To close a company, an application can be submitted to the Accounting and Corporate Regulatory Authority (ACRA) for the company name to be stricken off from the registrar.
ACRA will only approve applications if there are reasonable grounds to believe that the company is not continuing business, and fulfill all the requirements to be struck off.
The reviewing process is expected to take more than 4 months. During this time, any interested party may choose to lodge an objection against the striking off of the company. Resolution must be reached within 2 months of the objection, else a new application for striking off will be required. Bank accounts should also not be closed until all outstanding matters have been resolved.
Do note that if the company is GST-registered and has ceased operations, there is a need to cancel the GST registration within 30 days.
Striking off a company does not always mark an irreversible termination of the company. Struck off companies can be restored within 6 years and the company will be regarded as having continued in existence as if its name had not been struck off the register.