“Closing a company in Singapore …”
Do You Know The Latest Requirements In Closing A Company In Singapore?
Section 344 of the Companies Act empowers the Registrar of Companies to strike a company off the Register (aka closing a company in Singapore), if the Registrar has reasonable cause to believe that a company is not carrying on business.
To ensure that no other person or party will be adversely affected by the striking off of a company from the Register, the following criteria must be met.
• The Company must have ceased trading.
• The company must not be involved in court proceedings, whether inside or outside Singapore.
• The company must have no assets and liabilities when the application is made. the company’s charge register must also be cleared.
◦ If the company is a limited exempt private company and its last unaudited accounts show no assets and liabilities, it is not required to submit the latest set of unaudited accounts with its application.
◦ If the company has not carried on any business since its incorporation and has not lodged any audited accounts with the Registry, it is not required to submit any unaudited accounts with its application.
• The company must not have any outstanding penalties or offers of composition owing to the Registry.
• The company must not have any outstanding tax liabilities with IRAS.
• The company must not be indebted to other government departments.
• The officers (e.g. directors and company secretary) of the company must not have any outstanding ACRA summons against any one of them.
• The particulars of the directors must be the same as in ACRA’s records.
The cost of closing a company in Singapore is FREE. The applicant is required to submit an online application via Bizfile under the transaction” Closing of Company.”
The whole review process takes about 5 months. Shareholders, and directors of the company must do their parts too! While closing a company in Singapore is not difficult, you may need our ADVICE and want us to prepare the proper paper work such as director’s resolution, shareholders’ resolution, final financial position statement and tax clearance for you as well as follow up with the progress on your behalf. The cost is only $200 onwards!
Most of the failures of closing company are due to not clearing their tax liabilities in time.
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