Striking off a company in Singapore is a simpler and less costly alternative to the liquidation process for closing a company. The entire process takes roughly about five months. It involves removing the company’s name from the register maintained by the Accounting and Corporate Regulatory Authority (ACRA). However, there are specific requirements that must be met for a company to be eligible for striking off. Here’s an overview of these requirements:
Eligibility Criteria for Striking Off
Company Must Be Dormant: The company should have been dormant from the time of incorporation or since ceasing its business operations.
No Outstanding Liabilities: The company must have no outstanding liabilities, including debts, loans, and claims.
No Ongoing Legal Proceedings: The company must not be involved in any legal proceedings, both within and outside Singapore.
No Outstanding Charges in the Company’s Register: There should be no outstanding charges in the company's register of charges.
No Current Assets and Liabilities: The company should have no assets and liabilities at the time of application for striking off.
Compliance with Tax Obligations
Clearance from IRAS: The company must have no outstanding tax liabilities with the Inland Revenue Authority of Singapore (IRAS) and must have filed all necessary tax returns up to the date of cessation of business.
Confirmation from IRAS: The company must obtain written confirmation from IRAS that there are no outstanding tax matters.
Consent from Shareholders
The application for striking off must be approved by a majority of the shareholders.
Notification to Relevant Parties
Before applying to ACRA, the company must notify its intention to strike off to all members, creditors, employees, and other relevant parties at least 30 days before the application.
Application to ACRA
Once all the requirements are met, the company can submit an online application to ACRA for striking off.
ACRA’s Review and Striking Off Process
ACRA will review the application and, if satisfied, will send a striking off notice to the company’s registered office address, its officers, and the IRAS.
If there are no objections, ACRA will publish the name of the company in the Government Gazette – this is the first gazette notification.
After 60 days from the first gazette notification and if there are still no objections, ACRA will publish a final notification and the company will be struck off the register.
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