To learn more how the conversion process works, read our guide here in: Singapore Pte.Ltd: What it is and why it is the best choice (2024) section How to convert?
One-stop company registration in Dubai services
A pioneer in the field of consulting and supporting foreign entrepreneurs and companies to incorporate a company in Dubai.
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- +10 years of experiences, +700 companies.
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Attractive Incentives for Company Formation in Dubai that Businesses Can't Ignore:
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Mainland companies: 9% corporate income tax from July 2023.
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Check your company name | |||
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Frequently Asked Questions about company incorporation in Dubai
Foreign entrepreneurs can set up a company in Dubai easily.
What is more, you can own 100% of the company for more than 1,000 commercial and industrial activities thanks to the Federal Decree-Law No. 26 of 2020.
Dubai provides a diverse array of business prospects and embraces a variety of industries. Among the frequently permitted sectors in Dubai are e-commerce, healthcare, tourism, and IT.
Moreover, emerging industries such as Fintech and Cryptocurrencies find Dubai's process for obtaining an operational license more straightforward and efficient than many other countries.
- Mainland Company: This option allows you to set up a business in the local market (outside the freezones) and engage in various commercial activities across the UAE.
- Freezone Company: Free zones offer a specialized environment for specific industries, providing benefits such as 100% foreign ownership, tax exemptions, and simplified procedures.
- Offshore Company: An offshore company offers benefits like asset protection, financial privacy, and tax optimization, 100% ownership and international business activities.
These options provide flexibility and cater to different business needs and preferences when incorporating a company in Dubai.
Yes, foreigners can open a bank account for a company in Dubai, and the account opening process does not require residency status. However, it is crucial that the business owner (director, shareholder) be physically present in Dubai to proceed with the company's bank account opening.
In addition to the undeniable convenience when dealing with Dubai clients, the robust stability of the Dubai banking sector enables international businesses to operate smoothly and conveniently.
Yes, our pricing models are completely transparent. We offer a variety of accounting packages suitable for different business needs, and there are no hidden charges. You'll know exactly what you're paying for from the outset, ensuring cost-effective solutions.
Once you engage our tax accounting service, our experts will conduct an initial review of your financial records to ensure compliance with Dubai's Accounting Standards. We will then guide you through each step of the process, from filing taxes to annual returns, ensuring accuracy and adherence to regulations.
Our team comprises seasoned professionals with extensive knowledge of Dubai's tax landscape. We provide personalized attention, proactive guidance, and dedicated support to ensure your financial success. Our commitment to transparency, efficiency, and expertise sets us apart in delivering top-notch tax accounting solutions.
To get started with our tax accounting service for your Dubai-based company, simply reach out to us through our contact information. Our team will be glad to discuss your requirements and provide you with the necessary guidance to initiate the process.
We offer support for mainland, freezone company formation as well as offshore company incorporation in RAK.
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Through our online platform, you'll enjoy seamless coordination and collaboration with our team, making your experience efficient, dependable, and enjoyable.
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News and Articles
- Country: Singapore
- Services: Company formation
The Singapore Unique Entity Number (UEN) is a unique identification number assigned to all types of business entities in Singapore, including businesses, companies, and non-profit organizations.
Launched by ACRA, the UEN makes dealing with government agencies easier and supports businesses in the digital economy.
In this article, you will learn:
- What is the UEN number, why UEN is important and who needs it;
- UEN format and examples of UEN;
- How to get UEN and how to do a UEN search in Singapore
What is the Unique Entity Number (UEN)?
Launded in 2009, the Unique Entity Number or UEN is a government-issued identifier consisting of 9 or 10 digits, assigned to businesses and companies that you register in Singapore through Accounting and Corporate Regulatory Authority (ACRA).
The UEN is a unique permanent number for companies in Singapore the same as the National Registration Identity Card or NRIC for Singapore citizens.
That is why, if you change your company name or its business structure, you still get the same UEN. You only lose your UEN if you close down your company.
Why UEN is important to your company?
Before 2009, businesses had to use multiple identification numbers to interact with corresponding government agencies. For example:
- Business Registration Number to update company information with ACRA;
- Central Registration Number to apply for import and export permits with SC;
- Employer Reference Number to submit CPF contributions to CBFB;
- Tax Reference Number to file taxes with Inland Revenue Authority of Singapore (IRAS).
However, after 2009, you only need to remember and use the UEN to replace all the above numbers.
The introduction of the Unique Entity Number (UEN) brings many benefits, simplifying business operations and enhancing efficiency, with key advantages such as:
- Unique Identification: The UEN serves as a unique identifier that allows businesses to be easily recognized by government agencies and other stakeholders. This minimizes confusion and simplifies processes like tax filing, business registration, and license applications.
- Enhanced Credibility: The UEN promotes transparency by providing stakeholders with information about a business’s registration status, operational history, and contact details. This can help businesses build trust with customers, investors, and partners.
- Easy Access to Government Services: The UEN enables businesses to easily access online government services, such as:
- Filing taxes;
- Registering businesses;
- Applying for licenses;
- Updating information with agencies like ACRA and IRAS;
- Submitting CPF payments.
- In addition to these benefits, the UEN offers other advantages, such as:
- Open a corporate bank account;
- Hire employees;
- Participate in government support programs.
Who needs to have a UEN in Singapore?
All entities that register in Singapore must have a UEN from a UEN-issuing authority such as ACRA, ROS, ESG, including.
- Businesses (Sole proprietorship, partnership);
- Limited liability partnerships (LLPs);
- Local companies (private limited, exempt private limited, public company by share or by guarantee);
- Societies;
- Representative offices;
- Trade unions;
- Healthcare institutions.
In conclusion, A UEN (Unique Entity Number) will be issued to local businesses, companies, associations, and representative offices when:
- They have frequent interactions with government agencies;
- They are recognized by a UEN-issuing authority.
That is why, a UEN will not be issued to:
- Individuals: They will use NRIC instead;
- Businesses, organizations, or companies headquartered overseas that do not engage or rarely do with Singaporean government agencies;
- Branches or divisions of a business.
For example, a foreign company sells products to government agencies on a one-time basis.
However, some government agencies may choose to add a sub-entity code to the UEN in their system if the agency needs to identify and interact with a business’s branches or departments.
UEN formats and examples
If you are a business owner/entrepreneur who wants to find your tax ID number for your local or foreign Singapore companies, the tax identification number is also the company’s unique entity number or UEN.
This is a nine or ten-digit alphanumeric identifier which is issued by the Accounting and Corporate Regulatory Authority (ACRA).
The UEN is used for all business-related identification and tax purposes, like:
- Upgrade company information with ACRA;
- Apply for import and export permits with SC;
- Make CPF Payments to CPFB (CPFB issues an additional sub-code for this purpose);
- File tax returns with ACRS.
The UEN varies based on factors, including entity type, year of issuance, and the agency issuing the UEN.
