What if you decided to close down your business
If you operate a foreign business with a branch or representative department in Singapore, you should be familiar that you have a lawful obligation to notify the IRAS in penning if you agree to discontinue and take up your virtual office address business in Singapore.
The direction to achieve this is by documenting Notification by the Agent of a Foreign Company of the Liquidation or Dissolution of a Company via BizFile. This document should be documented by the regional agencies of the foreign department.
Like regional corporations, foreign-owned bureaus have to deliver accounts and tax estimations up to the date of termination of business. They must moreover resolve all outstanding tax matters and detriments in Singapore before ACRA will countenance receiving their application to be struck off. This comprises discontinuing GST for local corporations.
If the head office of a foreign corporation with a branch in Singapore is liquidated, shut down, or put into the council, the parent corporation must inform the IRAS by this means.
Singapore is a jurisdiction that provides entrepreneurs with a spectrum of alternatives for closing businesses, relying mainly on your corporation’s level of gratitude, tax status, and the state of its possession. Hopefully, your corporation will not have to meet face to face with this decision. But if you agree to shut down your company, it may be best to commit to a corporate services firm like Hey Sara to take care of the formalities.
- Closing a foreign company
A foreign branch has to discontinue its undertakings in Singapore if its head office has been crumbled or is in liquidation. The authorized envoy of the foreign branch is compelled to house “Notice by Authorised Representative of Foreign Company of Liquidation or Dissolution of Company” via BizFile+.
The foreign corporation may pertain to ACRA for striking off if it is eligible to fulfill the subsequent norms for striking off:-
- The sole enacted representative is incapable of retiring because the firm has not nominated a replacement.
- The authorized representative has obtained no teachings from the corporation for at least 12 months after a petition has been made regarding whether the foreign firm plans to proceed with undertakings in Singapore.
- The foreign firm has no authorized representative (can be documented only by registered filing agent).
If the foreign corporation or its regional branch in Singapore is GST enrolled, it has to pertain for revocation of GST registration with IRAS.
- Choose Hey Sara for your best assistance while closing down your business
We have assisted several business holders in dealing with aggravating financial situations. We give them real solutions to about-face or shut down Singapore corporations.
Our team of skilled and competent experts advises directors, management, and shareholders to hive down and wind up a firm in Singapore.
Give us a call, send us an email or let us a remark and let us counsel you through the liquidation technique today.
All conversations will be protected confidential. So that your process to close a Company in Singapore can be made easy.