Dear Sharon,
Thank you for your email of even date. It is possible to start the process of strike-off/winding up of a company provided the conditions are met:
(A) FOR STRIKING-OFF OF COMPANY UNDER SECTION 344
- The Company had ceased its business operation
- The Company has no assets.
- The Company has no liabilities.
- The Company has no contingent assets and no contingent liabilities.
- The Company is not indebted to the Inland Revenue Authority of Singapore or any other Government Department.
- The Company is not involved in or threatened with legal proceedings whether in or outside Singapore.
- The Company’s officers have no outstanding summonses or composition fines issued by the Accounting And Corporate Regulatory Authority or Warrant of Arrest issued by the Court.
- The Company has no outstanding penalties or offers of composition fine owing to the Accounting And Corporate Regulatory Authority.
- The Company has no outstanding charges in the Register of Charges.
- The Company has obtained the consent of the shareholder for the invitation to the Registrar to consider taking action under Section 344 of the Companies Act, Cap. 50.
The accounts should be drawn up to date of strike-off (say, 31/8/2016) with no liabilities outstanding. All Banking accounts/ GST/Telecom/Utilities accounts closed. We will prepare the necessary documents/ resolutions for ACRA filing and the company will normally be struck-off within 6 months thereafter. The estimated costs for strike-off is about SGD2,000.
(B) For Company voluntary winding up
The above (A) conditions generally apply and the difference is that there will be a Liquidator appointed to wind up the company and advertising costs will be involved.
Also, once the winding-up is completed (which normally takes 3 to 6 months), the company will cease to legally exist (unlike Strike-off where the company can be reinstated within 6 years upon court application) and no further claim can be made against the Company thereafter.
The estimated costs for winding-up is about SGD4,500.