There are a lot of people who are sad to have their business close for good. It was not that way for me though. Would I have liked to see it go on? Of course! I built my company from the ground up, and I have three sons who could have went into business with me. They all struck out on their own though, and they are extremely successful too. When I did a search for information on a strike off company in Singapore, it was not with a heavy heart though. It was time for me to retire, and there were no good prospects for me to leave the company to.
There are different ways to close a business, but there is only one way to strike off the company name from ACRA. Certain steps must be met for that to happen, and I knew that I satisfied all of them. I have very few shareholders, and all of them agreed that this was the proper way to go. I had no liabilities at the time I started this process, and there are none that will pop up in the future.
I have never been a part of any legal proceedings, so I definitely fit that requirement too. I had no outstanding bills to any part of the gov, and I owed nothing to employees or the taxman. The one nice thing about doing it this way is that if I find retirement boring, though I don’t see how that is even a possibility, I have up to six years to reverse this decision. That was always my plan, to have something to fall back on should I need it. I am happy to say that it has been two years now though, and I have no desire to restore my company. Retired life is just too much fun!