How to Strike Off a Singapore Company

Striking off a company in Singapore involves a structured process governed by the Accounting and Corporate Regulatory Authority (ACRA). Under section 344 of the Singapore Companies Act, a company may apply to strike off its name from the register, subject to certain conditions and reasonable causes.

Singapore Company Liquidation Requirements

Before initiating the striking off procedure, companies must ensure they meet specific criteria set by ACRA:

1. Ceased or non-commencement of business operations since incorporation.
2. Absence of outstanding tax liabilities with IRAS.
3. Clearance of debts to other government departments or agencies.
4. No outstanding penalties or charges in the company’s charge register.
5. Absence of involvement in court proceedings, both domestic and international.
6. Obtaining written consent from the majority of shareholders regarding the strike off.
7. Absence of current assets and liabilities.

Striking Off Procedure to Wind-up a Company

The process commences with the submission of an application to ACRA, which typically takes about 7 working days to process, depending on the case’s complexity.

The company director, company secretary or registered filing agent can submit an online application via BizFile+ using SingPass or CorpPass to strike off the company. 

If ACRA approves the application and finds it meets the striking off requirements, a ‘striking off notice’ is sent to relevant parties.

Any objections to the company wind-up process must be lodged within one month. After four months, a final notification is issued, indicating the company’s removal from the Register. The entire process spans at least 4 months.

Effects of Striking Off a Local Company

When a company is struck off, three key effects come into play:

1. Dissolution of the company.
2. Continuation of any existing liabilities of the company’s officers and members, which can still be enforced as if the company were still active.
3. Empowerment of the court to wind up the company if it hasn’t already been done.

Summary

Striking off a business in Singapore is a significant decision, and adherence to regulatory requirements is paramount. An option is to seek professional assistance, so companies can navigate the process smoothly.

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