How to Close a Pte Ltd in Singapore

[rtcherry]

I'd like to get your advice about how to close down a Pte Ltd in Singapore, do I have to get a professional firm to do it or I can do it by myself? if so, how is the procedure like?

Thanks in advance

[Max Headroom]

I was told that it needs to be done by a professional party. The fee is about S$600+ for the entire procedure. Then again, perhaps now it's more like up to S$1000 since I inquired a few years ago.

But, instead of closing it, why not try to sell it or shelf it?

[katbh]

If the company has been dormant since inception or for last few years, you can just apply to ACRA (letter is fine if signed by all directors) asking that the company be taken off the register. You need to do it because you can be up for a big fine (and penalty includes possibility of jail time) if you fail to close company.

If the company has been trading right up until the time you want close, yes, you will need professional help. Company secretarial places can do it for a couple of hundred.

[Michelle Lai]

If you are the director for the pte ltd company, you can proceed to close down by yourself as long as you have singpass.

before you proceed, please ensure that no liabilities amount appear in the latest set of account , if have , can prepare resolution or letter consent signed by relevant parties to waive the amounts.

After that you may proceed to close company bank account.

Then you can proceed to lodge in application with ACRA ...the whole process will take around 5 months ....

[alsp722]

You need to do it because you can be up for a big fine (and penalty includes possibility of jail time) if you fail to close company. ???

[ecureilx]

You need to do it because you can be up for a big fine (and penalty includes possibility of jail time) if you fail to close company. ???

is that a question or answer ?

If that is a question, yes, if you don't do it properly, the directors can land in jail for upto 2 years, and 10,000 $ fine (I recall)

And if there are liabilities pending, good luck !