Striking Off a Local Company
What does “striking off a company” mean?
Striking off is one of the ways of closing down a local company.
If the company is no longer doing business, an application can be made to the Accounting and Corporate Regulatory Authority to strike the company’s name off the Companies Register.
What are the requirements in striking-off a company?
- The company must have stopped business activities or not have commenced activities from the date of incorporation
- No current or contingent assets or liabilities
- No outstanding tax liabilities with the Inland Revenue Authorities
- All outstanding Income Tax Returns have been submitted
- Accounts and tax computations have been submitted up to the date of cessation of business
- No outstanding tax matters before closure of bank account
- GST registration has been cancelled and there are no outstanding GST matters.
- No debts owed to any Government authorities
- No ongoing involvement in any court proceedings
- No outstanding charges in the company’s charge register
- Written consent from the majority of the shareholders must be obtained
- Finalised accounts drawn up till the date of cessation must be attached
What if the company was dormant since incorporation?
Company must submit a letter stating that:
- No business transactions took place since the date of incorporation
- No bank account was opened, or any opened bank account is now closed
Who can submit the application?
- Company director
- Company Secretary
- Corporate Service Provider
How can the Company apply to strike off?
The application can be filed online through the ACRA BizFile website.
How long does the application take to process?
ACRA will process the application within 5 working days.
|If approved ACRA will send a striking off notice to:
If no objection after 1 month, ACRA will publish Company name in the Government Gazette. This is referred to as the First Gazette Notification.
If there is no objection during the 3 months after the First Gazette Notification, ACRA will publish the name in the Government Gazette and the company name will be struck off. This is referred to as the Final Gazette Notification.
The entire process will take at least 5 months.
|If ACRA rejects the application, steps will need to be taken to meet the strike-off requirements and then file the application again.|
Who can file an objection?
Any interested person can lodge an objection, for example a debtor.
What if ACRA receives an objection to the striking off application?
ACRA will withhold the application and notify the company to resolve the outstanding matter within 2 months of the date of objection. If the matter is reolved, the objector must lodge a “Clearance of an Objection to Striking Off” via BizFile where after ACRA will proceed with the striking off application.
What if the matter is not resolved within 2 months?
If the company is unable to resolve the matter within 2 months, the application will lapse and the company will revert to live status.
Once the matter is resolved, the company will need to submit a fresh striking off application if it still wishes to be struck off the register.
Can a company withdraw the striking off application?
Yes, the company can apply to ACRA requesting the withdrawal of its application for striking off and must provide clear reasons for the withdrawal. The request must be lodged at least 5 working days before the company is scheduled to be struck off the Companies Register.
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