Striking off is a common practice followed by companies to close down operations. By striking off, it is assumed that the company will no longer conduct any business-related issues. In order to strike off company Singapore, it is important to submit an application with Accounting & Corporate Regularity Authority. The application will be processed further easily if you have filled all the essential fields in the forms and applications correctly. However, if you are a little confused about various requirements for a company strike-off; the article below may help you better.

What are the essential requirements for a company strike-off?

  • The company needs to stop all business activities right from the date of business incorporation.
  • As per company liquidation advice, there should be no pending liabilities or contingent assets.
  • As per rules, there should be no remaining tax liability of the company and the GST number registration must have been canceled in advance.
  • The company should not owe any debts to the Government authorities.
  • They should not have any involvement in any kind of court proceedings.
  • There should be no outstanding charges available in the charge register of the company.
  • The finalized accounts of the company along with the date of cession

What if the business was dormant right since incorporation?

If the company is not running any activities in the market; the directors need to submit a letter for the same indicating:

  • No business transaction has taken place since the incorporation date.
  • No bank account has been opened for business-related transactions or the already opened one is closed.

The application for these processes can be submitted online by the company secretary, company director, and corporate service provider.

Process to strike off company Singapore:

  • Once the above-mentioned documents are submitted for strike off company Singapore, it may take almost 4 months to complete the process.
  • The deregistration process starts as soon as a letter for striking off the company is submitted at IRAS Singapore. The company directors as well as the secretory need to receive similar kinds of letters at their provided residential addresses.
  • If the authority experiences no objection regarding striking off, the department will publish the first gazette notification to the public. In this duration, anyone can submit their objection-related applications to the department with valid reasons.
  • Once the expiry date of this waiting period arrives and the authority has received no specific queries or applications against the process, the name of the company to be closed will be published the final time in the gazette. After this, the name of the company will be stroked off immediately from the set register.
  • In case the company is lodging a certain kind of objection in that specific period, the directors or associated members will be informed about the same at the earliest. The issues must be resolved by the involved parties within 2 months to continue the process; otherwise, the submitted application may lapse.

These simple tips and tricks along with company liquidation advice can help you to ensure the easy winding off of a company in Singapore.