When a company decides to cease operation, a strike-off application has to be made to ACRA in order for the dissolution of Company to take effect. Prior to the application, it is important to note that the company should first resolve all the tax matters with IRAS. The company should not have any outstanding debts with IRAS and any issues raised by IRAS should be answered and clarified. Besides that, the company should also submit income tax returns (Form C/ Form C-S) together with the company’s financial statements and the details of tax computation up till the date of the Company’s cessation.
In addition to resolving the tax affairs, the company must meet the following criteria that set by ACRA:
- The company must have ceased business activities or has not commenced trading from the date of incorporation.
- The company has no outstanding debts owed to the Central Provident Fund (CPF) Board and any other government agency.
- The company has no bank account or the bank account is closed.
- The company is not and will not be involved in any court 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.
- The directors must have obtained written consent from all or majority of the shareholders.
- If the company has previously applied for GST, kindly cancel the registration before the company is submitting for striking off.
Who can submit the application to strike off the company?
Company director, company secretary or any registered filing agent can submit the strike off application through an online portal.
How long does it take to strike off a company?
The process of application will take around one to two weeks for ACRA to approval. Once it is approved, a striking off notice will be sent to IRAS, the company registered office, the company directors and the company secretary’s residential address for anyone to raise objection.
If there is no objection raised after one month, ACRA will publish the name of the company in the Government Gazette. This is referred to as the First Gazette Notification. Again, if there is no objection raised after 60 days from the First Gazette Notification, ACRA will publish the company name in the Government Gazette and the Final Gazette Notification will be given with the struck off date. The entire process typically takes at least 4 months.
If you need any assistance with striking off a company, you may wish to get in touch with our professional consultants for further discussion. We will be able to provide you with the best advice and administrative support to do so in an efficient manner. It is never easy to strike off a company especially if it is your own, but we are here to ensure the process is smooth and hassle-free.