At any point in time, you may wish to close the business for several reasons. One of the options available at this point is to strike off the company from the register.
If you are the Director of the company, you may apply to ACRA to get your company name struck off from the register. ACRA may approve your application if it gets an acceptable reason to believe that the company is not doing business efficiently. ACRA accepts the petition of strike-off only when the company is capable of satisfying the following criteria –
- The company should not have any sort of outstanding debts owed to IRAS (Inland Revenue Authority of Singapore), CPF (Central Provident Fund Board), and other agencies of government.
- The company has not commenced business since its incorporation or has ceased trading.
- There are no extraordinary payments in the charge register.
- The company won’t have any involvement in legal proceedings (either within or outside Singapore).
- The company has no present liabilities or assets as of the date of application and no contingent liabilities and assets that may arise in the future.
- The company is not subject to any sort of pending or ongoing regulatory action or disciplinary action.
Note– Kindly make sure that there is no outstanding tax credit owing to the company before applying for a striking-off. Once the company is dissolved, any tax credit that dies to the company will be paid over to the IPTO (Insolvency Public Trustee’s Office). If in case the shareholders of the defunct company wish to claim the tax credit, they can approach IPTO. Remember, IPTO may charge some amount for the processing of the claim.
All employers creating employment in Singapore are required to submit form IR8A, Appendix 8A, Appendix 8B, or form IR8S by law, for all the employees employed in Singapore. The period is considered from March every year. Employers are not asked to submit the hard copy forms to IRAS.
Application to strike off a company
The company secretary, the director, or the registered filing agent can submit an online application through BizFile+ using CorpPass or SingPass to strike off the company.
There are no fees applicable for this transaction.
The review process for striking off
- Once the application has been approved, a striking-off notice may be sent by ACRA to the registered office, CS, and shareholder of the company.
- After 30 days from the striking-off approval, being ensured about the absence of any objection, ACRA will publish the name of the company in the Gazette of the Government. This is called the first Gazette notification.
- Then after 60 days of the First Gazette notification, in the dearth of any grievances, ACRA will furthermore publish the name of the company in the Government Gazette one more time. The company name will be struck off the register. The date will be stated as the date of the company’s strike off. This is understood as the Final Gazette Notification.
Look no away than Timcole, while looking for a strike-off company in Singapore. Except for the striking-off service, it also offers a vast range of corporate services that you may need from the starting to the verge of your business.