The Singapore Companies Act empowers ACRA to remove a company from the Register if there is reason to believe that the company has ceased operations or has met certain conditions. We will assist you in understanding the conditions for striking off as well as the process involved
It can be intense to make the decision to shut down down a business, especially if you have put your heart and soul into it. Our professional team is dedicated to guiding you through the winding up process. As a result, you will be able to escape those stressful situations.
We help businesses close their doors, either by striking off or winding up. Prior to resorting to the last resort, we provide advice on the viability of continuing with troubled businesses, corporate reorganization, and business sale negotiations.
What are the criteria for striking off company?
Due to many unforeseen circumstances, such as disputes between shareholders, companies are always on strike and company directors may choose to go out of business. However, not all companies can request a strike. They must comply with the standards established by ACRA to request the striking off files and accounts.
- The company has not commenced business since incorporation or has ceased trading.
- The company has no outstanding debts owed to Inland Revenue Authority of Singapore (IRAS), Central Provident Fund (CPF) Board and any other government agency
- There are no outstanding charges in the charge register.
- The company is not involved in any legal proceedings (within or outside Singapore).
- The company is not subject to any ongoing or pending regulatory action or disciplinary proceeding.
- The company has no existing assets and liabilities as at the date of application and no contingent asset and liabilities that may arise in the future.
- All/majority of the director(s) authorize you, as the applicant, to submit the online application for striking off on behalf of the company.
What are the supporting documents required for striking off company?
Following are the common documents which are required for striking off company.
- Last set of financial statements (*If the company does not meet the definition of an inactive company established by ACRA)
- Last corporate tax return submitted to IRAS (*If the company does not meet the IRAS exempt corporate tax reporting requirements)
- Waiver of Corporate tax return Form C-S/C (*if the company is dormant as per IRAS’s criteria)
- Board and members’ approval for the company striking off (In written resolutions or meeting minutes)
The presentation of strike documents varies depending on the company’s transactions and the current status. Usually the above 4 files are required.
How can Bluebox help you?
We have been providing reliable and professional offshore incorporation services past 40 years and have helped our clients set up offshore companies in tax havens like the British Virgin Islands (BVI), Mauritius or Seychelles. Leave your offshore company incorporation concerns to rest and let our specialists to guide you throughout the incorporation process.
- There are several steps involved in closing a business. It is not easy to remove your company from the list of companies on the register of companies. A slew of formalities must be followed. Not only that, but you should be prepared with all of the paperwork associated with the closing process. If you fail at any point, the process will be aborted.
- We will help you with the application of strike off for the company.
- We provide you with the much-desired comfort and convenience. Even better, we take on all of the responsibilities of the Singapore strike off company procedure. All you have to do is provide us with the necessary documents and sit back and relax. We’ll finish the strike-off formalities and notify you when the company is closed.
Why Bluebox?
It’s a time-consuming process. Our team of experienced members is here to assist you with the procedure and put your mind at ease. Hiring our strike off company service is advantageous for a variety of reasons.
It is best to use the services of a professionals for the strike off the company. We save you valuable time by doing all of the work. You can focus on other important tasks by delegating the process to our experts. While you are attempting to shape your new company and its potential future, we are working hard to close your existing company as soon as possible.
Restructuring
Corporate restructuring also known as business restructuring, whether it’s an operational or financial turnaround, may be a powerful instrument for protecting a company’s value and that of its stakeholders.
Dissolution & Winding Up
Singapore provides entrepreneurs with a variety of choices for winding up their firms, based on their level of debt, tax status, and the condition of their assets. Directors have a legal obligation to wind up an insolvent corporation under company law.
Deregistration of Branches
An Offshore Company is commonly set up in a tax haven like the British Virgin Islands (BVI), Marshall Islands, Seychelles Islands, etc., where there are no corporate or personal income taxes, capital gains taxes, reporting requirements.