What is striking off a Singapore Company?
If a company in Singapore decides to no longer carry on business, it can apply to the Singapore Accounting and Corporate Regulatory Authority (ACRA) to remove the company name from the company register, a process known as Striking off.
As a director, you can apply to ACRA to have your company name removed from the register.
What conditions need to be met？
A company that has not had any business activities since its incorporation and has not opened a bank account can directly submit an application for cancellation.
If you have received a tax return from the IRAS, but have not yet reported it to IRAS, you need to submit an explanation letter and a declaration form to the government before applying for cancellation, and apply for an exemption from tax declaration.
Before applying for strike off, the company cannot default on any tax returns and taxes due to the Inland Revenue Authority of Singapore (IRAS), Central Provident Fund (CPF) Board and any other government agency, otherwise IRAS will object to the company’s strike off application.
When deregistration, the tax bureau will focus on the company’s tax declaration, which is the focus of the deregistration review.
During this period, enterprises are required to prepare relevant tax information and provide them to the government to check whether they have completed the tax declaration.
Others need to meet the cancellation criteria:
- All/majority of the directors authorize you as the applicant to submit an online deregistration application on behalf of the company
- There are no outstanding debts owed by the company
- The company has not been in business or has ceased trading since its inception
- The company is not involved in any legal proceedings (in or out of Singapore)
- The company has no existing assets and liabilities, and no contingent assets and liabilities that may arise in the future
- The company does not have any fines and taxes
- The company does not have any mortgages and loans under its name
- No outstanding charges in the charge register
- The company has no fines from the Commercial Registration Office
- The company is not bound by any ongoing or pending regulatory action or disciplinary proceedings
What do you need to prepare
Singapore company: Before the company is striking off, it is necessary to convene a resolution to discuss the strike off of the company, and finally submit a resolution that meets the wishes of all directors and shareholders to the government; if the company has not yet operated, a director’s confirmation letter must be submitted.
Provide financial statements as of the day the company was not in operation, supporting documentation on asset dispositions and/or liabilities.
Singapore company related information documents (such as the latest company registration certificate and registration paper).
Specific review process
A company director, company secretary or registered filing agent can submit an online application through BizFile+ to strike off a company.
It should be noted that companies that do not operate and do not file annual reports will also be forced to close by ACRA. If the director owns at least 3 companies that have been struck off by ACRA, they will be disqualified as directors, or from the date when the third company is deregistered. Can not participate in the management of any company for five years.
- Once the application is approved, ACRA may send a striking off notice to the company’s registered office address, its officers (such as director, company secretary and shareholder) at their address ACRA records.
- After 30 days from the approval of the striking off application, if there is no objection, ACRA will publish the name of the company in the Government Gazette. This is known as the First Gazette Notification.
- After 60 days from the First Gazette Notification, if there is no objection, ACRA will publish the name of the company in the Government Gazette again and the name of the company will be struck off the register. The date that the company is struck off will be stated. This is known as the Final Gazette Notification.