COMPANY STRIKE-OFF & DEREGISTRATION IN SINGAPORE

Company Strike Off
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Are you familiar with what a company strike off entails? A company strike off is one of the ways that a local company closes down and no longer intends to do business. When it comes to the striking off of a company, an application needs to be made with the Accounting and Corporate Regulatory Authority (ACRA) to request that the company be removed from the Companies Register. The application can be filed online through ACRA’s BizFile website.

In Singapore, ACRA is allowed to strike off a company from its Register based on the Singapore Companies Act. ACRA may perform this action if there feel there is a reason to believe that a certain company has ceased its operations or met certain conditions.

 

Under What Conditions Can I Strike Off My Company?

  • There are no outstanding charges under its register
  • Operations of the company have ceased
  • The company will not be involved and is not involved in any particular court proceedings. This is applicable whether the company is based in Singapore or out of Singapore.
  • There are no assets and liabilities under the company’s name
  • The company’s officers have no outstanding ACRA summonses.
  • The company does not owe the Government any debts.

Could Any Problems Occur During the Strike Off Process?

There could be instances where a company may lodge an objection for the strike off of a company. If ACRA does receive an objection, it may withhold the application and inform the company that the matter needs to be resolved within 2 months from the date of objection.

If the matter has not been resolved within the given 2-month timeframe, then the application will lapse and the company will be placed back on its live status. Once the matter has been resolved, only then will the company need to submit a fresh strike off application once more, if there is still the intention to strike off the company.

Need to Deregister Your Company?

The professionals at AI Accountant are here to help! Our experts will guide you with guidance from start to finish. We are Singapore’s leading experts in the accounting industry, and we make it our business to stay on top of the latest Singapore regulatory compliance requirements for your peace of mind. Make your company strike off or deregistration a smooth and effortless transition with AI Accountant.