The Singapore Companies Act gives the Accounting and Corporate Regulatory Authority [ACRA] the right to de-register any business if it thinks a business is no longer in existence.
If a foreign company wishes to deregister it’s branch office in singapore, it must notify within 7 days of ceasation of it’s activities to Singapore Accounting and Corporate Regulatory Authority (ACRA) otherwise a penalty will be imposed for late filing. ACRA’s online filing portal i.e BizFile can be used to complete the procedure of deregistration. One can use it’s personal access password (Singpass) to cloak into the official business filing portal.
What should be done before de-registration of a branch?
Before filing an application on ACRA for cancellation of a company’s registration, companies must resolve any outstanding tax concerns because IRAS will not be able to pay out tax credits to a third party if the company’s bank accounts are closed. A closed company’s records and papers must be retained for at least five years from the date of dissolution by a previous director, secretary, or someone employed in an executive position.
What is the process of de-registration?
If its headquarters has been dissolved or is in liquidation, the foreign branch must cease its business in Singapore. Authorized representatives of overseas branches must submit the “Notice by Authorised Representative of Foreign Company of Liquidation or Dissolution of Company” through BizFile+
If a foreign company meets the following conditions, it can apply to ACRA for removal:
- The sole authorized representative is unable to resign because the company has not appointed a replacement.
- The authorized representative has received no instructions from the company for at least 12 months after a request has been made regarding whether the foreign company intends to continue operations in Singapore.
- The foreign company has no authorized representative (can be filed only by registered filing agent).
If a foreign company or its local branch in Singapore has registered for GST, it must apply to IRAS to cancel the GST registration.
How Bluebox can help?
Bluebox helps the organizations by submitting the deregistration files with ACRA. In order to make sure that deregistration standards are met, we verify all the secretarial documents and help in discharging outstanding tax liabilities. If a company has financial institution debts, we tend to settle them as well to smoothen the deregistration process.
Restructuring
Corporate restructuring also known as business restructuring, whether it’s an operational or financial turnaround, may be a powerful instrument for protecting a company’s value and that of its stakeholders.
Dissolution & Winding Up
Singapore provides entrepreneurs with a variety of choices for winding up their firms, based on their level of debt, tax status, and the condition of their assets. Directors have a legal obligation to wind up an insolvent corporation under company law.
Entity Strike Off
The Singapore Companies Act empowers ACRA to remove a company from the Register if there is reason to believe that the company has ceased operations or has met certain conditions. We will assist you in understanding the conditions for striking off as well as the process involved