Striking Off Company in Singapore

How to Go About Striking Off Company in Singapore

When can you think of striking off company in Singapore? To strike off company is the same as to deregister and “kill” the company. There are many requirements for this, but the main one is that the company in question must not have any outstanding debt to the IRAS.

There could be many reasons for striking off company in Singapore. Maybe you had big plans for your startup business in Singapore. However, something came up and you were not able to implement your laid out plan. Maybe you could not stand up to the heated competition in the market or your partnership could not work out as you expected. Maybe the company accumulated too much debt to an extent that it was unable to pay off…

Whatever happened, a time comes to draw the curtains and wind up the organization. If you are doing a standard strike-off, some companies may need to get a liquidator and perform financial audits. This can be quite bureaucratic and might take some time. However, in certain circumstances, you can wind up the company without going through the rigors of the long procedural requirements. But, in most instances, you require none of the above. As long as you fulfil the strike off condition laid, you are able to strike off the company. This takes about 5 to 6 months from the date of application.

A few conditions for striking off company in Singapore

Striking off company in Singapore does not have to be a nightmare. All you need to do is meet all the requirements and striking off your company will be simple.

You should have no outstanding tax dues. The Inland Revenue Authority of Singapore (“IRAS”) is permitted by law to object to a strike off. To ensure that they do not prevent you from winding up the company, make sure you submit all your tax returns, forwarding all tax computations and accounts up to the date, the business ceased and finalizing all tax-related matters with the authority.

The company should not be indebted to any other government authority. If the company is in debt, it is best if it first clears the debt before striking off.

The company must not have any charges that are due in its register. Mortgages often fall into this category.

The organization must not have a pending case in Singaporean courts. In addition, it must not have a court proceeding anywhere else in the world. If you already know that somebody will be lodging a case against you soon, you should not apply for a strike off. In addition, those who were involved in the management of the company should not have any summons, whatsoever.

A written approval from the majority of stakeholders is required. All the parties must submit dated letters showing that they agree with the striking off company in Singapore.

The company should not have any current assets or liabilities. It is required that the organization submit the final set of accounts, together with its application.

The company in question must have stopped operations or never started the business. This implies that the organization must have ceased operating with the purpose of earning profits. In the event that the firm did not commence business at all, then arm yourself with a cover letter stating carefully that:

It has never operated business since its incorporation
Never opened bank accounts or has closed all of them
Never held an annual general meeting

Reminder from J Accounting Services

J Accounting Services would like to remind the public to check that your company meets all the strike off conditions before applying for one. If you are looking for an outsourced firm to help you with your Singapore company strike off, you will be glad to know that J Accounting do provide striking off services. With our striking off services, you would have a peace of mind and we will ensue that your company is properly struck off from the Accounting and Corporate Regulatory Authority (“ACRA”).