Note: Identification number cannot be blank and must not have preceding space(s). Those highlighted in bold are fixed prefixes and the symbol for UEN format is as follows:
- D is a space;
- C is a check alphabet;
- F for Foreign Companies;
- N is a number;
- YYYY/TYY/SYY/RYY is the year of registration ('T' represents '20', 'S' represents '19' and 'R' represents '18'., for example, T08 is 2008, R00 is 1900, S89 IS 1989);
- PQ is a Singapore company type.
Business company type | UEN Format | Example |
Registered businesses with ACRA (ROB) (This is for companies already registered with ACRA before 2009 to keep the same ACRA Registration Number ) |
NNNNNNNNX | 53499876V |
Local companies with ACRA (ROC) | YYYYNNNNNX | 201800800K |
Other company types |
|
T18LP52222S |
Foreign companies (Branch office, Representative office) |
|
F0002375J |
Issuance Agency | Company type | Entity type Indicator (PQ) |
Accounting and Corporate Regulatory Authority (ACRA |
|
|
Enterprise Singapore (ESG) |
Representative Offices of:
|
RF |
A Special UEN (SUN) is a unique and easily recognizable UEN, selected by the business from a pre-registered list. It is available for a fee of $1,000 (Tier 2) or $3,000 (Tier 1).
Examples of SUN: 201888888A, 53499999C
Businesses that do not opt for the SUN service will be assigned a free UEN generated by the system. The SUN identification number offers several benefits, such as:
- Enhanced brand recognition;
- Strong impression on partners and clients;
- Easy to remember.
Various government agencies in Singapore are responsible for issuing UENs to different types of entities, such as societies, trade unions, and charities. To learn more about which issuance agency handles your UEN registration, read our table below.
Issuance Agency | Company type | Entity type Indicator (PQ) |
Islamic Religious Council of Singapore Majlis Ugama Islam Singapura (Muis) |
Mosques Madrasahs |
MQ MM |
Ministry of Communications and Information (MCI) | News Bureaus | NB |
Ministry of Culture, Community and Youth - Charities Unit | Charities and Institutions of a Public Character | CC |
Ministry of Culture, Community and Youth - Registry of Co-operative Societies | Cooperative Societies | CS |
Ministry of Culture, Community and Youth - Registry of Mutual Benefit Organisation | Mutual Benefit Organisations | MB |
Ministry of Defence (Mindef) | Foreign Military Units | FM |
Ministry of Education (MOE) | Government and Government-Aided Schools | GS |
Ministry of Foreign Affairs (MFA) | High Commissions, Embassies Consulate International Organisations (registered with MFA) |
DP CP NR |
Ministry of Health (MOH) |
Healthcare Institutions and Clinics
Healthcare Service Providers NOTE: MOH will issue UENs to providers of healthcare services which are registered under the Healthcare Services Act, progressively from January 2022. UENs of existing healthcare institutions and clinics will be unchanged. |
CM HC |
Ministry of Law (MLAW) | Foreign Law Practice Representative Offices | RP |
Ministry of Manpower (MOM) | Trade Unions | TU |
Ministry of National Development (MND) | Town Councils | TC |
Monetary Authority of Singapore (MAS) |
Financial Representative Offices
|
FB FN |
People's Association (PA) | PA Services Grassroot Units |
PA PB |
Registry of Societies (ROS) | Societies | SS |
Singapore Land Authority ( SLA) | Management Corporations Subsidiary Management Corporations |
MC SM |
Smart Nation and Digital Government Office (SNDGO) |
Government Agencies and bodies performing public duties
|
GA GB |
How to get UEN number: a step-by-step guide
You can only obtain your unique entity number after you register a business/company in Singapore. The process to receive your UEN is as follows:
- Get your normal UEN (Special unique entity number): A SUN allows business owners to remember their UEN and get a “beautiful number” (according to Asia culture and Feng Shui) when transacting with government agencies.
- Check your UEN: You can find your UEN on the certificate of incorporation.
How to do a UEN number search
You have a few options to check the UEN of any company.
Option 1: You can find your UEN on your company’s digital certificate of incorporation (COI). You will receive your COI after successfully registering your company.
Option 2: You can verify your company UEN by searching on the Singapore government website via this tool: https://www.uen.gov.sg by entering your UEN into the search bar.
The search results will display information such as:
- UEN Number;
- Company Name;
- Entity Type;
- UEN Status;
- UEN Issuance (ACRA or other issuing authority);
- Address.
Option 3: You can visit the ACRA's BizFile+ website (via your registered agent or do it yourself)
- Click on the ‘Buy Information’ tab, then go to "certificate".
- Select the option you need (digital copy or hard copy) and follow the instructions from there.
The fee for purchasing the Certificate of Incorporation on BizFile 50 SGD.
What are the legal requirement to display UEN?
Your Singapore company are legally required to display their UEN on various official and public-facing documents.
Key documents where UEN must be displayed are:
- Invoices;
- Receipts;
- Bills of Exchange;
- Order forms;
- Business Letterheads;
- Correspondence with government agencies;
- Brochures, leaflets, and published notice;
- Shop signs or office directories
How can we help you get your company UEN?
With our expertise and experience, we provide comprehensive support throughout the registration process, ensuring a smooth and hassle-free experience for aspiring entrepreneurs like you.
- Choose an appropriate business name for your Singapore sole proprietorship;
- Prepare the necessary documents for registration;
- Submit documents to the Accounting and Corporate Regulatory Authority (ACRA) on your behalf;
- Support in opening your business bank accounts;
- Open a corporate bank account in Singapore with a 99% success rate;
- Get an affordable, professional registered office address for business;
- Support to open, authenticate, and manage Stripe, PayPal Business in Singapore, Hong Kong, and the U.S;
- Handle all your tax accounting needs, timely annual filings, auditing, and more.
FAQs about Singapore UEN
No, the CorpPass ID is not the same as the UEN.
The UEN is a unique identifier for businesses and entities, while the CorpPass ID is used for businesses to access Singapore government e-services.
Yes, in Singapore, the Business Registration Number (BRN) was replaced by the UEN. The UEN now serves as the official identification number for all registered entities.
Each company in Singapore is assigned only one UEN for its entire existence. Therefore, it is important that you remember your company UEN.
Yes, you can use UEN to file your company taxes with IRAS.
No, a UEN is permanent and remains unchanged, even when there is a change in the business name or business strcuture.
- Services: DUNS registration
If you have a company that operates across borders, registering a DUNS number should be a priority
Global supply chains are complex and constantly changing, and the need for public transparency is higher than ever, especially in the global food, pharmaceutical, and medical device industries.
DUNS number is the key for businesses. It helps build credibility, enhance transparency, and access global markets.
In this article, we will explore the significance of the DUNS number, its role in the import-export industry, and a detailed, step-by-step guide on how your company can register for one.
