How to Claim the Tax Credit Belonging to a Company that has been Struck Off

How to Apply to the Official Receiver to Lay Claim to Asset(s) Belonging to a Company that has been Dissolved or Struck Off (“Defunct Company”)

How to Claim the Tax Credit Belonging to a Company that has been Struck Off | Bestar

How to Claim the Tax Credit Belonging to a Company that has been Struck Off

A company becomes defunct when it is dissolved or struck off the register by the Accounting and Corporate Regulatory Authority.

When the company is dissolved, any tax credit due to the company will be paid over to the Insolvency and Public Trustee’s Office (IPTO). The shareholders of the defunct company may approach IPTO if they wish to claim the tax credit.

Assets belonging to a defunct company that need the Official Receiver to administer

If you have assets belonging to a defunct company that you need the Official Receiver to administer, please write in to the Official Receiver via https://eservices.mlaw.gov.sg/enquiry/ with full details of the assets and all relevant supporting documents. Please state any other instructions or information relevant to the administration, disposal or transfer of the assets.

Laying claims on the assets belonging to a defunct company

You may lay your claim as a shareholder of the defunct company. You need to show that there is no creditor in the company when it was dissolved or struck off.

Application

(i) You are required to complete the Application Form;

(ii) You are required to liaise with the director(s) of the Defunct Company to complete the Declaration Form. If the Declaration Form cannot be completed, you must provide a full explanation as to why this cannot be completed;

(iii) The completed Application Form Application Form, Declaration Form and supporting documents must be sent to the Official Receiver’s office; and

(iv) Upon submission of the Application Form and the required documents, the Official Receiver will contact you to attend at our office to execute the Deed of Indemnity, before paying out the moneys. You are however advised to read and take such measures to understand the terms of the Deed of Indemnity before attending at our office to execute it.

Documents Required to Support Application

You must furnish the documents below to support the application:

(i) Photocopy of the Identity Card / Passport of the Applicant and Witness;

(ii) Documents indicating that the company has been dissolved / struck off e.g. Notice from ACRA confirming that the company has been dissolved / struck off etc.;

(iii) Documents (where applicable) showing that authorisation(s) has / have been granted by the relevant person(s) / party(s) for laying claim(s) on his / their behalf e.g. Authorisation Letter(s) from creditor(s) or shareholder(s), Power of Attorney, Letters of Administration, Grant of Probate etc.;

(iv) The latest financial statement / management accounts of the Defunct Company;

(v) Documents evidencing the existence of the outstanding asset(s); and

(vi) Any other documents to support the application.

(vii) Documents evidencing that there is no outstanding debt or liability owing by the Defunct Company that is payable now or in the future.

Charges of the Official Receiver

IPTO may impose charges for the processing of the claim.

The fees chargeable by the Official Receiver are stipulated in the Schedule under the Fees (Winding up and Dissolution of Companies and Other Bodies) Order 2005:

(i) Administrative Fee;

(ii) Realisation Fee;

(iii) Distribution Fee;

(iv) Application Fee; and

(v) Payment Processing Fee.

How Bestar Singapore Can Help Claim Tax Credit for a Struck-Off Company

How to Claim the Tax Credit Belonging to a Company that has been Struck Off

Navigating the tax implications of a defunct company in Singapore, especially when a tax credit or tax refund is due, can be complex. Once a company is officially struck off by ACRA (Accounting and Corporate Regulatory Authority), its legal existence ceases, and any remaining assets, including tax credits, are transferred to the Insolvency and Public Trustee's Office (IPTO).

This is where a professional corporate service provider like Bestar Singapore becomes an invaluable partner. They offer the expert knowledge and services necessary to successfully claim these crucial funds.

Understanding the Challenge: Tax Credits and Struck-Off Companies

In Singapore, the law is clear: before a company is struck off, all outstanding tax matters must be settled, and any tax credit should ideally be claimed from the Inland Revenue Authority of Singapore (IRAS) while the company is still active.

• The Problem: If a tax credit (i.e., a tax overpayment or refund) is identified after the company has been officially struck off and dissolved, the funds are transferred to the IPTO.

  
  

• The Solution: The company's former shareholders must then approach the IPTO to claim the monies, a process that is often tedious, involves specific documentation, and may incur administrative charges from the IPTO.

Bestar Singapore's Services: Your Path to Reclaiming Tax Credits

Bestar Singapore specialises in providing corporate secretarial, accounting, and tax advisory services. Their expertise is crucial in managing and resolving complex post-dissolution financial matters. Here is how Bestar Singapore can assist you in claiming a tax credit belonging to a struck-off company:

1. Expert Assessment and Due Diligence

• Review of Financial Records: Bestar's tax and accounting specialists will meticulously review the final financial statements and tax filings (Form C-S/C) of the defunct company to officially confirm the existence and amount of the tax credit.

  
  

• Liaison with IRAS: They will communicate with the IRAS to verify the credit balance and ensure all necessary final filings were correctly submitted prior to the strike-off. This step helps establish the basis of the claim.

2. Restoration of the Struck-Off Company (If Necessary)

In some complex cases, or if the tax credit is significant, it may be necessary to restore the company to the ACRA register to facilitate a smoother claim process or to conduct a more comprehensive winding-up. Bestar can guide you through the two main avenues:

• Administrative Restoration: For recent strike-offs that meet specific ACRA criteria.

  
  

• Court-Ordered Restoration: This is typically required if the company has been struck off for a longer period (up to 6 years) or if the applicant is an 'aggrieved person' (like a creditor or shareholder). Bestar can work with legal partners to manage the application to the High Court, which involves demonstrating that the company was carrying on business at the time of striking off or that it is otherwise just to restore the company.

3. Facilitation of the Claim from IPTO

If restoration is not viable or required, Bestar will assist the former shareholders in pursuing the claim directly from the IPTO (Insolvency Office). This involves:

• Document Preparation: Compiling all required supporting documentation, which typically includes the company's final accounts, tax assessments, evidence of the tax credit, and shareholder/director resolutions.

  
  

• IPTO Submission: Guiding and assisting with the official submission process to the IPTO, ensuring all forms are correctly filed to minimise delays and the potential for rejection.

  
  

• Mitigating IPTO Charges: Advising on the process to streamline the claim and manage the associated administrative charges imposed by the IPTO for processing claims on dissolved company assets.

4. Post-Claim Support

Once the tax credit is successfully reclaimed, Bestar can provide advisory services on the final distribution of the funds among the rightful shareholders or the settling of any remaining third-party claims.

Why Choose Bestar Singapore for Struck-Off Company Tax Matters?

Bestar provides a robust and compliant approach to a tricky regulatory situation.

Feature	Benefit for Struck-Off Tax Credit Claim
Corporate Expertise	Deep knowledge of ACRA and IRAS regulations ensures a fully compliant recovery process.
Time Savings	Outsourcing the complex process of dealing with ACRA, IRAS, and IPTO saves former directors significant time and effort.
Risk Mitigation	Ensures the claim process is executed correctly, reducing the risk of rejection or further complications.
Comprehensive Service	Handles everything from document preparation to potential company restoration and final fund recovery.

Get Started: Reclaim Your Company's Outstanding Tax Credit

Don't let valuable tax credits remain unclaimed in the hands of the IPTO. Bestar Singapore is ready to apply its expertise to resolve your struck-off company tax matters efficiently and compliantly.

Are you ready to discuss the specific details of your company's tax credit claim? Schedule a consultation with Bestar Singapore's tax advisory team.