Dormant Company

Package Cost for Dormant Company is S$388.**

If your Company Dormant status falls under the  2 definitions below then we treat your Company as dormant and we will help you shut down the Company by Striking Off for $388. 

**fee is applicable for Company up to 5 officers (directors and shareholders in total)

We will perform the following :

1. Check with IRAS that Company has No liability outstanding.

2. Confirm that the Company has met its Statutory obligations  since its incorporation and there is nothing outstanding

3. Prepare Final Balance Sheet showing Zero Assets and Liabilities at Date of Strike Off

4. Prepare Directors Minutes to propose to shareholders to Strike off the Company since the objective of starting a business is no longer relevant and Company has not traded and no intention of doing so and Approve the Final Accounts.

5.Prepare Directors Resolution to approve the Return of  balance of Shareholders Capital to shareholders  and obtain signed receipt.

6.Prepare the Notice of Extra Ordinary Meeting to Shareholders and Hold the EGM to approve the Final Accounts and Vote upon the Special Resolution to Strike Off the Company, and prepare the EGM Minutes.

7. Lodge Application with ACRA to Strike off the Company.

8. Update Client’s Statutory Registers/records  with copies of the paperwork of the above by passing these to client.

9. When Final notification of Strike Off of Company received from ACRA to inform Client.

In Singapore, both ACRA (Accounting and Corporate Regulatory Authority) and IRAS (Inland Revenue Authority of Singapore) are involved with conferring the Dormant status and each has its own definition. However, for you to enjoy all the benefits of this status, it is ACRA that must consider your company dormant.

Dormant company ACRA definition

ACRA exempts Dormant companies from preparing financial statements and holding physical AGMs. It considers a company Dormant if it had no accounting transactions within a given period. ACRA still treats your company as Dormant even if it does the following:

  • Appoint a company secretary
  • Maintain a registered office, registers, and books
  • Pay fines, penalties, or fees to ACRA

Dormant company IRAS definition

IRAS can release Dormant companies from filing tax returns. For them the important part is that the company is not generating income. Having statutory expenses (pay Company Secretary Fee ; pay Accountants & Tax Agent Fees) does not affect your Dormant status.

The Company must file with IRAS dormant status for approval.