By James Smith If you are considering striking off your company in Singapore, there are several important steps that you will need to take in order to do so successfully. The process involves a number of procedures and requirements that must be followed in order to ensure that the company is officially removed from the register of businesses in Singapore.
The first step in striking off a company in Singapore is to hold a board of directors meeting to pass a resolution to strike off the company. This resolution must be approved by a majority of the directors and the company’s shareholders. It is important to document this resolution in the company’s minute book and ensure that all necessary parties are informed of the decision to strike off the company.
Once the resolution has been passed, the next step is to appoint a qualified professional, such as a company secretary or an accounting firm, to handle the striking off process. This professional will be responsible for preparing and filing the necessary documents with the Accounting and Corporate Regulatory Authority (ACRA) in Singapore.
The professional will then need to prepare and submit a Form 11 – Declaration of Solvency or Form 11A – Declaration of Inability to Pay Debts to ACRA. This form must be signed by a director of the company and must declare whether the company is able to pay its debts in full within 12 months of striking off.
Once the declaration form has been submitted, the professional will need to prepare and file a Form 11 – Notice of Striking Off with ACRA. This form will officially notify ACRA of the company’s intention to strike off and will trigger the striking off process.
After the Notice of Striking Off has been filed, ACRA will publish a notice in the Government Gazette stating the company’s intention to strike off. This notice will give any interested parties the opportunity to object to the striking off within 30 days.
If no objections are received within the strike off company singapore, ACRA will issue a notification confirming the striking off of the company. The company will then be officially struck off the register of companies in Singapore and will cease to exist as a legal entity.
It is important to note that striking off a company in Singapore may have legal and financial implications, such as the cancellation of licenses and contracts, as well as potential liabilities for directors. Therefore, it is essential to seek professional advice before proceeding with the striking off process.
In conclusion, striking off a company in Singapore is a multi-step process that requires careful planning and execution. By following the necessary procedures and requirements, you can successfully strike off your company and ensure that it is removed from the register of businesses in Singapore.
Guide to Striking Off a Company in Singapore: Procedures and Requirements
In Singapore, striking off a company is a process that involves closing down a company that is no longer active or operating. There are certain procedures and requirements that need to be fulfilled in order to successfully strike off a company in Singapore.
First and foremost, it is important to note that only solvent companies can be struck off in Singapore. This means that the company must not have any outstanding debts or liabilities, and all its assets must have been distributed to its shareholders. If the company is insolvent, then the proper course of action would be to go through a formal insolvency process such as liquidation.
The first step in striking off a company is to convene a meeting of the board of directors to pass a resolution to strike off the company. This resolution must be passed by a majority of the directors and must be filed with the Accounting and Corporate Regulatory Authority (ACRA) within 7 days.
Next, the company must notify all its shareholders of the intention to strike off the company. This can be done through a formal notice or letter sent to all shareholders, informing them of the decision to strike off the company and providing them with the opportunity to raise any objections they may have.
After notifying the shareholders, the company must also notify its creditors of the intention to strike off the company. This can be done by publishing a notice in the newspapers or sending a formal notice to all known creditors, providing them with the opportunity to submit any claims they may have against the company.
Once all the necessary notifications have been made, the company must file an application for striking off with ACRA. This application must be accompanied by a number of documents, including the board resolution, a declaration of solvency signed by the directors, and a statement of accounts showing that the company has no outstanding debts or liabilities.
After the application has been submitted, ACRA will review the documents and if everything is in order, they will publish a notice in the government gazette to inform the public of the company’s intention to strike off. There will be a 30-day period for any objections to be raised by the public.
If there are no objections raised during the 30-day period, ACRA will issue a notice of striking off and the company will be officially struck off the register. The company will cease to exist as a legal entity from that point onwards.
It is important to note that striking off a company is a serious step that should not be taken lightly. It is crucial to ensure that all the necessary procedures and requirements are followed to avoid any complications or legal issues in the future. If in doubt, it is advisable to seek the advice of a professional corporate services provider to guide you through the process.
