If you choose to discontinue doing business in Singapore, you need to go through the official process of closing your company. We will help you with the steps to dissolve your company, whether it is liquidation or striking off.
Closing your company in Singapore with finality in three steps.
Evaluating your business
We will evaluate the current status of your business and give advice on the suitable method of dissolving it.
Preparing the paperwork
Our professional team will prepare the necessary paperwork for dissolving your company and assist in the cancellation and withdrawal of any existing licenses or permits.
Filing with the relevant authorities
We will file your company dissolution with the relevant authorities in Singapore.
Company dissolution services
Two ways we can close your company.
Your company stays a legal entity until you decide to dissolve it. There are two methods to close a company – liquidation or striking off.
Voluntary liquidation is when the directors, shareholders or creditors decide to wind up the company and the company is able to pay all the debts in 12 months of the beginning of the liquidation process. The company must hold an Extraordinary General Meeting (EGM), and a resolution is passed by the shareholders to wind up the company and appoint a liquidator. The company will then need to file the special resolution with the ACRA and publish the liquidation in a newspaper in Singapore. Another EGM must be held, and within seven days, the liquidator must lodge the liquidation with the ACRA and the official receiver.
When there is a court order for the company to be wound up, that is a compulsory liquidation. The company, its creditors, shareholders, liquidator or judicial manager, may begin the liquidation proceedings with the High Court. The court can appoint a liquidator, but if the court does not appoint one, the official receiver shall be the liquidator. The next process is the same as a voluntary liquidation and usually takes approximately 12 months.
This method is for companies that are not currently trading, have no assets or liabilities, not involved in any legal action and do not have outstanding tax liabilities with the IRAS. The process involves:
- Obtaining a letter from each company shareholder, approving the striking off process
- Drawing up a final set of accounts which illustrate that the company does not owe money and has no assets
- Obtaining a tax clearance certificate from the IRAS verifying that the company has no outstanding tax liability
The striking off application is made to the ACRA. If the company has satisfied the criteria, a striking off notice will be sent to the shareholders and the company. The final striking off notification will be made four months later, in the case that there are no objections.
Dormant company status.
Save money on unnecessary expenses by applying for a dormant company status. A dormant company is a company that is registered but is not generating income or carrying out any business activities. You can always change your status from dormant to active when you are ready, or you can fully dissolve the company.