SG Company Deregistration

In today's globalized world, Singapore, as an important financial center and business hub in Asia, has attracted countless companies to set up companies here. However, with the changes in the market environment or the need for strategic adjustments, some companies may need to consider deregistering existing companies or transferring companies. This article introduces the deregistration process of Singapore companies and the costs of company transfers, and introduces how to successfully complete these processes through NEO's professional services.

Singapore Company Deregistration Process

When a company decides to cease operations, it must go through a formal deregistration procedure in accordance with Singapore law. Here are the basic steps:

1. Resolution to dissolve: First, the company's board of directors must hold a meeting and pass a resolution to dissolve the company and appoint a liquidator to be responsible for liquidation matters.

2. Notify creditors: The liquidator is responsible for issuing written notices to all known creditors and publishing a liquidation notice in the departmental gazette to invite creditors to declare their claims.

3. Pay off debts: During the liquidation process, all outstanding debts should be paid off, including payment of employee wages, taxes and other accounts payable.

4. Submit documents: After completing the above steps, the liquidator needs to submit the final financial statements and liquidation report to the Singapore Accounting and Corporate Regulatory Authority (ACRA) and apply for deregistration of the company.

5. Wait for approval: Once all necessary documents are accepted and reviewed, ACRA will issue a confirmation of company deregistration, marking the company's official removal from the registration list.

The entire deregistration process usually takes 6 to 12 months, depending on the specific circumstances of the company and whether there are complex issues.

Singapore company transfer costs

For those companies that want to keep the company but want to change the ownership structure, company transfer is a viable option. The following are the main costs involved:

1. Transfer fee: This is the amount paid by the buyer to the seller to obtain ownership of the company. The specific amount depends on factors such as the company's asset value and profitability.

2. Legal fees: During the entire transfer process, it is necessary to hire a professional lawyer for legal advice and document preparation, and the cost is approximately between several thousand and tens of thousands of Singapore dollars.

3. Registration fees and taxes: After completing the company transfer, you will also need to pay certain registration fees and taxes, such as stamp duty, which is calculated at 0.2% to 4% of the transfer fee, and the specific tax rate depends on the transfer amount.

4. Other related expenses: There may also be some additional fees, such as audit fees, translation fees, etc., which are relatively small, but they also need to be included in the overall budget for consideration.

Why choose NEO?

With years of accumulated experience and expertise, NEO is able to provide customers with a full range of services:

Personalized solutions: We provide customized solutions for companies of different sizes and industries to ensure that the unique needs of customers are met.

Efficient execution: Our team is familiar with the various regulations on the deregistration and transfer of Singapore companies, and can complete tasks quickly while ensuring quality.

Comprehensive support: From initial consultation to final completion, we provide customers with full guidance and support to ensure that every step goes smoothly.

Transparent charges: We promise an open and transparent pricing strategy, eliminate any hidden fees, and give customers a clear understanding of every expenditure.

Whether it is deregistering or transferring a Singapore company, it is a complicated process involving multiple aspects of preparation and costs. By working with NEO, you can get professional advice and services to ensure that the whole process is both compliant and efficient. If you are considering deregistering or transferring your company, or want to know more details, please feel free to contact our professional advisory team.