• Inactive Legal Entity

    Dissolution (Dormant Company)

Package

The dissolution of a dormant company in Singapore refers to the formal process of closing the company, typically through striking off or liquidation, after ensuring all statutory obligations and compliance requirements are met.

Our package is designed to assist you with the deregistration of your company – which has long ceased doing business and has been dormant for a while.

S$700

Per application

Both “a la carte” and “packaged” pricings are available on demand to better fit with your evolving corporate needs.

Please note that we reserve the right to modify prices and relevant terms without prior notice – if deemed necessary by market conditions.

What is Included in this Package

Services Included (one time):

  • 1-time Dissolution of Dormant Company – including:

  • Submission of “Waiver of Income Tax Return Filing“ with the IRAS.

Package Suitability

Company Dissolution Purpose

Operating a company requires meeting various compliance obligations, and business owners often face annual costs ranging from $1,500 to $3,000 just to maintain the company, even if it is not actively conducting any business activities.

To qualify, a company must settle all its liabilities, particularly taxes and debts, and liquidate any remaining assets.

Requirements

This package is valid under the following pre-conditions:

  • All company assets have been liquidated or sold.
  • No outstanding debts are owed to creditors or government authorities.
  • All annual return filings with ACRA have been completed.
  • All tax filings with IRAS have been settled.
  • Management accounts have been finalized and adjusted to zero for strike-off purposes.

If there are any pending items, we can assist in resolving them (at an additional cost).

Already with a Corporate Service Provider

If you are currently working with another Company Secretary, we will handle all necessary transition processes between our team and your existing secretary.

Dissolution Procedure and Timeline

STEP 1 - Notification to all relevant parties/entities

All relevant parties and entities will receive notification.

A Striking Off Notice will be dispatched within 14 days of receiving the application to the company’s registered office address, its directors’ residential addresses, and the IRAS.

STEP 2 - Notice Period

There will be a one-month period (as indicated in the notice) for anyone to raise objections to the application.

STEP 3 - Government Gazette Notification

After the one-month period expires, a notification of the strike-off intention will be published in the Government Gazette.

Interested parties will have 60 days to raise objections to the application.

STEP 4 - Final Gazette Notification

After 60 days from the initial Government Gazette notification, if no objections are received, ACRA will proceed to strike the company’s name off the register.

A notification confirming the strike-off (also known as the Final Gazette Notification) will be published in the Gazette.

Commonly Asked Questions

Company dissolution:

What are the detailed requirements for company dissolution?

All Singapore companies seeking to strike their name off the register must obtain approval from ACRA. Approval is granted based on meeting specific criteria, including:

  • Ceasing business operations.
  • Closing all bank account(s).
  • Not being involved in any ongoing or pending court proceedings in or outside Singapore.
  • Having no assets or liabilities.
  • Not being indebted to ACRA or other government agencies.
  • Having no outstanding tax liabilities to IRAS.
  • Having no outstanding charges in the Register of Charges.
  • Officers having no outstanding ACRA summonses.
  • Cancelling GST status with IRAS if registered for GST.
  • Obtaining written consent from all directors and shareholders for striking off.

Additionally, companies should complete the following tasks before strike-off:

  • Maintain up-to-date bookkeeping, including asset and liability disposal.
  • Ensure up-to-date tax filing and payment to IRAS for relevant assessment years.
  • Prepare company resolutions or documentation to support the strike-off application.

Outstanding Tax Credit Balance in case of dissolution

Before initiating the striking off process, verify that the company has no outstanding tax credits.

Upon dissolution, any remaining tax credits will be transferred to the Insolvency and Public Trustee’s Office (IPTO).

Shareholders of the dissolved company can contact IPTO to recover tax credits, bearing in mind that IPTO may levy fees for processing claims.

Visit IPTO’s website for detailed instructions on making a claim.

Review Process for striking off a company

Once the application is approved, ACRA may send a striking off notice to the company’s registered office address and its officers (such as director, company secretary, and shareholder) at their address in our records.

Following a 30-day period from the approval, if there are no objections, ACRA will publish the company’s name in the Government Gazette, known as the First Gazette Notification.

After 60 days from the First Gazette Notification, provided there are no objections, ACRA will publish the company’s name in the Government Gazette again, and the company will be struck off the register, with the date of striking off specified, in what is known as the Final Gazette Notification.

This entire process typically takes at least 4 months.

What happens if there is any objection against the dissolution?

If any objections are raised during the application period, the company will be notified by ACRA.

The application will be put on hold, and the company will have 2 months to address the issue:

  • If the issue is resolved, the objector must file a “Clearance of an Objection to Striking Off,” and the application process will resume.
  • If the company is unable to resolve the issue, the application will expire. A new application can only be submitted after the objection has been resolved.

Once the company has been struck off

After a company has been struck off, ACRA will publish the company’s name in the Government Gazette as part of the striking off process. This publication serves as a public notification of the company’s status change.

A company can be restored within 6 years after its name has been struck off through a Court Order. The company’s status will then be updated to “live”. It’s important to note that a director with at least 3 companies struck off by ACRA within 5 years will be disqualified from acting as a director or participating in any company’s management for 5 years from the date of the third strike off.

INQUIRY FORM

–

INACTIVE LEGAL ENTITY

(Dissolution: Dormant Company)

Please complete the Inquiry Form below to receive tailored assistance for your business operations and corporate needs from BESO. Our team of experienced advisors will promptly reach out to you.

Thank you for your interest!

BESO Corporate Services PTE LTD

hello@beso.sg

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+65 6303 4429

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