What is the criteria to strike off a company in Singapore?
A company must fulfills the following requirements before it applies to ACRA to strike off its name from the Register:
- The company has not commenced business since incorporation or has ceased trading.
- The company has no assets and liabilities (current/future).
- The directors have obtained written consent of the majority of the shareholders.
- The company has submitted the last set of audited accounts (only for a public company limited by guarantee) OR the latest unaudited balance sheet (for all other companies).
- The company has no outstanding tax liabilities with IRAS.
- The company has no outstanding employers’ CPF contributions owing to the CPF Board.
- The company has no outstanding debts owed to any other government agency.
- There are no outstanding charges in the charge register.
- The company is not involved in any court proceedings (within or outside Singapore).
If the company has submitted its last audited accounts, the accounts should have no assets and liabilities. However, if the accounts show that the company has assets and liabilities, the applicant must submit documentary evidence to show that the assets have been disposed off and that the liabilities have been settled or waived.