Closing a company in Singapore.
What Are The Process In Closing A Company?
Please provide the following information for our assessment by email or fix up an appointment with all your documents.
- Please confirm that your company has met the requirements listed above.
- Please provide the last set of accounts tabled at last Annual General Meeting (AGM) and latest business profile.
- When did the company become dormant (no activity/transaction at all)?
- If accounts are to be completed then bring along accounting invoices, bank statements and other expense vouchers.
A Singapore Company that is not in operation is best closed down Voluntarily via Struck off the Register provided that the company has no assets or liabilities i.e. the balance sheet is zero.
For a dormant company there is always a danger that the directors may forget about these activities and this noncompliance may attract heavy fine from ACRA and IRAS. Fine may ranges from $50 to $700 and directors may need to attend the court for non-compliance of the Companies Act. Strike off is the easiest and fastest way to close a Singapore Company.
EBOS SG can carry out all the steps on your behalf to ensure the company is closed properly in the quickest possible timeframe.
To Strike Off, You Need To Comply With These Requirements:
- The records of the company in Accounting & Corporate Regulatory Authority (ACRA) are accurate and up to date.
- The company has no outstanding penalties or offers of composition fine owing to ACRA.
- The company has no outstanding tax liabilities owing to the Inland Revenue Authority of Singapore (IRAS) and is not indebted to any other government department.
- The company has no outstanding charges in the Register of Charges.
- The company is not involved or threatened with legal proceedings within or outside Singapore.
- The director(s) have obtained the written consent of the majority of shareholders to strike the name of the company of the register.
- The company has no contingent assets and liabilities (i.e. assets/liabilities that may arise in the future).
- In the last annual return filed, the auditor has certified that the company has assets and liabilities but to date ALL the assets and liabilities has been cleared, OR
- The auditor has certified that the company has no assets and liabilities or in respect of a company that has not commenced business since incorporation, to date it has no assets and liabilities. OR
- The directors/company secretary has certified that the company has assets and liabilities but to date ALL the assets liabilities has been cleared. OR
- The directors/company secretary has certified that the company has no assets and liabilities, or in respect of a company that has not commenced business since incorporation, has no assets and liabilities to date.
I Am Ready To Strike Off My Singapore Company. What is my next step?
Once we have obtain the documents, you will need to make payment to us by Bank Transfer or Cheque. Preparation of Unaudited Financial Report and Tax Report Accounts department will send the accounts for your review and approval.
Signatures of Documents this time all shareholders and directors of the company need to sign all required forms and resolutions. We encourage all the above mentioned stakeholders to be around at the same time to sign the documents.
Once signing is done we will send company for strike off with ACRA and IRAS.