Timcole provides professional and qualified strike-off (or closing) of local companies from the Accounting and Corporate Regulatory Authority (ACRA), in pursuant to section 344 of the Singapore Companies Act.
Strike-Off Company Services
Fee Guideline for Company Strike-off Services
|Strike-off Services||From SGD500|
|Prepare Final Accounts for Strike-off Purpose||From SGD300|
Requirements to Strike-Off a Company
All Singapore companies applying to strike its name off the register must gain approval from the ACRA. For an approval, a list of criteria must be met.
These conditions include:
- The company has ceased business operations.
- The company has closed all its bank account(s).
- The company is not currently (or will be) involved in any form of court proceedings in or out of Singapore.
- The company has no assets and liabilities.
- The company is not indebted (i.e. outstanding penalties or offers of compositions) to the ACRA or other government agencies.
- The company has no outstanding tax liabilities due to (or tax refund from) the Inland Revenue Authority of Singapore (IRAS).
- The company has no outstanding fix (or floating) charge in the Register of Charges (e.g. mortgages etc.).
- All company’s officers have no outstanding ACRA summonses.
- The company has cancelled its GST status with IRAS (if it is GST registered).
- The company has consent in writing to the striking off from all directors and shareholders.
Other work the company should perform before strike-off:
- Up-to-date bookkeeping to the date of cessation, including disposal of assets and liabilities.
- Up-to-date tax filing and payment to IRAS for all relevant years of assessment.
- Company resolutions and/or documentation to validate its strike-off application.
Timcole can assist you fully, should you require assistance on any of the requirements listed above. To inquire, click here.
The Process of Striking-Off a Company
All strike-off applications must be submitted to the ACRA. The entire process will take at least 4 months.
Upon approval from the ACRA:
- All relevant persons and body will be informed. A Striking Off Notice will be sent within 14 days of the receipt of application to the company’s registered office address, its directors at their residential addresses and the IRAS.
- There will be a one month period (as stated in the notice) for anyone to raise objections to the application.
- Upon expiry of the one month period, a notification of the strike-off intention will be made in the Government Gazette. For 60 days, any interested person can raise an objection to the application.
- After 60 days from the first Government Gazette notification, if there is no objection, ACRA will strike the company’s name off the register and publish a notification in the Gazette stating the struck-off (also known as the Final Gazette Notification).
Objections Against the Strike-Off
If any objections were submitted during the application period, the company will be informed through ACRA.
The application will be withheld and the company will be given 2 months to resolve the matter:
- If the matter is resolved, the objector must lodge a “Clearance of an Objection to Striking Off”and the process will continue.
- If the company is unable to resolve the matter, the application will lapse. A new application can only be submitted after the objection has been cleared.
How Timcole can Help You
The process of closing a Singapore company can be complex and time consuming. Due to the legal and statutory regulations involved in a company’s strike-off, it is highly recommended that you seek professional service to assist you in the full process.
At Timcole, we will learn and understand your situation, advise you on the best course of action and assist you fully in the strike-off process. Feel free to contact us and arrange a consultation today.