What is a Strike Off/Closing of Company
A company may apply to Accounting and Corporate Regulatory Authority (ACRA) for striking off its name from the Register pursuant to Section 344 of the Companies Act.
The Singapore Companies Act allows ACRA to strike a company off the Register if there is a reason to believe that a company has ceased operation or has fulfilled certain conditions.
Who can submit an application for a strike off?
Corporate service provider
Requirements to strike off a company in Singapore
A company may apply to ACRA to be struck off the register but it must meet the following conditions:
The company has ceased operation; or not commenced business from the date of incorporation
The company has no assets and liabilities
The company is not and will not be involved in any court proceedings, whether in or outside Singapore
The company has no outstanding penalties or offers of composition fine owing to ACRA and not indebted to other government departments
the company has no outstanding tax liabilities owing to the Inland Revenue Authority of Singapore (IRAS)
The company has no outstanding charges in its charge register eg. no mortgages etc.
None of the officers of the company have outstanding ACRA summonses
Obtained the written consent of the majority of the shareholders
Duration of a company strike off process
The strike off application can be completed in 1 hour. However, ACRA will take up to 5 working days to process the application.
What happen when a company strike off is approved?
Upon approval, ACRA will send a striking off notice to :
Company registered office
Company directors and company secretary at their residential address
A period of 30 days is given in the “striking-off notice” to anyone that may wish to raise any objection to the application. After 30 days from the initial approval for strike-off, if there is no objection from the company’s officers, the Company name will be published in the Government Gazette also known as the First Gazette Notification.
If there is no objection during the 90 days after the First Gazette Notification, ACRA will publish the name in the Government Gazette and the company name will be struck off. This is referred to as the Final Gazette Notification.
The entire process will take approximately 5 months.
What happen when a company strike off is rejected?
If ACRA rejects the application, steps will need to be taken to meet the strike-off requirements and then file the application again.
Who can lodge an objection against the company strike off?
Any interested person can lodge an objection, for example a debtor.
ACRA will withhold the application and notify the company to resolve the outstanding matter within 2 months of the date of objection. If the matter is resolved, the objector must lodge a “Clearance of an Objection to Striking Off” via BizFile where after ACRA will proceed with the striking off application.
If the company is unable to resolve the matter within 2 months, the application will lapse and the company will revert to live status.
Once the matter is resolved, the company will need to submit a fresh striking off application if it still wishes to be struck off the register.
Can a company strike off application be withdrawn?
Yes, a withdrawal of company incorporation Singapore application for the process of closing down Singapore Company is possible if there are clear reasons for the withdrawal. The request must be lodged at least 5 working days before the company is scheduled to be struck off the Companies Register.