What Is a DUNS number for import and export companies?
The DUNS (Data Universal Numbering System) number is a unique nine-digit identifier assigned to businesses by Dun & Bradstreet (D&B).
Specifically for import and export companies, the DUNS number is recognized internationally and is often required by over 240 government, trade, and industry organizations around the globe to verify a company’s legitimacy and trustworthiness in global trade.
Why is the DUNS number important for import and export companies?
For import and export businesses, a DUNS number is key to establishing trust with suppliers, customers, and trade authorities worldwide, facilitating smoother cross-border transactions, and ensuring compliance with international regulations.
International trade involves building trust with partners across borders, and the DUNS number offers a way to establish credibility.
When suppliers, customers, or trade authorities (e.g. US governments, Walmart, Amazon, Intel) check your DUNS number, they can verify your company's legitimacy and financial health.
The DUNS number acts as a sign that your business is reputable and trustworthy, which can give you an advantage in competitive global markets.
Many governments and international organizations, including the United States government, Canadian authorities, and the European Union, require businesses to have a DUNS number to engage in import and export transactions.
This requirement is even more important if you work in the food, drug, pharmaceutical, and medical device industries.
For example, the U.S. Food and Drug Administration (FDA) requires all domestic and foreign food facilities and drug establishments to get a valid DUNS number and also their suppliers to get one.
Businesses that trade internationally need to be diligent in assessing the financial stability of their partners. A DUNS number provides access to a company's D&B credit report,
It helps businesses evaluate potential risks and make informed decisions when entering contracts with foreign companies. This level of transparency can help mitigate the risks associated with international trade.
Having a DUNS number speeds up the transaction process in global trade. It allows companies to access import and export records and helps governments and customs authorities quickly identify and validate companies involved in trade.
This number can be used to track goods across borders, facilitating the smoother flow of information and ensuring compliance with customs regulations.
Accessing financing for trade activities often depends on your company's ability to demonstrate its creditworthiness.
Financial institutions and trade lenders frequently use the DUNS number to assess a company’s financial health and its ability to repay loans or fulfill contracts.
A good D&B credit report linked to your DUNS number can increase your chances of securing trade financing, export credits, and other financial products.
How to register your DUNS number for export-import companies: A step-by-step guide
Now that you understand the importance of a DUNS number for import and export businesses, let's walk through the process of registering for one.
Before starting the registration process, you'll need:
- The exact legal name of your company;
- The physical address where your business operates;
- The primary contact number for your business;
- The total number of employees in your business, including full-time and part-time workers;
- The business structure ( a corporation, partnership, or sole proprietorship);
- Information about your company’s financial performance.
- The name and contact details of CEOs, owners
Based on your needs, Global Link Asia Consulting will consult the best DUNS package service.
For example, if you need to register for Apple Developer program and also need to verify in the import-export sector, we get you a suitable package at an affordable price.
Typically, the standard DUNS number registration is suitable for most companies.
After you agree to have our support, we will
- Prepare the necessary documents;
- Fill in the information in relevant forms;
- Assist you in authenticating business information;
- Submit to relevant Dun & Bradstreet agencies.
Once your application has been submitted, Dun & Bradstreet will review the information provided and verify the legitimacy of your business.
The verification process can take anywhere from a few days to several weeks, depending on the volume of applications and the completeness of your submission.
In some cases, Dun & Bradstreet may reach out for additional information or clarification, so we will be sure to respond promptly to avoid delays.
After your application is approved, Dun & Bradstreet will issue your DUNS number. This unique nine-digit number will be emailed to you, and you’ll also receive instructions on how to access your D&B account.
Your DUNS number is now ready to be used for import and export transactions, credit assessments, and building your company’s credibility.
How long does it take to get a DUNS number?
The processing time for obtaining a DUNS number varies depending on the country and the completeness of the application.
In many cases, it can take anywhere from 5 to 30 business days to receive your DUNS number.
However, if you need a DUNS number more urgently, Dun & Bradstreet offers an expedited service in some regions, which can reduce the processing time to as little as 1 to 5 business days.
What to do after getting your DUNS number?
Once you have your DUNS number, there are a few key actions you should take to maximize its value for your import-export business:
- Ensure that your DUNS profile is always up to date, especially as your company grows or undergoes significant changes (e.g., new address, CEO change, etc.).
- Provide your DUNS number to your partners, lenders, and government agencies. This will help streamline transactions and foster trust with stakeholders.
- Regularly check your Dun & Bradstreet credit report to ensure it accurately reflects your company’s financial health. This report is often used by financial institutions, potential partners, and suppliers to assess your company's reliability.
- Highlight your DUNS number on their websites or marketing materials to show potential clients and partners that you are credible and financially sound.
How can we help you get a DUNS number for import-export activities?
With expertise in DUNS registration for Apple Developer, and Google Developer accounts. trading, import-export, and other business needs, Global Link Asia Consulting offers:
- Guidance in choosing the best DUNS package;
- Support in preparing the necessary documents for registration.
Common FAQs about the DUNS number
Yes, applying for a standard DUNS number requires a fee. If you need expedited processing, there may be an additional fee.
Yes, if a company has multiple divisions, subsidiaries, or branches operating in different locations, each entity can have its own DUNS number.
No, a DUNS number is a unique identifier used to track businesses globally, while an Employer Identification Number (EIN) is used for tax purposes in the United States, and a VAT number is used for value-added tax identification in many countries.
Your DUNS number remains the same throughout your company’s existence. However, you should update your D&B profile whenever there are changes to your company’s profile.
- Country: Singapore
- Services: Company formation
Are you considering starting a business in Singapore? Look no further than the Singapore sole proprietorship.
With its simplicity and flexibility, the sole proprietorship is an ideal choice for many entrepreneurs.
In this blog post, you will learn everything there is about this Singapore business structure
- What is a sole proprietorship;
- Its pros and cons;
- How to register and manage your sole proprietorship;
- How to transfer ownership, convert to another structure;
- And all essential insights regarding this entity.
By the end of this post, you'll have all the knowledge you need to confidently register your own sole proprietorship with ACRA.
Let's get started!
What is a sole proprietorship?
A sole proprietorship is a business structure owned by one person, the sole proprietor.
The business and the owner are not legally separate in a sole proprietorship, so the owner has complete control over every part of the business.
In this way, a sole proprietorship is considered an “unincorporated business” in the eyes of the government. A sole proprietorship is not a company since a company is a separate legal entity from the business owner
Features and characteristics of a sole proprietorship are:
- The business owner is responsible for all business decisions and manages daily operations;
- The business owner is responsible for all business and personal assets and liabilities;
- The business owner is personally liable for all the debts and losses;
- The business owner is the single owner of this entity
- The earned income is considered personal income and is subject to personal income tax rates.
