In recent years, the number of foreigners working in Singapore has increased. However, many of these foreigners are not familiar with the process of company strike off in Singapore. If you are a director of a company in Singapore that is no longer in business, you may want to consider applying for a corporate strike off. This process will officially dissolve the company and remove it from the government’s registry. This article will provide an overview of the process of company strike off services in Singapore.
What is a company strike off?
A company strike off is a process whereby a company is removed from the Companies Register. This can happen for a number of reasons, but usually occurs because the company is no longer carrying on business or has become dormant. The process of striking off a company is relatively simple and can be done by the company itself or by using a professional service. The process is overseen by the Accounting and Corporate Regulatory Authority (ACRA).
How to apply for a company strike off in Singapore
Before you begin the process, you will need to make sure that all of your company’s taxes have been paid and that there are no outstanding debts or liabilities. You will also need to obtain a clearance certificate from the Accounting and Corporate Regulatory Authority (ACRA). Once you have all of the necessary documentation, you can start the online application process.
- To apply for a company strike off in Singapore, you will need to submit a notice of intention to the Registrar of Companies (ROC). This notice must be signed by all the directors of the company and must state that they intend to dissolve the company.
- Once the ROC has received the notice, they will publish it in the Gazette. This is to give creditors of the company an opportunity to come forward and object to the dissolution if they have any outstanding debts owed to them by the company.
- If there are no objections from creditors, then the ROC will issue a certificate of strike-off and the company will be officially dissolved.
Although it may seem like a daunting task, the process is actually quite simple and can be completed online.
When can I expect my company to be struck off the register?
If your company has been struck off the register, you will cease to exist as a legal entity. This means that your company will no longer be able to enter into contracts, sue or be sued, own property or employ people. You can try Change My Company’s FYE After Incorporation in Singapore.
The Registrar of Companies (ROC) may strike off your company from the register if:
- Your company has not traded for a period of two financial years; and/or
- Your company does not have a valid business registration address; and/or
- The total amount of paid-up share capital is less than S$50,000; and/or
- All directors of the company have ceased to be directors.
Once your company has been struck off the register, any property or assets which belonged to the company will become vested in the State.
In conclusion, it is important to know that company strike off services in Singapore exist and what the process entails. This information can help you make an informed decision about whether or not to use this service.