Process of Liquidation of a Singapore Company

If you are thinking of a strike-off for your company, then we at SingaporeAudit are there to help you in all your Singapore company liquidation process. ACRA is the governing body that will approve the strike-off process, after we submit the necessary documents to them.

When a Singapore company decides to strike itself off, it has to apply to strike its name off the register to ACRA (Accounting and Corporate Regulatory Authority). ACRA is the registry of companies in Singapore, and it carries out the strike-off procedure in pursuant to section 344 of the Singapore Companies Act. ACRA will approve the application only if the company meets certain reasonable causes or required conditions for striking off.

Requirements for Singapore Company Strike-off

  • The company should have ceased the business operation or had no business operations since the day of incorporation
  • The company should be free of any outstanding/pending tax liabilities with IRAS
  • The company should not have any pending debts with any government department or agency
  • The company should not have any outstanding penalties/charges in the company’s charge register
  • The company should not be involved any court proceedings inside or outside Singapore
  • The shareholders should oblige in written that the company is set for a strike off
  • The company must not have any current asset and liabilities
  • Company limited by guarantee will have to submit their last set of audited report before the strike off

Striking Off Procedure for Liquidating a Company

Singapore company liquidation starts with the submission of application to ACRA. Depending on the complexities of the above-mentioned parameters, it may take ACRA about 7 working days to process the application.

If ACRA feels that the company meets all the necessary requirements of the strike off, it will send a ‘striking off notice’ to the registered office address of the company, residential address of the directors and company secretary, and lastly to the IRAS.

Anyone can object the wind-up process. Accordingly, he/she can lodge an objection within a period of one month. A final notification will be send after a period of four months, stating that the company is struck off the Register.  This date will be considered as the final date of striking off. Usually, it takes around 5-6 months for the whole process to be completed.

The process of closing a Singapore company is complex, labor-intensive, and time consuming. Moreover, it is essential to comply with the legal and statutory regulations. If you want to strike off your company, it is highly recommended you seek the assistance of professional service provider, who can understand the situation, and advise you on the best course of action that needs to be taken. At SingaporeAudit, we will assist you accomplishing the liquidation process successfully.

Please feel free to contact us on +65 6536 0036 or drop in an email at info@singaporeaudit.com.sg