That is why, if your business flourishes in the future, or you want to bring in more shareholders or you want a more optimal tax rate as your income grows, the best solution is to convert your sole proprietorship to a private limited company or different business structure.
How to convert a sole proprietorship to a private limited company?
A sole proprietorship comes by different names depending on which country you live in. It can called a self-employed or a sole trader.
8 sole proprietorship examples
A sole proprietorship is suitable for entrepreneurs who want to start a very small or small and low-risk business that can generate a steady income, with no needed employees, and little upfront investment.
That is why, the 8 typical examples below are businesses that can operate as sole proprietorships are:
- Freelance writer;
- Photographer;
- Personal trainer;
- Plumber;
- Graphic designer;
- Housekeeper;
- Bakery owner;
- Tutor.
Every business can be a sole proprietorship with a single owner. That leads us to a question.
Can a foreigner register a sole proprietorship in Singapore?
Yes, a foreigner can register a sole proprietorship in Singapore. This is eligible by law according to ACRA and Singapore Companies Act.
Suppose you are foreigners living overseas who want to register a sole proprietorship or partnership in Singapore.
In that case, you must appoint at least one local resident as an authorized representative (Singapore citizens, Permanent Residents, or holders of an EntrePass/Employment Pass).
Also, the foreign owner must hire a registered filing agent like Global Link Asia Consulting to submit the application through BizFile+.
If you are foreigners who plan to be in Singapore to manage the operations of your sole proprietorship, you must get approval from the Ministry of Manpower after the business is registered.
In addition, you should use a registered filing agent like Global Link Asia Consulting if you or your proposed partner don’t have a Singpass account.
Now you know if a foreigner can open their own sole proprietorship, we will learn if this structure is worth it or not.
Advantages and disadvantages of a Singapore sole proprietorship
There are some pros and cons when incorporating a sole proprietorship in Singapore. Let’s take a look at the table below:
Advantages | Disadvantages |
Easy registration It is easier and cheaper to register this business form than other business structures. |
Missed opportunities for government incentives You miss out on Startup Tax Exemption (SUTE) Scheme, Partial Tax Exemption (PTE) Scheme and other tax incentives applied for corporate tax |
Easy compliance You only need to file personal income tax and business returns. |
Impossible to raise fund Investoer are reluctant to invest in non-incorporated entities with no clear shareholding structure |
Less tax to pay If your taxable income is less than 160,000 SGD, you pay less tax to the IRAS since the personal tax rate is 15%, which is less than the corporate tax of 17% |
Potential higher tax payment in the future You pay a higher amount of tax when your taxable income increases more than 160,000 SGD |
Easy conversion to other business structure You can convert to other business structure such as a Pte.Ltd, a partnership in the future using the same business name. |
Major responsibility for all debts If your business fails, you have to pay back all your debts |
No audit requirements A sole-proprietorship is exempted from annual audit |
Unsuitable choice for some industries If you work in high risk industry like finance or deal with a large financial transactions, you need to incorporate a company |
Now we know the upsides and downsides of owning a sole proprietorship in Singapore. So, what is the difference between a sole proprietorship and other business structures?
What is the difference between a sole proprietorship, a private limited company, and a partnership?
A sole proprietorship may be your ideal choice at the moment. In the future, you may have to consider a different option to convert your entity.
Some popular choices for conversion are a partnership or a private limited company (link ở đây). The table below will highlight the differences so you know which to choose in the future.
Sole-Proprietorship or SP | Partnership | Private Limited by Share or Pte.Ltd | |
Definition | A business owned by one person | An association of two or more persons carrying on business |
A legal entity separate and distinct from its shareholders and directors Name usually ends with "Pte.Ltd" |
Legal Status |
|
|
|
Continuity in Law | This structure exists as long as the owner is alive and desires to continue the business | This structure exists subject to partnership agreement | A company has perpetual succession until wound up or struck off |
Taxes | Profits taxed at the owner’s income tax rates | Profits are taxed at the owner’s income tax rates | Profits taxed at corporate tax rates |
Compliance |
|
|
|
How to register a sole proprietorship in Singapore?
Who can set up a sole proprietorship in Singapore?
Anyone must be at least 18 years old and must be also one of the following:
- ASingapore citizen.
- A permanent resident.
- An Employment Pass or Dependant's Pass.
- Foreigners residing overseas with the help of a registered filing agent
What are the required documents?
Certain documents you need to prepare to register a sole proprietorship in Singapore: These include:
- Proposed name for the business;
- Brief description of the company activities
- Business address
- Valid proof of identity (passport, identity card, bill showing your personal information)
- Proof of residence (bill showing your residential address)
Registration process for Singapore sole proprietorship
In this section, you will learn the proven registration process to open your sole proprietorship. It is important to follow step-by-step.
If you are an international founder, you must have a registered agent or local authorized representative in Singapore who help you set up your company.
If you are a Singapore resident or citizen, you do not need to have a registered agent.
However, support from a registered agent such as Global Link Asia Consulting is invaluable in the long run since we can help with annual filing, tax accounting, company management, and post-registration compliance
That is why, if your business flourishes in the future, or you want to bring in more shareholders or you want a more optimal tax rate as your income grows, the best solution is to convert your sole proprietorship to a private limited company or different business structure.
Who is a local authorised representative?
A local authorised representative is a Singapore citizen, permanent resident, or Employment Pass holder who are of full legal capacity and reside in Singapore to serve as the local point of contact for official correspondence.
You need this person to form your sole proprietorship if you are a foreigner.
Remember to have at least 3 company names of your choice (To avoid being identical to an existing name) so that you can register the company name with ACRA.
Your business name is a part of your brand, so choose a name that reflects your value and offerings.
The name application may be referred to other government agencies for review and approval.
Once you register your business name for 15 SGD successfully, it will be valid for 120 days. You can file for an extension to surpass the time frame.
Providing a local address is a requirement for your sole proprietorship registration process.
If you are a foreigner, the registered agent or local authorized representative can offer a registered address service.
If you are a Singapore local, you can use your home address, which needs approval from the Home Office Scheme before submitting to ACRA.
To use your house as an office, you need permission from the Urban Redevelopment Authority (URA) or the Housing & Development Board (HDB).
Remember that ACRA will list your addresses on its website.
That is why, if your business flourishes in the future, or you want to bring in more shareholders or you want a more optimal tax rate as your income grows, the best solution is to convert your sole proprietorship to a private limited company or different business structure.
What to do to protect your residental address data?
To protect personal data, business owners can register an Alternate Address for a fee of $40 SGD. This Alternate Address will appear in ACRA’s public records instead of your residential address.
However, all official communications from ACRA will still be sent to your residential address, which you must provide for record-keeping purposes.
Once you gather all the required information, the registered agent will submit your application on behalf of you (if any).
You can register your sole proprietorship online via BizFile+ under the condition you have a SingPass or use your local authorized representative’s SingPass.
