Striking Off a Company or Closing a Business

Properly De-Register from ACRA's Records

Secretarial Procedures for Striking off a Company or Cease a Business

Striking off a Company or closing a business is always a difficult decision. There can be several reasons for striking off a Company - Company is dormant for many years, Shareholders' disagreement, Company has financial difficulties, etc. The most painful reason is likely to be the inability to continue due to financial difficulties. The Company is making losses and therefore it chooses the inevitable option of exiting the business to avoid further pain and losses.

strike off business due to financial reason

When you are striking off or closing a Company, there are some procedures to observe. First of all, you have to clear your Company's liabilities and zero-ize the accounts. Make sure the Company does not owe IRAS and other government agencies any money when you are striking off the Company. Necessary documents have to be lodged via ACRA Bizfile. Your corporate tax return should be filed with IRAS and assessed so that there is no objection from IRAS for striking off or ceasing the Company. If you are not familiar with the process, please leave this to our corporate secretarial professional who are always eager to serve you.

Striking off a Business

Ceasing a Business

If you are operating a Sole Proprietorship or a Partnership, the proper closing down procedure is to file a Notice of Cessation of Business when you do not intend to carry on the business.

Closing down business

Corporate Secretary to Strike Off your Company

Give us a call and our qualified corporate secretary will advise you on the procedure for striking off. Let us handle the administrative work of striking off the Company so that you can concentrate on the next move of your other businesses or career.

We ensure that the Company's accounting or financial statements are prepared correctly before striking off the Company or closing the business.

Accounting Software which generates good financial reports may assist you in your decision to continue or cease the business.

Last Tax Return Filing Prior to Closing Down

All taxes have to be accounted for and filed prior to striking off the Company. Our Tax Accountant can prepare all the tax computation for the purpose of ceasing the business. Other than corporate tax, we also deal with individual tax, withholding tax and GST.

Failure is a learning process. After a Company is struck off, it may be the birth of another company. Bring the wealth of experience with you, you may get it right this time.

Discuss Your Cessation of Business Plan with Us

Let us help you with the closing of business or company.

 

You will reach us by calling (+65) 6303 0625 or sending us a note.

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