If your company no longer carry business anymore, you can apply to ACRA to close your company. The process of removing your company name from the Companies Register is known as “strike off”.
Steps: Striking Off a Local Company
Step 1 (prepare Financial Statements):
– You need to prepare your company’s Financial Statements upto the date of cessation of business.
Step 2 (submit to IRAS):
– Prepare tax computation and Form C-S / C for the Financial Statements upto the date of cessation of business.
– Prepare a cover letter to IRAS stating your intention to apply for strike off.
– Send the cover letter, tax computation and Financial Statements to IRAS.
Note: If the Form C-S / C not available yet, you do not require to submit Form C-S / C to IRAS. Eg. Year of Assessment(YA) 2018 Form C-S / C will only be available around April 2018. If you wish to strike off your company in 2017, you can submit hardcopy Financial Statements and tax computation for YA2018 for IRAS review.
Step 3 (Clear tax payment):
– You will receive Notice of Assessment from IRAS within 1 month after the tax clearance submission (Step 2).
– However, if IRAS require further information from companies with complex affairs or have submitted incomplete information, it may require up to 6 months to review the assessments.
– Please settle outstanding tax payment to IRAS, settle all outstanding bills with creditors (if any) and close your company bank account.
Note: IRAS will not issue a tax clearance letter for the purpose of applying for strike off.
Step 4 (Cancel GST registration):
– Cancel GST registration and ensure no outstanding GST matter.
Step 5 (Other government agency):
– Ensure no outstanding employers’ Central Provident Fund (CPF) contributions owing to the CPF Board.
– Ensure no outstanding debts owed to any other government agency.
Step 6 (File Strike Off application with ACRA):
– Prepare last unaudited Financial Statements with no assets no liabilities before strike off
– Please prepare director resolution and shareholder resolution for the strike off of the company.
(a) Majority of the shareholders provided written consent to the striking off application.
(b) All the directors agree and consent to the striking off application.
– Once the above done, you can submit an online application via Bizfile to strike off the company.
– Once the application approved by ACRA, ACRA will start the strike off process. The entire process will take at least 4 months.
(a) Once the application approved, ACRA will send strike off letter to company register address, it’s directors’ residential address, IRAS and CPFB.
(b) If no objection received from directors and government agencies, ACRA will publish the company name in the Government Gazette
(c) After 60 days, if no objection received from anyone, ACRA will publish the company name again in the Government Gazette with the strike off date and the name of the company will be struck off the register.
Strike Off Criteria
- The company has not commenced business since incorporation or has ceased trading.
- 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.
- The majority of the shareholders have provided written consent to the striking off application.
- All the directors agree and consent to the striking off application.
- The company has submitted the last set of Financial Statements
- The company has no outstanding tax liabilities with Inland Revenue Authority of Singapore (IRAS).
- The company has no outstanding employers’ Central Provident Fund (CPF) contributions owing to the CPF Board.
- The company has no outstanding debts owed to 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).
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