Striking Off a Company refers to the process of ceasing and closing the company.
Operating a Company in Singapore or elsewhere, runs the risk that at any point, it may have to close down. While it is unfortunate and not something we would wish for, it can occur from time to time.
Cause of Company’s Cessation
First, the business is no longer profitable. Since it is bleeding, it makes perfect sense to cut losses and strike if off. Second, it could be that the company has been dormant, yet the obligation of filing annual returns to ACRA, Corporate Tax filing with IRAS and other costs remains. Instead of incurring more administrative time and cost maintaining the Company, it is better to terminate this dormant Company and move on. Third, stakeholders have irreconcilable disputes, and the only resolution is to dissolve the company. Fourth, lack of continuity as there is no succession plan. When no one is capable of continuing the business, the business is usually sold or terminated. Whatever the reasons, striking off a company is not an easy process. Furthermore, not many working professionals have prior experience in this particular area.
Why Engage Us to Strike Off Your Company?
- We have a proven track record with our clients to navigate them through the complex process of company strike off a Company, by providing professional and sound advice for every unique situation
- We are able to help you make sense of your existing liabilities, and not only that, any possible or contingent liabilities even before applying for company strike off
- Since we are well verse in Bookkeeping, Accounting, IRAS tax filing and Corporate Secretarial services, all the work required to be done before company strike off such as, accounts closure, tax filings and payments to IRAS and company’s resolution, are well within our core expertise.
- We are a registered Filing Agent with ACRA and therefore we are qualified to apply the Company’s striking off on your Company’s behalf.
There are specific criteria (mainly related to clearing the liabilities) set by ACRA that a company must fulfill before a Company can be struck off. To find out if your company is eligible to apply for Company strike off, please feel free to contact us at [CompNumber] or email us via the Contact Form. We will be glad to speak or meet up with you to discuss the step-by-step procedure of striking off the Company. Our fee for striking off a Company is reasonable and therefore you can be assured that you would not incur huge charges for striking off your Company. Meet us now and let our accountants speak to you so that you have a better understanding of the striking off process.