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Singapore Private Company Strike-off (Deregistration) - Fees and Procedures

Singapore Private Company Strike-off (Deregistration) - Fees and Procedures

1. Singapore Company Strike off Costs

Our fees for handling the application for deregistration of a private company in Singapore is SGD1,505. Our fees cover both our service charge and official application fees to be paid to the Singapore Government, but excludes delivery fees for sending deregistration application documents to clients for signing. A breakdown of our fees is shown in the table below.


Item


Description


Costs (SGD)


1


Our service fees


1,450


2


Official filing fees for strike off


35


3


Disbursements


20


 


Total:


1,505



2. Strike-off Criteria

(1) The Company must have ceased trading or Not commenced business from the date of incorporation;
(2) The company must not have any outstanding Tax and GST liabilities with IRAS. GST registration has to be cancelled. ACRA does not require the company to produce a tax clearance letter from IRAS. However IRAS may object to the strike-off, if there exists any liabilities to them;
(3) Accounts and tax computations have been submitted to IRAS up to the date of cessation of business;
(4) The company must not have any outstanding penalties or offers of composition owing to ACRA;
(5) The officers (e.g. directors and company secretary) of the company must not have any outstanding ACRA summons against them;
(6) The company must not be involved in any court proceedings (within or outside Singapore);
(7) The director(s) must obtain the written consent of the majority of the shareholders;
(8) The company must not have any current/contingent assets and liabilities;
(9) The accounts attached must be drawn up till the date of cessation indicated in the application (if any);
(10) All bank account(s) of the company must be closed.


3. Our Singapore Company Strike-off Services

Our strike-off services includes:


(1) Ensuring that the Striking off Criteria are fulfilled by the Company;
(2) Reviewing corporate documents and the annual returns & tax filing history so as to make sure nothing is pending before filing the application for strike-off.;
(3) Preparation of resolutions of board of directors in respect of the strike-off and other relevant documents for application for strike off;
(4) Applying to ACRA for Strike off its name of the register.


Note: Our fees stated above do not include fees for accounting, tax, annual returns and closure of bank account services, if any is required, for this strike off transaction.


4. Strike-off Application Procedures

(1) Client checks and ensures that all outstanding matters related to the Company, if any, are settled. If there are any assets and liabilities in the balance sheet, client should arrange to disposal all those assets and settles all outstanding debts before applying for deregistration.
(2) Client arranges to close the corporate bank accounts, if any
(3) After ensuring the strike off requirements are met, Kaizen prepares strike off application documents and arranges to have them signed by client;
(4) Kaizen submits online the striking off application of the Company to ACRA
(5) It may take well up to five months after the filing of application for ACRA to strike off your company.


5. Time Frame to Strike off a Singaporean Company

The entire process to have a company officially struck off the Register will take about 4-6 months.


6. Payment Term and Method


We require full payment before commencement of the registration. Payment methods will be provided upon confirmation of order.


 


Schedule 1 - Deregistration Under Different Scenarios

1. Company has been dormant since incorporation

The company if dormant since incorporation could be struck off before 18months, without filing tax returns (if application for waiver to file tax is obtained from IRAS) and annual returns.


The applicant will only be required to submit a covering letter stating that the company had:-
(1) No business transaction since incorporation
(2) Not opened a bank accounts or the bank account has been closed
(3) Not held an AGM or the first AGM to be held within 18 months from the date of incorporation is not due.


2. Company has submitted its last unaudited accounts after 15/05/2003

The financial accounts should be unqualified and should have no assets and liabilities. However, if the accounts are:-
(1) Qualified with no assets and liabilities, applicant is required to submit a letter of undertaking from the respective auditor to remove its qualification.
(2) Unqualified with assets and liabilities, applicant has to submit documentary evidence for the disposal or settlement of assets and liabilities.


3. Company has submitted its last unaudited accounts after 15/05/2003

The financial accounts should have no assets and liabilities.


However, if the accounts consist of assets and liabilities, applicant has to submit documentary evidence for the disposal or settlement of assets and liabilities. The accounts have to be certified by the directors


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