You can complete the registration process in 15 minutes assuming there are no errors or referrals.
Once your registration is approved, you will receive a Unique Entity Number (UEN) (link ở đây) to use with government agencies.
What to do after registering a sole proprietorship?
Congratulations on successfully registering your Singapore sole proprietorship!
Now that you have taken this important step toward starting your own business, it's time to focus on what comes next.
Here are the essential next steps to ensure a smooth transition into operating your sole proprietorship:
Business operations
- Open a business bank account;
- Open your PayPal, and Stripe accounts;
- Get your business phone number;
- Get your office lease;
- Start your business right away;
- Register your GST (If any).
Annual compliance
- File your annual business name renewals
- File your annual returns and personal tax income returns
- Pay your CBF contributions
- Renew your registration every year or every 3 years with ACRA;
- Keep proper accounting records and receipts for at least 5 years, for inspection with IRAS, ACRA if needed;
What to do if you transfer your sole proprietorship ownership to another person?
Suppose you no longer need your sore proprietorship, you have 3 options to choose
- Close down;
- Convert to another business structure or;
- Transfer ownership.
To transfer ownership, you must notify the Accounting and Corporate Regulatory Authority (ACRA) within 14 days of the ownership change through BizFile+ in the section “Change in Business Information including Appointment/Cessation of Business Owner/Authorised Representative”.
The process must be authenticated with SingPass or CorpPass (via a registered agent support or on your own).
Additionally, both the previous and new owners must manage their respective tax obligations.
The former owner must account for any balancing allowance or charge resulting from the sale of fixed assets, while the new owner can claim capital allowances on the assets they acquire
How to close down your sole proprietorship in Singapore?
Terminating your sole proprietorship involves all the steps below.
Remember that to have a successful closure, careful preparation is a must as the business will be ceased immediately after submitting a cessation application.
Step 1: Deregister your GST
If the sole proprietorship is GST registered, the business owner has to apply for cancellation of GST registration with IRAS.
Step 2: Clear out all the debts and liabilities
The business owners have to make sure all debts, taxes, and obligations are settled with relevant creditors and government agencies.
- File your tax returns,
- Handle employment leave and insurance
- Pay all taxes to the IRAS
- Pay back all your debts
- Dispose of all your assets such as equipment or inventory
Step 3: Close your bank accounts
You need to close the business bank account associated with the sole proprietorship.
We advise you to close the bank account as the last step if you have a remaining tax credit from the IRAS. This way, you don’t lose the tax credit that IRAS sends back to your bank account.
Step 4: Submit your cessation application
Once you have done every step above, you can fill out the "Cessation of Business" online via BizFile+.
How can we help you set up your sole proprietorship in Singapore?
Are you considering starting your own business in Singapore? Look no further than Global Link Asia Consulting, your trusted partner in setting up a Singapore sole proprietorship.
With our expertise and experience, we provide comprehensive support throughout the registration process, ensuring a smooth and hassle-free experience for aspiring entrepreneurs like you.
- Choose an appropriate business name for your Singapore sole proprietorship.
- Prepare the necessary documents for registration
- Submit documents to the Accounting and Corporate Regulatory Authority (ACRA) on your behalf
- Support in opening your business bank accounts
- Open a corporate bank account in Singapore with a 99% success rate;
- Get an affordable, professional registered office address for business;
- Support to open, authenticate, and manage Stripe, PayPal Business in Singapore, Hong Kong, and the U.S;
- Handle all your tax accounting needs, timely annual filings, auditing, and more.
FAQ about Singapore sole proprietorship
No, a sole proprietorship is a single, distinct type of business structure.
For a sole proprietorship, you need to track your personal income, maintain accurate records of all income and expenses, track assets and liabilities, and prepare financial statements regularly.
Yes, if the annual turnover exceeds the threshold set by the tax authority (e.g., S$1 million in Singapore). Or, you can register GST voluntarily.
There is no limit to the number of employees a sole proprietorship can have.
The licenses or permits required for operating a sole proprietorship depend on the nature of your business activities.
Certain industries, such as food and beverage, require specific licenses.
You can check on GoBusiness Singapore for your sector via this link
Yes, foreigners are allowed to register a sole proprietorship in Singapore.
However, they must appoint a local resident or a local company as their authorized representative.
Yes, a sole proprietorship can be converted into other business structures such as a partnership or a private limited company if needed.
Please consult with professionals at Global Link Asia Consulting for guidance on the conversion process.
Companies in Singapore, as a part of the incorporation process, can choose their fiscal year based on what suits their business best.
Selecting the right financial year-end date can mean a whole different for your business operations, from financial reporting to operational rhythms.
This flexibility allows your business to optimize its financial planning and tax strategies.
In our article, you will learn everything about
- Singapore fiscal year and the difference between fiscal year and calendar year;
- Financial year-end and how to choose the “best” financial year-end date;
- Singapore assessment year and what to do after your FYE.
Curious to learn more? Let’s dive into this article crafted by our experts who know how to help Singapore start-ups thrive.
Introduction to Singapore fiscal year
What is a fiscal year?
A Singapore fiscal year, also known as a financial year (or sometimes a budget year), is a 12-month period used by businesses for financial reporting and taxes.
A fiscal year is also used in government accounting and for budget purposes.
In Singapore, a fiscal year usually starts on April 1st and ends on March 31st of the following year.
After selecting your financial year-end date, you must inform IRAS because deadlines for unaudited financial statements, annual reports, and tax filings depend on it.
If you outsource accounting services in Singapore, they will handle this process and ensure all documents are prepared on time.
Advantages and disadvantages of fiscal year
Every Singapore company must have a fiscal year. You can choose your own company's financial year-end date.
There are pros and cons when having your own fiscal year, as opposed to the universal fiscal year required in other countries.
Advantages | Disadvantages |
Aign your fiscal year with your business operations for smoother financial management and reporting. | Face challenges aligning financial data with stakeholders or your parent company that uses a calendar year as its fiscal year |
Enjoy flexibility in reporting by choosing a fiscal year that fits your needs, considering seasonal or industry factors. | Find it harder to plan and forecast if your fiscal year doesn't match your business cycle or industry norms. |
Enhance financial analysis by using a consistent timeframe to track trends, evaluate performance, and make strategic decisions. | Complicate tax planning and compliance by adjusting reporting to fit the fiscal year. |
Optimize tax planning and compliance by selecting a fiscal year-end that aligns with business cycles. | Disrupt financial continuity and historical trend analysis by changing the fiscal year-end. |
Simplify regulatory compliance by adhering to a consistent fiscal year, ensuring timely submission of required documents. | |
Improve financial forecasting and budgeting accuracy by using a fixed fiscal year to project revenues, expenses, and cash flows. |
What is the difference between a fiscal year and a calendar year?
