Striking off a Local Company. How much does it cost in Singapore?

Not all plans pan out as originally conceived, but it is important to find out why we need to strike off the company.

Striking off a local company is a tedious task and it may cost thousands of dollars in professional fees. Nevertheless, the professional fees will be reduced if the accounting records were well maintained in the past.

Depending on the Company’s level of indebtedness, tax status, the state of its assets, and the completeness of the accounting records, a professional firm may charge differently after they have an understanding of the current financial situation and the accounting records.

As a director, if we are confidence enough with all the compliance requirements, we may apply to ACRA to strike off the company’s name from the register without engaging professional firm. There is no filing fee for this transaction. In another word, no cost will be incurred to strike off a company.

Before we apply to strike off the Company, we need to meets all the necessary preconditions. A Company must deal with all its liabilities, particularly taxes and debts, and liquidate all its assets. Follow the complete guide given by ACRA here if we want to save the professional fees.

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