Section 10: Closing a Local Company - ACRA
Section 10: Closing a Local Company - ACRA
Section 10: Closing a Local Company - ACRA
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90 <strong>Closing</strong> a <strong>Local</strong> <strong>Company</strong><br />
<strong>Section</strong> <strong>10</strong> <strong>Closing</strong> a <strong>Local</strong> <strong>Company</strong><br />
As a director, it is important to have<br />
basic knowledge of the necessary<br />
procedures to close a company.<br />
Depending on the circumstances,<br />
there are two ways to close a local<br />
company. One is to apply to strike off<br />
the company with <strong>ACRA</strong> if it is able<br />
to meet the necessary requirements,<br />
while the other is to wind up the<br />
company with professional assistance.<br />
<strong>10</strong>.1 Striking off a company<br />
Directors can only apply for a company’s name to be struck off if it has<br />
ceased operations and meets certain criteria.<br />
<strong>10</strong>.1.1 What are the criteria which must be satisfied for striking off?<br />
ALL of the following criteria must be satisfied before a company can apply<br />
to be struck off.<br />
The company<br />
• has stopped trading or has not conducted business since the date<br />
of incorporation<br />
• has no outstanding tax liabilities with Inland Revenue Authority of<br />
Singapore (IRAS)<br />
• is not indebted or owing money to any government departments<br />
• has no outstanding charges in the company’s charge register<br />
• must not be involved in or be threatened with any court proceedings<br />
within or outside Singapore<br />
• Has no current or contingent assets and liabilities
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