A corporate action is needed to de-register the company with ACRA. Sometimes, a company is incorporated but plans change. So, the shareholder may wish to choose a cost-efficient way to de-register a company instead of members’ voluntary liquidation which is more expensive and has a longer timeline to complete. A company undergoing striking off must have zero assets and zero liabilities.
The process is expected to take up to 5 months where there will be a publication in the Government Gazette followed by an expiry date where the striking off takes effect. Upon the striking off being published in the Final Gazette, the Company will be struck off from the name registrar maintained by ARCA. Do note that even though the Company is being struck off, the financial matters of the company are required by the Act to be kept for another 5 years after the effective date of striking off.
Speak to HeySara and we can evaluate for you if the company can undergo a striking-off.