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Company Deregistration

Singapore has long been attracting numerous businesses globally with its convenient business environment and friendly legal system. However, due to various reasons, some companies may need to deregister their operations in Singapore.

Steps for Company Deregistration

  1. Determine the Deregistration Reason: Businesses should first clarify the reason for deregistration, such as business termination, merger, bankruptcy, etc. This will help the company formulate a deregistration plan and prepare the relevant documents.
  2. Convene a Board Meeting: The company should convene a board meeting to decide whether to deregister the company and assign a director to handle the deregistration matters.
  3. Notify Shareholders and Creditors: The company should issue formal notices to all shareholders and creditors, explaining the company’s intention to deregister and providing relevant documents and information.
  4. Prepare Deregistration Documents: The company needs to prepare a series of documents, including the deregistration application, shareholder resolutions, financial statements, tax clearances, etc. These documents will be submitted to the relevant government agencies in the subsequent steps.
  5. Clear Financial and Tax Affairs: The company should ensure that all financial and tax affairs are properly settled, including the payment of all outstanding taxes and debts.
  6. Submit Deregistration Application: The company needs to submit the prepared documents to the Accounting and Corporate Regulatory Authority (ACRA) of Singapore for the deregistration application. ACRA will review the documents and decide whether to approve the deregistration.
  7. Announce Deregistration: Once the deregistration application is approved, the company needs to publish a notice in the Singapore Government Gazette and a major English newspaper, announcing the company’s impending deregistration.
  8. Settle Assets and Debts: The company should settle all assets and debts and ensure that all creditors are paid. Additionally, the company needs to close all bank accounts and cancel all licenses and permits.
  9. Completion of Deregistration: After a series of steps and procedures, the company will be formally deregistered and obtain a deregistration certificate from the 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 clear all financial and tax affairs and pay all outstanding taxes and debts.

03

The company must obtain the consent of all shareholders and creditors and provide relevant documents as evidence.

04

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

Considerations for Company Deregistration

  1. The deregistration process may take some time, so businesses should plan ahead and ensure there is enough time to complete all steps and procedures.
  2. Businesses should consult professional accountants or lawyers to ensure the legality and smooth progress of the deregistration process.
  3. Deregistering a company may involve some costs, including government fees and professional service fees. Businesses should be aware of and prepare for these costs in advance.
  4. After deregistration, the company may still need to retain some documents and records to meet legal and tax requirements. The company should keep these documents properly and consult professionals to obtain relevant advice.