Singapore company de-registration
Since 2003, Healy Consultants Group PLC is assisting our multi-national Clients to de-register their Singapore entities and close multi-currency corporate bank accounts. Within six months, our local staff will project manage the timely strike-off of your Singapore LLC.
Singapore company de-registration
- To minimise your business closure costs, Singapore company de-registration is the optimum strategy. Significantly cheaper than company liquidation, the Singapore government will approve company de-registration within six months;
- Applications to deregister a Singapore company are made at the Accounting and Corporate Regulatory Authority (ACRA);
- After company de-registration, the entity remains in the Singapore public register in a dormant status and can be reactivated at a later date (if required). While in hibernation, our multi-national Client is free of annual legal, accounting and tax obligations;
- However, local and international creditors can continue to pursue a de-registered Singaporean entity.
Steps to strike off a Singapore company
On behalf of our multi-national Clients, Healy Consultants Group PLC will project manage the de-registration of your Singapore entity. Steps include:
- Our Client settles Healy Consultants Group PLC renewal / de-registration invoice and signs the engagement letter;
- Our Client accurately and completely discharges their annual legal and compliance, accounting and tax obligations. This includes i) submitting an up-to-date financial statement showing zero assets/liabilities in the balance sheet and ii) applying to the Inland Revenue Authority of Singapore (IRAS) for a corporate tax return submission waiver (if eligible);
- Healy Consultants Group PLC team submits an online application to ACRA;
- Over the following months, our Singapore in-house Legal and Compliance Department communicates with the Singapore government, answering questions and supplying additional information;
- Within six months, we receive official strike off notice from ACRA;
- Within a month of approving the strike-off application, and if there is no objection from any party, ACRA publishes the company name in the Singapore Government Gazette;
- Sixty days after publishing the company name in the Singapore Government Gazette, and if there is no objection, ACRA again publishes the company name in the Gazette and the company is considered officially struck off.
Legal & accounting & tax considerations
Before ACRA approves company de-registration, a Singapore LLC must fulfill all outstanding annual legal, accounting and tax obligations, until the date of strike-off. These statutory obligations include:
- Ensuring there are no outstanding tax liabilities with the Inland Revenue Authority of Singapore (IRAS), including i) finalising and settling all tax liabilities and ii) cancelling GST registration if necessary;
- Submitting income tax returns (Form C-S/C) to cover the period up to the cessation of business, including dormant financial statements;
- Submitting financial statements and tax computations (for companies filing Form C);
- Submitting outstanding legal annual returns, including dormant financial statements;
- Ensuring the company has no outstanding debts owed to IRAS, or any other Singapore government agency;
- Ensuring there are no outstanding charges in the public charge register;
- Ensuring the company is not involved in any legal proceedings (within or outside Singapore);
- Ensuring the company has no existing assets and liabilities as of the date of application, and has no contingent asset and liabilities;
- Ensuring the majority of company directors authorise the strike-off applicant to submit the online application via ACRA;
- Note the corporate bank account must be closed either prior to, or after, deregistering the company. If the account is closed after the company is struck off, any tax credits can be refunded to the company. If required, Healy Consultants Group PLC’s Corporate Banking Department will assist our Client to close the corporate bank account without our client visiting Singapore.
- Healy Consultants Group PLC’s one-time fee to complete company de-registration in Singapore is US$6,350. Refer to embedded PDF file to view an example of a Singaporean de-registration renewal invoice;
View invoice PDF
- For the 6-month de-registration period, i) company secretary, ii) legal registered office address and iii) accounting and tax fees apply;
- For the six-month de-registration period, dormant accounting and tax fees apply.
- To eliminate reputation, litigation and financial risk – liquidate the Singaporean LLC. Unfortunately, Singapore third-party liquidation fees approximate US$7,000;
- If our multi-national Clients’ are not concerned with future risks, then a simple company de-registration will suffice;
- Healy Consultants Group PLC’s Singapore office will be happy to assist our multi-national Clients to timely accurately and completely discharge their local annual legal, accounting and tax obligations.