Zero-rised Financial Statement
Zero-rised Financial Statements mean resetting them to zero by ensuring the company holds no more liabilities or assets. This is a must at the time of striking off a company. Every company looking to apply to strike off needs to meet this criterion along with others.
How to Zero-rise Your Financial Statement?
To zero-rise your financial statement, you need to ensure the following:
- Dispose of all the assets except for the bank account.
- Clear and pay all your debts and liabilities.
- Not have any accounts payable or receivables or any contingent assets or liabilities that may arise in the future.
- Pay all outstanding debts owed to the Inland Revenue Authority of Singapore (IRAS), Central Provident Fund (CPF) Board, and other government agencies.
- There is no pending tax credit owing to the company.
- There are no outstanding charges in the company’s charge register.
Once all the above steps are taken, you should prepare the final financial statements up to the date of business cessation. While submitting the striking off application to ACRA, the company also needs to submit the final accounts.