Understanding the Process of Striking Off a Company in Singapore from george palacio's blog

Closing down a company in Singapore is not an uncommon occurrence, and there are several reasons why a business owner may find themselves needing to strike off their company. It could be due to poor financial performance, a change in business direction, or simply because the company has served its purpose and is no longer needed.

Whatever the reason may be, it is important to understand the process of striking off a company in Singapore in order to ensure that it is done correctly and legally. This process involves several steps that must be followed in order to successfully dissolve the company and remove it from the register of companies.

The first step in striking off a company in Singapore is to convene a board meeting and pass a resolution to strike off the company. This resolution should be approved by a majority of the directors and should clearly state the reasons for striking off the company. It is important to ensure that all necessary documentation is in order and that all directors are in agreement before proceeding with the resolution.

Once the strike off company singapore, the next step is to inform the shareholders of the company of the decision to strike off the company. This can be done through a written notice or through a general meeting of shareholders. It is important to ensure that all shareholders are given ample notice of the decision and are fully informed of the reasons for striking off the company.

After informing the shareholders, the next step is to notify all creditors of the company of the decision to strike off the company. This can be done through written notice or through public advertisement. It is important to give creditors a chance to raise any objections they may have to the striking off of the company and to settle any outstanding debts before proceeding with the process.

Once all necessary notifications have been made, the company can then proceed to submit an application for striking off to the Accounting and Corporate Regulatory Authority (ACRA) in Singapore. This application should be accompanied by a final set of financial statements and a declaration of solvency signed by the directors of the company.

ACRA will then review the application and if everything is in order, they will issue a notice of striking off in the Gazette. This notice will be published for a period of three months, during which time any interested parties can raise objections to the striking off of the company.

If no objections are raised during the three-month period, ACRA will issue a final notice of striking off, and the company will be officially struck off the register of companies in Singapore. At this point, the company will cease to exist as a legal entity and its assets will be distributed in accordance with the Companies Act.

It is important to note that the process of striking off a company in Singapore can be complex and time-consuming, and it is recommended to seek the advice of a professional corporate services provider to ensure that the process is carried out correctly and efficiently. With the proper guidance and assistance, striking off a company in Singapore can be a smooth and hassle-free process.