Exiting Gracefully: When and How to Strike Off a Company
- wupeicong11
- Jul 3
- 5 min read
Striking off a company is a formal procedure to close a business that is no longer active or required. Compared to other methods of dissolution—such as voluntary or compulsory winding up—striking off is generally faster and does not require the appointment of a liquidator. In this article, we explore the circumstances under which a company may be struck off, the steps involved, and key considerations to keep in mind before proceeding.
When can a company be ‘struck off’?
In order to take the ‘strike off’ route to closing a business, the company must be able to meet the following criteria:
Company has not started to carry on business or being in operation OR Company has ceased to carry on business or operations
Company has no existing assets and liabilities as at the date of application
Company has no contingent assets and liabilities that may arise in the future
Company is not indebted to and does not have any outstanding matters with any government agency
Company is not a party to any ongoing or pending legal proceedings (whether civil or criminal) within or outside Singapore
Company is not subject to any ongoing or pending regulatory action or disciplinary proceeding
The striking off application is approved by the majority of the shareholders
Type of companies that can opt for striking off
Companies that choose the striking off route are typically solvent and able to settle their outstanding debts, particularly those owed to external creditors. In many cases, directors and/or individual shareholders must be willing to waive any amounts owed to them in order to facilitate a smooth closure.
Companies ready for strike off – Further and specific steps
Companies prepared to proceed with a striking off application are typically those that have ceased business operations or remained dormant for a period of time. Companies would need to take the following specific steps to ensure it meets the necessary criteria.
‘Zerorise’ the accounts
This may involve:
Paying off all liabilities and amount due to others
Disposing/Transferring of non-current assets and inventories
Recovering receivables, deposits and advance payments
Writing off assets which could not be realised
Writing back amount due to director(s)/shareholder(s) upon receipt of their consent
Cancel GST registration (See #2 below)
File corporate tax returns up to date of cessation of business (See #3 below)
Declare dividends to return retained earnings and cash to shareholders
Return share capital to shareholders
The objective of this exercise is to remove all assets and liabilities from the statement of financial position (a.k.a. balance sheet).
Check for charges in the Company’s Register of Charges and take steps to release and remove them from the register.
Cancel GST registration + Make all GST payments
Rightfully, GST registration should be cancelled within 30 days when the company has ceased business and/or stopped making taxable supplies and do not intend to make taxable supplies in future. If it is not done earlier, the next best time to do so is now. Authorised personnel can access myTax Portal to apply for cancellation of GST registration.
A final GST return (GST F8) will be issued to you to file and account for GST up to the last day of the GST registration. Submit the GST F8 and account for GST within 1 month from the end of the prescribed accounting period stated on the return.
File corporate tax returns
Companies need to settle all outstanding tax liabilities and obligations with IRAS before applying for strike off with ACRA. Otherwise, IRAS will object to the strike off application. Where IRAS’ objection is not resolved within 2 months, companies will need to submit a new strike off application after the IRAS’ objection is resolved.
Other than the usual income tax returns for the most recently completed financial year (e.g. 1 January 2X24 to 31 December 2X24), company need to file income tax returns for advance years of assessment (“YA”) up to the date of business cessation. Advance YAs refer to YAs where tax filing service in myTax Portal are not yet available (e.g. 1 January 2X25 to 31 May 2X25, where tax filing service would only be available in May 2X26). The filing of tax for advance YAs commences via digital services “Apply for Waiver/ File last Form C-S/ C (Dormant/ Striking Off) at myTax Portal.
Make final tax payments/ adjustments/ reversals after receiving the last notices of assessment.
Close bank account(s)
Submit striking off application to ACRA
Striking off application process
Submit application to ACRA
The company director, the company secretary or the corporate services provider can submit an online application via Bizfile using SingPass or CorpPass to strike off the company.
Receipt of striking off notice
Once application is approved, ACRA would send the above notice to the company’s registered office, its officers (directors, company secretary and shareholders), IRAS and CPF.
Government Gazette - First Gazette Notification
If there is no objection from any party within 30 days from the approval of striking off application, ACRA will publish the name of the company in the Government Gazette with a view to striking the company’s name off the register.
Government Gazette – Final Gazette Notification
If there is no further objection within 60 days of the publication in First Gazette Notification, ACRA will strike off the company’s name from the register and publish the company’s name and date of strike off on the Government Gazette.
