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Company Cancellation

Globally, Singapore has always attracted numerous enterprises with its convenient business environment and friendly legal system. However, for various reasons, some companies may need to cancel their business operations in Singapore.

Steps of Company Deregistration

  1. Determine the Reason for Deregistration
    Enterprises shall first clarify the reason for deregistration, such as business termination, merger, bankruptcy, etc. This helps enterprises formulate a deregistration plan and prepare relevant documents.
  2. Hold a Board of Directors Meeting
    The enterprise shall convene a board meeting to decide whether to deregister the company and appoint a director to be responsible for handling deregistration matters.
  3. Notify Shareholders and Creditors
    The enterprise shall send official notices to all shareholders and creditors to inform them of the company’s upcoming deregistration and provide relevant documents and information.
  4. Prepare Deregistration Documents
    Enterprises need to prepare a series of documents, including deregistration application, shareholder resolutions, financial statements, tax lists and other materials. These documents will be submitted to relevant government authorities in subsequent steps.
  5. Settle Financial and Tax Affairs
    The enterprise shall ensure all financial and tax affairs are properly handled, including settling all payable taxes and debts.
  6. Submit Deregistration Application
    The enterprise shall submit the prepared documents to the Accounting and Corporate Regulatory Authority (ACRA) of Singapore for deregistration application. ACRA will review the documents and decide whether to approve the deregistration.
  7. Publish Deregistration Announcement
    Once the deregistration application is approved, the enterprise shall publish an announcement in the official Singapore government gazette and a major English newspaper to declare the upcoming company deregistration.
  8. Liquidate Assets and Liabilities
    The enterprise shall liquidate all assets and liabilities and ensure all creditors are repaid. In addition, the enterprise needs to close all bank accounts and cancel all permits and licenses.
  9. Complete Deregistration
    After going through all procedures, the company will be officially deregistered and obtain a deregistration certificate from ACRA of Singapore.

Requirements for Company Deregistration

01

The company must meet the eligibility requirements for deregistration, such as having no outstanding contracts, debts or lawsuits.

02

The company must settle all financial and tax affairs, and pay all outstanding taxes and debts.

03

The company must obtain consent from all shareholders and creditors, and provide relevant documents as proof.

04

The company must comply with the provisions of the Singapore Companies Act and ACRA regulations, and submit all necessary documents as required.

Precautions for Company Deregistration

  1. The deregistration process may take a period of time. Therefore, enterprises should make plans in advance and ensure sufficient time to complete all steps and procedures.
  2. Enterprises shall consult professional accountants or lawyers to ensure the legality and smooth progress of the deregistration process.
  3. Company deregistration may involve certain expenses, including government fees and professional service fees. Enterprises should learn about and prepare for relevant expenses in advance.
  4. After deregistration, enterprises may still need to retain certain documents and records to meet legal and tax requirements. Enterprises shall properly keep these documents and consult professionals for relevant advice.