How to close company in Singapore
Sometimes, business don’t turn out the way you anticipated. This can be due to poor business planning, management or product-market fit. If you’re considering shutting up your company, here are two ways on how to close company in Singapore.
Different Procedure to close company Singapore
There are two different ways to close company in Singapore– ‘striking off’ or ‘winding up’. Striking off is a straightforward process whereas ‘winding up’ or also known as “Liquidation” can be categorized into 3 different types namely Member Voluntary Liquidation, Creditor Voluntary Liquidation and Court Winding up.
As for Striking off procedure to close company in Singapore, an applicant must be submitted to the Company Registrar. If ACRA deemed that the company has fully meet the criteria for striking off, a “striking off notice” will be sent to the company at its registered office address, its director’s residential address, and lastly to Singapore tax authorities.
After a period of four months, a final notification will be made stating that the company has been struck off the Register. The entire striking off process takes about 5-6 months.
When a company is said to be in Liquidation, a professional liquidator must be appointed to settle all the necessary admin work to wind up the business swiftly. The appointed liquidator will then seize and realize the company’s assets and pay off the company’s debts and liabilities with the proceeds.
Give us a quick call or e-mail us today for in-depth understanding on the different processes! Our dedicated liquidators will advise you on the different procedure to close company in Singapore. We will then recommend the best route to close down your company in Singapore.