Now that we learn what a fiscal year is and the advantages of using a fiscal year. Many business owners still find confusion between a fiscal year and a calendar year as some choose a calendar as their fiscal year in Singapore.
The table below will showcase the distinction between these two terms.
Fiscal year | Calendar year | |
Time frames | You can start a fiscal year on any date. | You start a calendar year on January 1st and end on December 31st. |
Purpose and use | You can choose a fiscal year to align with your business cycles or industry standards or ease of reporting and tax filing | You use a calendar year for ease of reporting and tax filing. |
Impact on international business | You may face challenges aligning financial reporting across companies with different fiscal years. |
Easier to synchronize across multiple companies with the same calendar year. |
Flexibility | You have flexibility to choose a fiscal year that best suits your business needs. | Less flexible since it follows a fixed calendar. |
Tax planning | You can optimize tax planning by aligning the fiscal year with business cycles. | More straightforward tax planning as it aligns with the calendar year. |
Leap year | It may or may not have a leap year. | A leap year every 4 years |
Challenges in auditing, accounting |
Minimal if you choose the same fiscal year Hard if you are inconsistent with the duration for every year (You can choose to change your FYE under certain circumstances). |
Minimal as the calendar year is the same. Need to be mindful of annual filing |
Introduction to Singapore's financial year end
What is the financial year end in Singapore?
The financial year end in Singapore or FYE, is the last day of your company's fiscal year (your accounting period). This date recurs every 12 months. You can choose any date as your financial year end.
The FYE is crucial for companies because it determines when they need to file mandatory legal documents, such as annual returns, corporate tax returns, ECI filing, AGM filing, etc.
What is an accounting period?
The accounting period is the time frame (Usually 12 months) in which a business completes its accounting cycle. This period helps to regularly assess the business's profitability.
During this time, all transactions are recorded and then summarized in financial statements.
How do you determine an FYE for your new company in Singapore?
If you have a new company in Singapore, here are 5 notes you need to remember before determining your company FYE:
- The fiscal year must end on the date of your choice;
- Your first financial year can not be over 18 months (unless the Registrar allows you to extend it);
- Any subsequent fiscal year should be 12 months long;
- Whether the company is part of a group of companies;
- How to maximize the tax exemptions in the New Start-up Tax Exemption Scheme.
Examples of a Singapore FYE
Choosing what date to set as your company's financial year end is entirely up to your business decision. Some common data business owner use for their company's financial year end are
- Calendar year: January 1st to December 31st.
- Financial year-ends: March 31st, June 30th, September 30th, or December 31st (There are financial quarter-ends).
- Company's incorporation date: e.g., June 15th to June 14th of the following year).
- Seasonal considerations: Your industry's seasonal cycles (e.g., high-demand holiday season). This is often chosen by travel agents, flower shops, etc
- Business cycle alignment: Your unique business cycle, considering project timelines, contract renewals, and industry fluctuations.
How to choose the right financial year end date if your company is part of a company group?
If your company is a part of a company group, and you need to report to your parent company (e.g, ultimate holding company), you should align your FYE for financial consolidation purposes.
How to choose the right financial year end date for tax optimization?
To maximize company tax exemptions, you should not pick any date for your company.
Instead, it's best to make your first year of assessment as long as possible within the first 12-month period. This strategy helps you get the most benefit from tax exemption scheme for new startups.
For example,
- Your company’s incorporation date: 10 June 2023;
- Add one year to it: 10 June 2024;
- Subtract a month: 10 May 2024;
- Pick the last day of that month as your company’s FYE: 31 May 2024.
How to change your financial year end?
If you wish to change your FYE, you should notify ACRA, VIA BizFile+ online, section”Change of Financial Year End” and there is no fee for this change.
You can only adjust the FYE for the current year or the previous one.
You cannot change your FYE if
- The deadlines for holding an AGM, filing annual returns, or sending financial statements have already passed;
- You wish to change FYE in the past five years;
- The change will make your financial year longer than 18 months.
You need to prepare the following information to make a change:
- Company UEN;
- Revised financial year-end date
- Financial year period
- Prior approval from Registrar, if applicable
What do you do after your company’s financial year end?
The choice of a financial year end significantly affects several important deadlines for a business. These include:
Statutory obligations
- Annual General Meeting (AGM): within 6 months from the end of FYE;
- Annual Return (AR): within 7 months from the end of FYE;
- Please note that if you have a corporate shareholder, you will have to file the XBRL documents with your annual return.
For all other transactions, the filing deadlines vary according to the Companies Act but generally, it is within 14 days for most transactions.
In addition, if there are any changes in particulars, please inform your service provider as soon as possible as the change has to be filed within 14 days.
Tax
- Estimated Chargeable Income (ECI): within 3 months from end of FYE (unless exempted);
- Tax filing: For each financial year, the tax return is due the following year around 30 November.
If you outsource these tasks to a service corporate provider, they will handle everything for you on time.
Introduction to Singapore’s year of assessment
The year of assessment or YA, also known as the tax year (taxable year, taxpayer year), is the period when tax residents and companies have to report and pay their income taxes to IRAS.
The income tax is calculated and charged based on the income earned in the preceding financial year or the “basis period”.
This period follows your company's financial year end. For example, the Year of Assessment 2024 is for income earned from 1 Jan 2023 to 31 Dec 2023.
Financial year/Fiscal year | Basic period | Year of assessment | |
Definition |
You use a one-year accounting period to calculate corporate taxes. This period serves as the basis for corporate tax assessment. |
You use your company's previous financial year as the base year during which you calculate the tax to report for your YA. | You report and pay taxes on the income you earned in the previous financial year. |
Example | 31 Mar of each year | 1 Apr 2022 to 31 Mar 2023 | 2024 |
How can we help you comply with requirements for your Singapore company fiscal year?
Choosing your company fiscal year is important. Using the knowledge from our guide, you can choose the right financial year end date that best fit your business plan.
This is the first step in your company management, since your FYE determine many annual your company has to comply with.
With 10+ years of helping entrepreneurs, we provide expert support to help you manage your company during important deadlines.
- Compute tax for ECI;
- Prepare Form C-S/C for the Corporate Tax Return;
- Prepare financial statements and full accounting report;
- Comply with AGM;
- File your AR effectively.
- And more
Reach out to us now if you need assistance
In addition, we can help you
- Register a company in Singapore;
- Open a corporate bank account in Singapore with a 99% success rate;
- Choose the right company types for tax optimization in Singapore;
- Apply for Singapore business licenses;
- Get an affordable, professional registered office address for business;
- Support to open, authenticate, and manage Stripe Paypal Business in Singapore, Hong Kong, and the U.S;
- Handle all your tax accounting needs, timely annual filings, auditing, and more.
FAQs about Singapore fiscal year
To change, you must notify the Registrar or ACRA if your company changes its FYE. You can change the FYE for the current or previous financial year.
Also, you will need the Registrar’s approval to change the FYE if:
- The change makes the financial year longer than 18 months.
