What Does It Mean to Strike Off a Company?

Striking off a company means removing or deregistering it from the official register maintained by the Accounting and Corporate Regulatory Authority (ACRA). 

 

Once struck off, the company ceases to exist as a legal entity. Business owners choose this process when they have ceased operations, no longer require their Singapore presence, or decided not to commence business after incorporation.

 

The primary reason is straightforward: they no longer need to conduct business in Singapore or have ceased trading entirely.

 

Who Can Apply for Strike-Off?

Company directors, the corporate secretary or the registered filing agent can submit the strike-off application through the online BizFile+ platform. 

 

No filing fee is required for the application.

 

Criteria for Company Strike-Off

Your company must meet specific requirements established by ACRA. 

 

• The company must either have never commenced business since incorporation or have completely ceased trading operations.

 

• The company cannot have any existing assets or liabilities as of the application date, nor any contingent assets and liabilities that may arise in the future. 

 

• All debts to government agencies must be settled, including any outstanding amounts owed to the Inland Revenue Authority of Singapore (IRAS), Central Provident Fund (CPF) Board, or other government regulatory bodies.

 

• The company must not be subject to ongoing regulatory action, disciplinary proceedings, or legal proceedings within or outside Singapore. There should be no outstanding charges, penalties, or required filings with regulatory agencies.

 

• Authorization from all or the majority of directors and shareholders is required for the strike-off application. The company’s final financial accounts must be prepared up to the cessation date, certified by directors, and show zero assets and liabilities.

 

The Process

The process involves several steps that typically take approximately 90 days to complete.

 

If your company has foreign directors or shareholders, a registered filing agent like Singbac must be engaged to handle the application. We will initiate an endorsement request to the company via BizFile. 

 

The local director or secretary must log in to BizFile using their SingPass to endorse the transfer of the company to the registered filing agent, in this case to Singbac.

 

Once we take responsibility as the registered filing agent, we will submit the strike-off application to ACRA. ACRA will then send a striking-off notice to the company and its officers at their registered mailing addresses.

 

We will also submit an application for a waiver of tax filing to IRAS due to the company strike-off.

 

If no objections are received from the company within one month, ACRA publishes the company name in the First Gazette Notification. If no external objections are received within two months, ACRA publishes the Final Gazette Notification, officially striking the company from the register.

 

The date the company’s strike off will be stated. 

 

Fees and Services

The fee for processing documentation and submitting the application on behalf of the company is SGD400 nett. We do not charge corporate secretarial takeover fees for companies undergoing strike-off.

 

Companies that have not maintained proper compliance may require additional services. 

 

Our dormant accounts preparation and filing service costs SGD200 and includes:

 

• Preparation of dormant accounts for the final financial year
• Dormant declaration forms
• Annual returns filing with ACRA (SGD60 government fee)
• Dormant status/waiver filing with IRAS

 

Foreign companies requiring comprehensive support can opt for our complete strike-off package at SGD800. 

 

This package covers the full 90-day process period and includes:

 

• Providing a named corporate secretary
• Registered office address
• Nominee director service
• Passing resolutions to strike off the company, and 
• Filing notifications of strike-off with ACRA and IRAS

 

Before You Strike Off Your Company

Before proceeding with company strike-off, ensure all criteria are met: settle outstanding debts with government agencies, complete all required filings, and confirm the company has no assets or liabilities. 

 

Companies involved in legal proceedings or regulatory actions cannot be struck off.

 

Exercise due diligence when deregistering your company. Once struck off, the company ceases to exist permanently, and reversing this process involves complexity and cost.

 

For assistance with striking off your company in Singapore, consult Singbac for professional guidance through the regulatory requirements and application process.

 

Frequently Asked Questions

What if my other directors or shareholders are not contactable?

 

We will attempt to inform them via their last contacts provided to ACRA, such as their email address, as we are obliged to ensure that we have informed all officers of the company on the strike-off application.

Should they continue to be unresponsive after reminders, we will pass a resolution to authorize the local director to strike off the company in view that the other officers are uncontactable. The additional fee to process this document would be SGD50.

 

What if there are any outstanding penalties or filings from the company not completed with ACRA?

 

We cannot submit the strike-off application to ACRA until all outstanding annual return filings with ACRA and tax reporting with IRAS are completed. If these requirements have not been fulfilled, we can assist with the compliance work. 

 

Our services include:

 

• Preparation of unaudited financial statements for SGD400, which requires your company’s balance sheet, profit and loss statement, and income statement
• Handling annual filing with ACRA for SGD100, which includes the SGD60 ACRA filing fee
• Providing IRAS tax filing for Form CS and ECI at SGD400