Striking-off of a company simply means closing down a company.
Before a company can be struck off, the following criteria must be fulfilled:
- The company must have ceased trading or dormant since the date of incorporation.
- The company must not have any outstanding tax liabilities with the Inland Revenue of Singapore (IRAS).
- The company must not be indebted to any other government agency.
- The company must not have any outstanding charges in the company’s register of charges.
- The company must not be involved in any court proceedings (within or outside Singapore).
- The director(s) must obtain the written consent from the majority of the shareholders.
- The company must not have any current or contingent assets and liabilities.
- The accounts must be drawn up till the date of cessation.