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.
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.
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.
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.
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.