Eligibility for Company Strike Off
To qualify for a company strike off in Singapore, certain criteria must be met. These include:
- Ceased Operations: The company must have stopped trading and not conducted any business activities for at least three months prior to the strike-off application.
- No Outstanding Liabilities: The company should have no outstanding debts or liabilities, including unpaid taxes, fees, or penalties.
- No Ongoing Legal Proceedings: The company must not be involved in any legal proceedings, either as a plaintiff or defendant.
- Clearance from Relevant Authorities: The company should have obtained clearance from relevant authorities, such as the Inland Revenue Authority of Singapore (IRAS), indicating that all tax obligations have been settled.
Steps to Strike Off a Company in Singapore
1. Assess Eligibility: Ensure your company meets all the necessary criteria for strike off, including ceasing operations and settling all liabilities.
2. Prepare Documentation: Gather and prepare all required documents, such as the strike-off application form, directors’ resolution, and clearance letters from relevant authorities.
3. Submit Application to ACRA: Submit the strike-off application to ACRA along with the necessary documents. ACRA will review the application to ensure all criteria are met.
4. Notice of Intention to Strike Off: Upon approval, ACRA will issue a notice of intention to strike off the company, which will be published in the Government Gazette. This notice provides a window for any objections to be raised.
5. Final Strike Off: If no objections are received within 60 days of the notice, ACRA will strike off the company’s name from the register, and the company will be dissolved.
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Frequently Asked Questions
What is the difference between striking off and winding up a company?
Striking off is a simpler, more cost-effective process for dissolving a company with no outstanding liabilities, while winding up is a more complex process typically used for companies with significant debts or assets.
How long does the strike-off process take?
The process usually takes between 4 to 6 months, including the 60-day period during which objections can be raised after the notice of intention is published.
Can a company be reinstated after being struck off?
Yes, a company can be reinstated within six years of being struck off if certain conditions are met, such as clearing outstanding liabilities and obtaining court approval.
What happens to the company’s assets after strike off?
Any remaining assets at the time of strike off become the property of the Singapore government unless they are distributed before the company is dissolved.
Are there any ongoing obligations after my company is struck off?
Once your company is struck off, you are no longer required to comply with statutory obligations like filing annual returns. However, you may need to complete final tax filings or distribute remaining assets.
