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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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