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"Closing a company in Singapore ..."
Do
You Know The Latest Requirements In Closing A Company In Singapore?
Dear
Friends,,
Section 344 of the Companies Act
empowers the Registrar of Companies to strike a company off the
Register ( aka closing a company in Singapore), if the Registrar has
reasonable cause to believe that a company is not carrying on business.
To ensure that no other person or party will
be adversely affected by the striking off of a company from the
Register, the following criteria must be met.
- The Company must have ceased trading.
- The company must not be involved in court
proceedings, whether inside or outside Singapore.
- The company must have no assets and liabilites
when the application is made. the company's charge register
must also be cleared.
- If the company is a limited exempt private
company and its last audited accounts show no assets and liabilites, it
is not required to submit the latest set of audited accounts with its
application.
- If the company has not carried on any business
since its incorporation and has not lodged any audited accounts with
the Registry, it is not required to submit any audited accounts with
its application.
- The company must not have any outstanding
penalties or offers of composition owing to the Registry.
- The company must not have any outstanding tax
liabilites with IRAS.
- The company must not be indebted to other
government departments.
- The officers (e.g. directors and company
secretary) of the company must not have any outstanding ACRA summons
against any one of them.
- The particulars of the directors must be the
same as in ACRA's records.
The cost of closing a company in
Singapore is just $35. The applicant is
required to submit an online application via Bizfile under the
transaction"Striking of Company."
The
whole review process takes about 5 months. Shareholders,
and directors of the company must do their parts too! While
closing a company in Singapore is not difficult, you may want us to do
the paper work such as resolution, letter of undertaking and the likes for you as well as follow up with the progress on your behalf.
Just give
us a call at 9489-9429 now.
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Returns Singapore Closing a company
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