What are the requirements?
Your business should apply to ACRA to strike off if it meets the following eight (8) requirements:-
1. Ceased business operations or has not commenced business operations since incorporation;
If your company has been *dormant since incorporation, you are required to submit a letter stating that your firm has not conducted any business transactions, has not opened a bank account, or the bank account has been closed as at the date of cessation of business.
* A company is considered dormant in which no accounting transaction has occurred. However, ACRA makes exceptions for the following specific expenses:
– Appointment of a company secretary;
– Appointment of an external auditor;
– Cost incurred for having a registered office address;
– Cost incurred to maintain registers and accounting records;
– Fees, fines or default penalties incurred and paid to ACRA; and
– Subscription of company’s shares.
2. Filed all tax returns and there are no outstanding tax liabilities with IRAS;
– All income tax return forms have been submitted;
– Financial Statements and income tax computations have been submitted to IRAS up to the date of cessation of business;
– You should settle all tax related matters with IRAS; and
– For companies who are GST registered, you should cancel the GST registration and settle all outstanding GST related matter.
3. Cleared all debts owing to Government agencies (i.e., CPF board);
4. Cleared all charges in the company’s register of charges (to inform Company Secretary);
5. Should not be involved in any court proceeding;
6. Obtained written consent from the majority of the company shareholders;
7. No current or contingent assets; and
8. Submitted Statement of Financial Position as at the date of cessation of business.
Should there be any assets and liabilities in Statement of Financial Position, the company must submit documentary proof for the disposals of these assets and liabilities.
Who can submit the application?
1. Company Director; or
2. Appointed Company Secretary
Please note that the company can be restored within six years from the date of striking off via a Court Order.
How to avail these services?
Should you need assistance or would like to find out more about Strike Off Company services in Singapore, please send an email to Contact@AccountingSolutionsSingapore.com, and our business advisor will contact you.