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| Singapore Local Reference INFOrmation
Information on the various processes to be followed to close a Singapore business, partnership or corporation. With details on the paperwork required and which government organisations to go though to complete closure.
All aspects of opening, running and closing a business in Singapore come under the authority of Accounting & Corporate Regulatory Authority (ACRA).
Many transactions may be carried out electronically using BizFile. Different procedures and conditions apply depending on whether the enterprise is a Limited Liability Partnership, a Business or a Private Limited Company. Closing a Limited Liability Partnership (LLP)There are two ways of closing a Limited Liability Partnership; it may be wound up with the assistance of a professional advisor, or, if it meets certain conditions, it may apply to ACRA to be struck off their register. Winding up may be voluntary by either the members or the creditors, or compulsory. If the company is to be wound up, it is advisable to seek professional advice.
Striking offAny director of the company who is issued with a SingPass may apply to have the company struck off or they may appoint a professional firm (auditors, a law firm or a corporate secretarial firm) to do so on their behalf.
Closing a BusinessThe business owner may close a business by filing online either:
Online notification should be made on the Bizfile website accessed using ID No and SingPass:
Closing a Private Limited CompanyThere are a number of ways in which a Private Limited Company may be closed: it may be wound up (voluntarily or by court order); it may placed under receivership; it may be placed under judicial management; or it may apply to be struck off the register.
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