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Singapore Companies Applying for Strike off/ to Cease Registration

2024-06-28
Companies must pay outstanding taxes and fulfil all tax obligations as part of the process of striking off or de-registering the company.

Q: What is striking off a company?
A: A company may apply to the Accounting and Corporate Regulatory Authority (ACRA) to strike its name off the Companies Register if it is no longer carrying on business. This process is known as "striking off" a company.
Q:
 What should we consider when applying for striking off a company?
A:
 Companies should ensure that:
1. All Income Tax Returns (Form C-S/ C) are submitted up to the date of cessation of business. If the company is filing Form C, the financial statements and tax computation must also be submitted.
If the date of cessation of business falls in an advance Year of Assessment (YA) for which the e-Filing service is not available yet, the company can Apply for Waiver to Submit Tax Return (Dormant Company) and e-File the advance YA return;
2. All outstanding tax matters have been settled with IRAS [e.g. answers have been provided to all queries from IRAS, assessments have been finalised for all YAs and the related taxes and penalties (if any) paid]; and
3. GST registration has been cancelled and there are no outstanding GST matters.

Q:
 How to check for outstanding filing and tax liabilities?
A:
 You may check if your company has any outstanding tax issues (Corporate tax and GST) via:
myTax Portal
24-hour toll-free answering services
Q:
 What is the tax obligations for applying strike off?
A:
 The company has to ensure all outstanding tax obligations and liabilities have been settled before applying to ACRA to be struck off the Companies Register.
1. Income Tax Returns (Form C-S/ C)

The company must submit Income Tax Returns (Form C-S/ C), up to the date of cessation of business
2. Dormant Companies

If the company has been dormant since the date of incorporation or since the submission of the last Income Tax Return (Form C-S/ C), company can apply for waiver to submit tax return (dormant company) and the company need not submit its outstanding Income Tax Returns (Form C-S/C) if application for a waiver is successful.

Q:
 How can I ensure that the company have no outstanding tax matter or tax liability？
A:
 IRAS will not issue a tax clearance letter for the purpose of applying for strike off.
The company can rely on the following documents from IRAS to determine that there is no outstanding tax matter or tax liability:
Tax matters - Latest Notice of Assessment; and
Tax liability - Latest Statement of Accounts.

Disclaimer

All information in this article is only for the purpose of information sharing, instead of professional suggestion. Kaizen will not assume any responsibility for loss or damage.

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