- You changed the FYE on or after 31 August 2018, and it is within 5 years from the end of the last changed FYE.
- You can not change the FYE if the deadlines for holding an AGM, filing an AR, or sending financial statements have passed.
Yes, you can choose a fiscal year that is more than 12 months, as long as it does not surpass 18 months limit.
However, we advise you not to choose the financial period to be more than 12 months, especially for your first financial year.
In doing so, it will be split into two Years of Assessment (YA). This means the 2nd YA will be shorter than 12 months, and you won't fully maximize the tax exemptions for that YA.
- Country: Singapore
- Services: Company formation
Singapore companies striking off or winding up may seem complicated. But, just like how to start your business, it’s all about understanding the process and following the right steps.
In this comprehensive guide (full of ACRA insights), we show you clear, actionable steps you can follow to close your company smoothly and efficiently, from
- What to do before ceasing your business operations;
- Learning the difference between a company striking off and winding up (liquidation);
- Learning the exact meaning of closure methods from ACRA;
- How the company closure procedure works;
- All the applications, fees you need to prepare
To IMPORTANT notes you need to remember before, during, and after the company dissolution process.
Let's begin by learning pre-closure considerations for Singapore companies
What should you do before closing down your Singapore company?
Singapore company closure, also known as striking off or winding up, is the process of ending the company's business operations.
To do this, you must get approval from the Accounting and Corporate Regulatory Authority (ACRA).
Before ceasing your company, you must consider these important points
- GST-registered companies must deregister for GST with the Inland Revenue Authority of Singapore (IRAS) if they are no longer in business.
- Companies with registered CPF accounts must settle all employee insurance obligations with the Central Provident Fund Board (CPFB) before closing.
- Companies must collect all outstanding debts and pay off all liabilities before filing for closure.
ACRA will only approve the company strike off if the company meets certain conditions. If it does not, the company must undergo a winding-up process to close down fully.
What is the difference between a striking off and winding up?
If you register a local company in Singapore, you can choose to close it down. In Singapore, there are 2 main ways to close a local company:
What is a local company?
Different from a sole proprietorship, partnership, or foreign company (Branch, representative office) which requires a different closing process, a local company is a business entity incorporated in Singapore.
Companies come in different types, such as private companies limited by shares, exempt private companies, and public companies.
Factor | Striking off | Winding up |
Apply for |
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Advantage |
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Disadvantages |
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How to strike off a company in Singapore?
What is a company striking off?
Singapore companies striking off is a process where ACRA strikes off its name from ACRA’s Register.
There are 2 types of striking off
- Voluntary striking off;
- “Compulsory” striking off.
ACRA only approves the application if:
- There is reasonable cause to believe that the company is not conducting business and;
- It meets the criteria for striking off.
Compulsory striking off from ACRA
According to the Companies Act (Amendment), ACRA has the power to deregister companies if they are no longer operational.
For example, a company fails to file financial statements with ACRA for several consecutive years.
These amendments help ensure that non-operational companies are efficiently removed from the register, maintaining a clear and accurate record of active businesses in Singapore.
Criteria to strike off
There are criteria you need to meet before striking off your company, these are:
- Business activity: Your company has not conducted business since its incorporation or has ceased business operations.
- No debts: Your company has no outstanding debts to the IRAS, the CPF, or any other government agency.
- No mortgages: Your company has no unpaid mortgages.
- No legal proceedings: Your company is not involved in any legal proceedings, disputes, or litigation (within or outside Singapore).
- No assets and liabilities: Your company has no assets or liabilities at the time of application and no potential future assets or liabilities.
- Application submission: Your company representative must submit an online application.
Striking off process
In this section, you will learn about the whole process from A to Z to get your company struck off from the ACRA Registrar. Make sure you have done each step correctly to ensure an orderly and legal termination.
If you have a dormant company, you can use the same process. However, please note that you need to use the e-Service to Apply for Waiver to Submit Tax Return (Dormant Company) before proceeding to apply for strike-off with ACRA.
If not, you may have to undergo the winding up process:
- Prepare final financial statements and tax returns.
- Pay all tax obligations to the IRAS. IRAS will issue the Latest Statement of Accounts and Last Notice of Assessment for your striking off purpose
- Ensure no debts to any other government agency
- Ensure no pending proceedings, whether in Singapore or elsewhere
Ensure that all accounts receivable and payable have been collected and settled. If not, the creditors will file claims against your business for outstanding debts, which hinders your company's closure process.
Close the company's bank accounts and any associated payment gateways.
You should not close the bank accounts if
- You have not settled any outstanding debts or
- You have unpaid money to government agencies
- You still have tax credit so IRAS can give back to your bank accounts
- Prepare company closure documents.
- Board resolution - to be signed by all directors
- Letter of Consent - to be signed by each shareholder
- Letter of confirmation - to be signed by one director
- The company director, company secretary, or authorized filing agent can submit an online application through the BizFile+ portal using SingPass or CorpPass.
- The application must be complete with company information and the reason for closure.
- ACRA will review and assess the application.
- You have to resolve any objection within 2 months after the application submission
- The assessment process can take up to 4 months or longer if there are objections
- Once approved, the company closure process will commence.
ACRA will issue a suspension notice to the company's registered address and key officers, informing them that the company is in the process of being closed down.
After 30 days from the application approval date, and if there are no objections, information about the company will be published in the Government Gazette to ensure transparency and compliance in the closure process.
After the Government Gazette notification, the company's name will be removed from ACRA's Register of Companies after 60 days. ACRA will notify you and other key persons the exact date.
Upon completion of all steps and the specified timeframes, the Singapore company will be officially closed and cease to exist.
How to wind up a company in Singapore?
What is a company winding up?
Company winding up, also know as company liquidation, is a formal process where your company’s assets are converted into cash to pay off its debts and liabilities.
You can choose to wind up your company wether it is solvent or unsolvent.
A winding up process requires to have a liquidator to handle company cessation and its assets.
Winding up criteria
There are mainly 4 types of winding up in Singapore. You can choose to wind up a company in those scenario:
- Voluntary winding up if the company can pay back all debts within 12 months of the process
- Creditor winding up if the company can not pay back all debts within 12 months of the process
- Winding up by court if a person decide to file an originating summon for the liquidation process
- Simplified insolvency program if you are a small and very small company.
Winding up process
There are 4 ways you can wind up a company in Singapore:
You can choose members' voluntary winding-up if all key persons/directors) believe the company can pay all its debts within 12 months of starting the process.
The process for voluntary winding up is:
1. Declaration of solvency
- The majority of directors must sign the Declaration of Solvency, which includes a statement of affairs showing the company’s ability to pay its debts.
2. Extraordinary General Meeting (EGM)
- Start an EGM within five weeks to adopt resolutions for winding up the company, appoint liquidators, and approve their remuneration.
