There are six (6) ways to close a Singapore company.
1. Striking off
A company may submit an application to ACRA to strike off its name.
ACRA will approve the application and check that the company is not carrying on business and satisfy the criteria to strike off.
2. Members’ Voluntary Liquidation (MVL)
A statement of assets and liabilities must be prepared based on the latest financial position of the company.
The directors must hold a meeting to approve the declaration of solvency and convene an extraordinary general meeting (“EGM”) to approve the special resolution for the winding-up the company and to appoint a liquidator.
The liquidator will take charge of MVL, advise the directors on the procedures and file the necessary notifications required.
3. Creditors’ Voluntary Liquidation (CVL)
The directors may decide to opt for a CVL if the directors believe that the company cannot continue its business (i.e. insolvent).
The directors must convene an extraordinary general meeting (“EGM”) to approve the special resolution for the winding-up the company and to appoint a liquidator.
The liquidator will take charge of CVL, advise the directors on the procedures and file the necessary notifications required.
4. Compulsory Winding up
A company may be wound up under a Court Order and the Court may appoint a liquidator to wind down the company.
If the Court does not appoint a liquidator, the Official Receiver shall be the company’s liquidator.
The liquidator will file the necessary notifications required.
5. Receivership
The company may be placed under receivership and the appointed receiver will enforce a charge for the benefit of holders of debentures of the company.
6. Judicial Management
If a company or its creditor(s) determines that the company is not able to pay its debts and there is a reasonable probability of improving the company’s financial health, instead of a winding up, the Court may issue an order that the company be placed under judicial management.
A judicial manager will be appointed.
Should you need assistance or would like to find out more about Strike Off Company services in Singapore, please send an email to Contact@AccountingSolutionsSingapore.com, and our business advisor will contact you.