STRIKING OFF A COMPANY
According to ACRA an application can be made to have a Company Name strike off from the Register of Companies. ACRA may approve the application if it has reasonable cause to believe that the company is not carrying on business and the company is able to satisfy the following criteria for striking off.
- The company has not commenced business since incorporation or has ceased trading.
- The company has no outstanding debts owed to Inland Revenue Authority of Singapore (IRAS), Central Provident Fund (CPF) Board and any other government agency.
- There are no outstanding charges in the charge register.
- The company is not involved in any legal proceedings (within or outside Singapore).
- The company is not subject to any ongoing or pending regulatory action or disciplinary proceeding.
- The company has no existing assets and liabilities as at the date of application and no contingent asset and liabilities that may arise in the future.
- All/majority of the director(s) authorise you, as the applicant, to submit the application for striking off on behalf of the company.
There are many steps to take as per the above points before one can submit the application to ACRA for Strike Off.
The Company’s Act rules and the Income Tax Act regulations must be followed in the process of closing down a Company.
If you are thinking of Closing Down Your Company, get a Free Quotation
Call us on 9133 3633 or
email to angels@angelsbusiness.sg