Strike-Off of Companies in Singapore

646 WordsFeb 26, 20183 Pages
A company in Singapore can go for strike-off because of different reasons. Such a thing can happen all the time. Companies are constantly registered, while others are close to liquidation: this is the way the business world functions, as some businesses may work and others may not. Many times liquidation is inevitable, but it is important to strike-off a company with minimal procedural requirements. There is one problem with the liquidation of a firm: the business must be eligible for strike-off, otherwise the procedure is not possible. In order to be eligible, a company must meet the requirements declared by the Accounting and Corporate Regulatory Authority Singapore, also known as ACRA. These are the requirements that must be met: -the charge register of the company must not contain any outstanding charges. -any outstanding tax liabilities related to IRAS must not exist. -there has to be absolutely not debt to government agencies. -the involved company must have stopped any trading activity. -no business activity should be started after the incorporation date. -any court proceeding inside or outside the country is forbidden. -no current or contingent assets or liabilities should exist for the company. -a written consent from most shareholders has to be obtained (directors must do it). -the date of cessation shown in the application is the deadline for drawing up any attached accounts. A final set of audited accounts has to be sent. The involved firm can begin the
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