Sometimes, business owners decide to end their business because they face difficulties or do not wish to continue. In order to close down your business, you must follow these procedures:
Notify The Accounting and Corporate Regulatory Authority (ACRA)
Notify The Central Provident Fund (CPF) Board
Notify The Inland Revenue Authority Of Singapore (IRAS)
Notify The Licensing Authorities
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Notify The Accounting and Corporate Regulatory Authority (ACRA)
- All businesses - sole-proprietors, partnerships and companies - must notify ACRA if they terminate their business. You should not wait for your business registration to expire due to non-renewal.
- You can notify ACRA online using BizFile or the Online Business Licensing Service (OBLS). Using OBLS, you can notify ACRA and, at the same time, terminate your licences and permits.
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Notify The Central Provident Fund (CPF) Board
- Businesses (including sole-proprietorships, partnerships, and companies) that have ceased operations and are no longer employing any employees will have to write in to the CPF Board immediately.
- Write a letter to CPF Board informing them that you are terminating your business. The letter must be signed by authorised personnel (state his/her designation) of the business. The letter can be sent to the CPF Board via mail or fax.
- You should pay all outstanding CPF contributions for your employees. Remember to indicate the last employment date of all employees in the CPF payment form.
- Once CPF receives your letter, your Employer Reference number will immediately be cancelled.
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Notify The Inland Revenue Authority Of Singapore (IRAS)
Sole Proprietors and Partnerships
- You should inform IRAS of termination so that your tax records are updated. Like in the case of CPF, you will need to write an official letter, signed by authorised personnel.
- You will need to produce documentary proof that your business has been terminated. You can obtain this document from ACRA when you notify ACRA of termination.
- You will also need to provide a statement of your business income up to the date of termination or cessation.
- Please send your letter, documentary proof of termination and statement of your business income to:
Inland Revenue Authority of Singapore (IRAS)
55 Newton Road
Revenue House
Singapore 307987
Fax: (65) 6351 4358
Email: seb-queries@iras.gov.sg
Companies
- Companies can be terminated either by "Liquidation/Winding Up" or "Striking Off".
- In the case of liquidation/winding up, your company's assets are turned into cash to pay off any outstanding debts and liabilities. The person appointed to handle the liquidation, the liquidator, will inform IRAS on your behalf.
- In the case of striking off, you are terminating the business without liquidating the company's assets. Certain stringent requirements must be met before you can strike off your company. As part of the process, you must inform IRAS and obtain tax clearance. You will need to settle all outstanding taxes with IRAS.
- For more information, contact IRAS:
Inland Revenue Authority of Singapore (IRAS)
55 Newton Road
Revenue House
Singapore 307987
Fax: (65) 6351 4360
Email: ctmail@iras.gov.sg
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Notify The Licensing Authorities
- When you started your business, you may have obtained various licenses and permits (e.g. Travel Agency Licence).
- You need to terminate your licences and permits using the Online Business Licensing Service (OBLS). You can also use OBLS to notify ACRA of termination.
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Sole-proprietors and partnerships may terminate their business due to financial difficulties. They can declare themselves bankrupt or their creditors may file a bankruptcy petition against them.
Corporate Bankruptcy
Companies that run into financial troubles may also be liquidated. The company assets are seized and turned into cash to pay off all outstanding debts and liabilities. back to top
