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How to strike off a Singapore company and its implications

Striking off a company in Singapore refers to the process of voluntarily removing a company from the official register maintained by the Accounting and Corporate Regulatory Authority (ACRA).<br> <br>It is a formal procedure that allows a company to cease its operations and dissolve without going through the more complex process of winding up. <br>

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How to strike off a Singapore company and its implications

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  1. How to Strike Off a Singapore Company and its Implications?

  2. Introduction Striking off a company in Singapore refers to the process of voluntarily removing a company from the official register maintained by the Accounting and Corporate Regulatory Authority (ACRA). It is a formal procedure that allows a company to cease its operations and dissolve without going through the more complex process of winding up. This presentation will provide an overview of how to strike off a Singapore company, including the necessary steps involved, as well as the implications and considerations that businesses need to be aware of when opting for this method of closure. By understanding the process and its implications, companies can make informed decisions regarding the striking off of their entities in Singapore.

  3. Lack Of Compliance Failure To Submit Annual Reports: Many Jurisdictions Require Businesses And Organizations To Submit Annual Reports That Provide Detailed Information About Their Financial Performance, Operations. Non-compliance In This Regard Can Result In Penalties, Fines, Or Legal Actions Failure To Submit Tax Returns :Tax Authorities Typically Impose Penalties, Fines, Or Interest Charges For Late Or Non-submission Of Tax Returns. These Penalties Can Accumulate Over Time And Significantly Affect The Financial Position Of An Individual Or Organization .

  4. Insolvency And Financial Difficulties

  5. Fraudulent Activities Volkswagen emissions scandal (2015): volkswagen, a leading german automaker.The company misrepresented the environmental impact of its cars, leading to a significant loss of public trust. Several executives were removed from their positions, Enron scandal (2001): enron was an american energy company that engaged in widespread accounting fraud. The company manipulated financial statements and concealed debts to present a false image of profitability. The scandal resulted in the bankruptcy of enron

  6. Dissolution By Choice

  7. Consequences Of Striking Off

  8. Contetra Can Help Receive the output in recordtime (powered by our AI-enabled tool that scrapes throughMCA website for you – leaving noroom for manual errors) Upload your list MCA Struck Off  Vendors /supplierswith their GST numbers (whichis easily available with everyfinance team). For those vendorswhere GST number is not available,our tool can also do a PAN or CINbased search. • Strike that is A service that helps you get the details of “STRUCK OFF” companies, for hassle-free compliance with the new mandatorydisclosure requirement of schedule III. • Contetra provides solution for below two steps only by using below tool- Step 1- Step 2-

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