- Pass a special resolution for winding up the company and appoint a professional liquidator.
3. File and Advertise
- File the resolution with ACRA)within 7 days.
- Advertise the resolution in a Singapore newspaper within 10 days (in English, Chinese, Tamil, and Malay).
4. Tax clearance
- Notify IRAS for tax clearance by submitting the final set of management accounts and tax computations up to the date of business cessation.
- After receiving tax clearance from IRAS, you must decide on the final meeting date and publish the final advertisement.
5. Final meeting and account
- Once the winding-up process is complete, the liquidator prepares an account detailing how the process was conducted and how the company’s property was disposed of.
- The liquidator organize a final meeting to explain the account to those present.
6. Return filing
- Within 7 days after the final meeting, the liquidator must lodge a return with ACRA and the Official Receiver, including a copy of the account.
7. Dissolution
- The company will be dissolved 3 months after the return is lodged.
- Note that the court can declare the dissolution void within 2 years of the dissolution date.
This process ensures that all company affairs are handled correctly and transparently before the company is officially closed.
You can may opt for the Creditors’ voluntary winding up if all key persons/directors decide that the company cannot pay back its debts within 12 months of the process and and cannot file the Declaration of Solvency.
Here's how the process works:
1. Company application
- The company itself applies for winding up; it is not initiated by the creditors.
2. Creditors’ duties
- Say on winding up: Creditors have the right to vote on whether the company should be wound up.
- Appoint a liquidator: Creditors choose who should be appointed as the liquidator.
- Hold a creditors' meeting: A meeting of creditors is convened to discuss and decide on the winding-up process.
3. Meeting notice
- The notice of the creditors' meeting must be advertised in a Singapore newspaper at least 7 days before the meeting date.
4. Winding up by the order of the court
Unlike other types of winding-up processes, winding up by court order involves external parties applying to the court to have the company liquidated. This process can be initiated by:
- Any creditor;
- A liquidator;
- A judicial manager.
To start the process, an Originating Summons must be filed in court. The court may order the winding up of the company for reasons including:
- Failure to lodge statutory reports: The company has not submitted the required statutory reports.
- Failure to hold statutory meetings: The company has not conducted necessary statutory meetings.
- Inactivity: The company has not started a business within a year of its incorporation.
- Illegal purposes: The company has been used for illegal activities.
In certain circumstances, a Singapore company may be dissolved by a Court Order, such as an insolvent Company, etc,
The Court may appoint a liquidator to handle the affairs of the Singapore company. If the Court does not appoint a liquidator, the Official Receiver will be the liquidator of the Singapore company.
The liquidator will file the necessary notices as required by the Companies Act / Insolvency, Restructuring and Dissolution Act.
The Simplified Insolvency Programme (SIP) offers a streamlined, cost-effective process for very small and small companies to wind up or restructure their business debts. SIP includes two distinct schemes:
1. Simplified Winding Up Programme (SWUP)
Purpose: Provides a simplified creditors' voluntary winding-up process for very small and small companies.
Eligibility: For companies that are insolvent, wish to cease trading and choose to wind up.
2. Simplified Debt Restructuring Programme (SDRP)
Purpose: Allows very small and small companies to restructure their debts while continuing operations to improve their financial situation.
What is a small and very small company in Singapore?
Very Small Company: Annual turnover of less than SGD 1 million.
Small Company: Annual turnover of less than SGD 10 million.
Upon dissolution, any tax credits owed by the company will be paid to the Insolvency & Public Trustee's Office (IPTO). Shareholders wishing to claim these tax credits should contact IPTO, which may charge a complaint-handling fee.
Striking off objection: What you need to know
Any individual or business can file an objection to a company’s closure application in Singapore. If an objection is received, the Accounting and Corporate Regulatory Authority (ACRA) will notify the company.
The process will look like this
After ACRA publishes the striking-off notice in the Gazette, it will receive any objection filing and notify your company
Now, your company has 2 months to address and resolve the objection. If you fail to resolve the objection and the objector does not withdraw their objection, the striking off application will lapse.
The company cannot apply for striking off again in the future unless the objection is withdrawn.
How to strike off a branch office or a representative office in Singapore?
If a foreign company’s Singapore branch stops its business or no longer has a place in Singapore, it must notify ACRA within 7 days.
When a foreign company’s head office is dissolved or liquidated, the Singapore branch must also close.
The branch’s authorized representative must file a notice of the company’s liquidation or dissolution using BizFile+.
ACRA will update its records to show that the branch has ceased operations. The foreign company will still be responsible for any taxes from before it stopped business in Singapore.
The foreign company can apply to ACRA for strike-off if it meets certain conditions:
- The sole authorized representative must be replaced before they can resign.
- The representative has not received any instructions from the company for at least 12 months after asking if the company wants to continue operations in Singapore.
- If there is no authorized representative, a Registered Filing Agent must handle the filing.
Additionally, if the branch is registered for GST, it must apply to IRAS to cancel its GST registration.
When a foreign company’s head office is dissolved or liquidated, the Singapore branch must also close. The branch’s authorized representative must file a notice of the company’s liquidation or dissolution using BizFile+. The foreign company can apply to ACRA for strike-off if it meets certain conditions:
- The sole authorized representative must be replaced before they can resign.
- The representative has not received any instructions from the company for at least 12 months after asking if the company wants to continue operations in Singapore.
- If there is no authorized representative, a Registered Filing Agent must handle the filing.
Additionally, if the branch is registered for GST, it must apply to IRAS to cancel its GST registration.
How can Global Link Asia Consulting help you strike off your company?
Global Link Asia Consulting, as your trusted one-stop corporate service provider helping hundreds of business owners start their businesses overseas and manage their companies with success, can help you:
- Prepare and file all necessary documents;
- Assist in tax clearance from IRAS;
- Ensure all legal compliance;
- Handle in resolving any objections;
- Support before, during, and after your Singapore company closure.
FAQs about Singapore company dissolution
The company director, company secretary, or an authorized representative of a registered Singapore company can submit an online application through BizFile+ using SingPass or CorpPass to request the company's closure in Singapore.
A company can be restored within 6 years after its name has been struck off. To initiate the restoration, you must submit the Court Order via BizFile+. Once the order is processed, the company's status will be updated to “live”. This restoration process does not incur any filing fee.
The filing fee is free of charge, the main cost revolves around other administrative tasks
If you choose to strike off your company via your registered agent, the price can depend on various factors, including the company's size, industry, complexity (GST deregistration, tax clearance), and liquidation procedure.
After a company is dissolved, you must ensure that all company books and records are kept for at least five years from the date of dissolution.
- Ensure that all debts and obligations have been paid before closing the company;
- Carry out procedures to cancel business licenses and other related documents;
- Maintain company records in accordance with Singapore law;
- Pay corporate income tax for the last fiscal year before closing the company.