Closing a Singapore Company: Strike Off Process
About Closing a Company and Strike Off
Singapore companies that are dormant or no longer viable can be closed down voluntarily in two main ways:
- By applying to strike off the company from ACRA’s register,
- By winding up (liquidation) through a professional process. Strike off is typically faster and cheaper – it simply deregisters the company once all debts and assets are cleared. Winding up (also called liquidation) is more formal, involving the appointment of a liquidator to settle affairs and distribute any remaining assets to creditors and shareholders.
In practice, strike off is only allowed if the company has no outstanding obligations; otherwise a winding up is required.
This guide explains the eligibility, steps, timelines and post-approval effects of voluntary strike off and compares it to liquidation. We also outline the key documents involved and how Plutus, as a corporate service provider can save you time and ensure compliance throughout the process.
Strike Off: Eligibility and Requirements
Before applying to strike off a local (private) company, ACRA requires that the business is effectively defunct and solvent. In particular, the company must have ceased trading (or never commenced business) and have disposed of all its assets and paid all liabilities
- All tax filings must be up to date and any tax or GST liabilities settled or arrangements made with IRAS (the tax authority) beforehand
- Outstanding CPF contributions or other government debts must be cleared.
- The firm should have no pending legal or regulatory actions (domestic or foreign), no unresolved court cases, and no outstanding charges on its register
- Any ACRA penalties or fines must be paid and officers should have no outstanding ACRA summon
- Finally, the directors must have the written consent of the majority of shareholders to apply for strike off
In short, the company’s accounts (audited or management accounts) should show no current or contingent assets or liabilities – any remaining assets must be disposed and any debts waived or settled before applying
The Strike-Off Process and Timeline
- As per the above requirements, the first step to the strike off is to stop all business activities. dispose of any remaining assets and ensure all debts are paid. Following the assets, the company secretary or providers such as Plutus can help to check that all compliance filings (annual returns, financial statements, etc.) are up-to-date and that no ACRA or IRAS notices are pending.
- Next, for larger companies, the shareholders should get a majority shareholders’ written consent as a formal approval for ACRA.
For SME’s the main shareholder will make the decision.
Paperwork and Legal Documents
- Draft any required resolutions (e.g. board resolution to cease business) and assemble supporting documents:
- latest audited accounts or management accounts;
- company constitution;
- business profile (BizFile);
- tax filing proofs;
- and statements about the date of business cessation,
- plus disclosures of any hidden assets/liabilities or legal proceedings (A corporate service provider can often prepare these documents for signature)
- Finally, submit the strike-off application: File the e-application for strike off on BizFile+ under “Application to Strike Off Business Entity”. ACRA normally processes this in a few working days. If the application is in order, ACRA will approve it and initiate the public notification process
Post Submission Final Approval
After approval, ACRA sends a Striking-Off Notice to the company’s registered address and the company’s officers (directors, secretary, shareholders) as listed in its records.
This internal notice period gives interested parties 30 days to raise any objections. If no objection is filed within those 30 days, ACRA publishes a notice in the Government Gazette (the First Gazette Notification) to inform the public.
After this first Gazette publication, a 60-day public objection period follows. Any interested person (e.g. creditor, employee, or even a shareholder) can object to the strike off during that time.
Submissions for Objection can be found here.
Final gazette and dissolution: If no objections remain after the 60-day gazette period, ACRA publishes a final Gazette notice (the Final Gazette Notification) stating the company’s name and that it has been struck off.
How Corporate Service Providers Assist
Given all the complications and possible problems associated with the process, Plutus’s function as a corporate service provider can help in various ways.
These include but are not limited to:
Review compliance: Ensure all filings (annual returns, financial statements, tax returns, GST returns, etc.) are complete up to date, and that there are no outstanding fees or fines with ACRA or IRAS.
Prepare documentation: Draft the necessary board/shareholder resolutions and declarations, and assemble the required documents (accounts, business profile, consents) for you to sign. We will also provide guidance in the process of winding down (e.g. closing bank accounts as needed).
Submit filings: File the strike-off application on BizFile+ on your behalf using their CorpPass. This saves time and ensures the form is correctly completed
Manage communications: Track the application’s status and respond to any queries from ACRA. When ACRA issues the strike-off notice, we can notify you and handle any preliminary objections (based on client’s discretion). If objections arise (e.g. IRAS or creditors), they can advise on how to resolve them or liaise with the authorities on your behalf.
Handle Gazette notices: Monitor the 30-day and 60-day notice periods. The provider can prepare responses if anyone files an objection during these windows, or facilitate withdrawal/reapplication if needed.
Offer related services: After closure, we will still be available to wind up any last affairs or even help set up a new company if you want to restart later.
Simplify Your Business with Plutus
At Plutus, we provide a comprehensive range of corporate services, corporate loan advisory, and general insurance solutions. Our offerings include payroll services, corporate secretarial support, tax filing, financial reporting, and more—all designed to streamline your operations.
Whether you’re a start-up or an established business, our expertise in business process outsourcing and corporate finance solutions helps you make data-driven decisions for long-term success. You can also leave the hassle of S-Pass, Employment Pass, and Long-Term Pass applications to us—we’ll handle the entire process for you.
Let us take care of the administrative burden while you drive your business forward. Get in touch today for a consultation!