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 & 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 & 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,