the niche area. In this scenario, you may sometime decide to consider company liquidation advice in Singapore. The experts can guide you about how to strike off company Singapore.
Company Liquidation Advice – Frequently Asked Questions when It Comes to Strike off Company Singapore in 2023
For owners of a company that have already applied for striking off their company, circumstances might have changed a lot. Maybe you are now interested to restore your company and are looking for trusted procedures to do that. Don’t worry! The article below may guide you better on all these details.
How long does it take to strike off company Singapore?
Once you have submitted all necessary documents, ACRA will start the strike off company Singapore procedure. If there is no objection after 60 days of the first gazette notification, the agency will publish the company name in its struck-off register and the final gazette will be available on the website.
How can I get a list of companies struck off?
It is possible to get the list of all struck-off entities on the final gazette that is available on the official website of ACRA. On this website, you need to visit the notices section and then go to the Striking Off – List of Business Entities option in the menu. Further, you will find a list of all entities that have been struck off as per the procedure.
What happens when a company is struck off Singapore?
When your company is struck off, it will be dissolved and the person who is in charge of the company before its liquidation will be advised to store all the papers and books related to the company safely for at least the next five years.
How do you find out if a company has a strike-off date?
The agency keeps on publishing details about all the struck-off companies from time to time on the official website. It means you need to check that list time and again.
What happens to directors when a company is struck off?
When your company strike-off, directors can expect some considerable consequences. The profits obtained from the business asset liquidation may be distributed among outstanding creditors of the company and directors do not own any further powers with respect to strike off company Singapore.
How to Restore a Struck-Off Company in Singapore?
It is possible to restore a stuck-off company within 6 years after it has been liquidated by the court. Once you lodge the court order via BizFile; the status of your company may be updated to live within some time. Note that as per company liquidation advice, you need not pay any filing fee for this type of activity. Moreover, it is important to note that if the director of the company has at least three companies struck off by ACRA will not be allowed to become a director again, even after the restoration process.