Information on restructuring, pausing operations, or closing a business in Singapore, including dormant status, strike off procedures, and liquidation options.
What happens if I stop operating but don’t close the company?
If you stop business activity but do not close the company, it remains legally active and must continue meeting compliance requirements. This includes filing Annual Returns and tax submissions.
Can I convert my company into a dormant status immediately?
Yes, you can apply for dormant status if your company has no accounting transactions and meets eligibility criteria. Dormant companies may benefit from simplified compliance requirements.
What is the difference between striking off and liquidation?
Striking off is a simpler process used for inactive companies, while liquidation is a formal procedure used to wind up solvent or insolvent businesses. The choice depends on your company’s financial position.
Can I reopen a company after it has been struck off?
Yes, a company can be restored after being struck off, but only within a limited timeframe and subject to approval. The process may involve additional costs and documentation.
What happens to my company bank account after closure?
After closing your company, you must separately close your corporate bank account. This can only be done after all liabilities are settled and the bank’s requirements are met.
Thinking about restructuring or closing your company?
Our specialists can guide you through strike off, liquidation, or company changes.