How Much Does It Cost to Cancel a Singapore Company? Detailed Analysis of Costs and Process

Canceling a company in Singapore is a legal process that requires careful handling, involving multiple steps and costs. For business owners who have registered companies in Singapore, understanding the cancellation process and associated costs is essential. Recently, as Singapore continues to optimize its business environment, relevant regulations are also being gradually adjusted to enhance transparency and efficiency. This article will comprehensively analyze the costs and procedural details of canceling a Singapore company based on the latest news.

First, it is important to clarify that company cancellation in Singapore mainly falls into two categories Winding Up and Voluntary Strike Off. Each method applies to different situations and affects the final costs and time frame accordingly.

According to the Companies Act of Singapore, if a company has ceased operations and has no outstanding debts or assets, it can choose to cancel the company through the Voluntary Strike Off method. This method is relatively simple, but it requires the company to meet specific conditions, such as having no unpaid taxes or unresolved litigation cases.

According to a report by The Straits Times in May 2025, the Accounting and Corporate Regulatory Authority ACRA of Singapore stated that the processing time for voluntary strike off applications has been reduced from the original 12 weeks to 8 weeks since 2025, further improving efficiency. However, this process still requires the company to submit complete financial statements and tax clearance certificates.

In terms of costs, according to ACRA's official website, the application fee for a voluntary strike off is 100 Singapore dollars approximately 500 Chinese yuan. In addition, there are audit fees for accountants, which usually depend on the size and complexity of the company. Small companies may pay around 500 to 1,000 Singapore dollars for an audit, while larger companies may face costs ranging from several thousand to tens of thousands of dollars.

The other option is liquidation, which applies when a company still has assets or liabilities. The liquidation process is more complex and typically requires hiring a professional liquidator to handle asset disposal and debt repayment according to legal procedures. According to a report by Today in June 2025, due to recent economic fluctuations, more and more businesses are choosing liquidation over voluntary strike off to ensure the rights of all creditors are protected.

The costs of liquidation are usually higher, including the remuneration of the liquidator, publication fees, legal fees, and potential costs related to tax issues. According to market research, the average cost of liquidation for a regular company ranges between 3,000 and 10,000 Singapore dollars, with the exact amount depending on the company's size and debt situation.

It is important to note that even after a company has been canceled, it may still face subsequent responsibilities. For example, if the company had unreported tax issues before cancellation, the Inland Revenue Authority of Singapore IRAS may continue to hold it accountable. Before officially applying for cancellation, make sure all financial matters have been properly handled.

To avoid unnecessary trouble, many business owners choose to hire professional company secretarial service companies or accounting firms to assist with the entire process. These institutions are not only familiar with the relevant regulations but also offer one-stop services, including document preparation, application submission, and communication with authorities. According to a survey by Business Times in July 2025, over 60% of small and medium-sized enterprise owners seek professional help when canceling their companies to reduce legal risks.

At the same time, Singapore is continuously optimizing its company cancellation process. For example, the e-StrikeOff electronic cancellation system launched by ACRA simplifies the application process, allowing business owners to quickly submit documents and track progress through an online platform. This digital transformation not only saves time but also reduces administrative costs.

It is worth noting that although canceling a company may seem like a simple operation, it actually involves multiple legal obligations and responsibilities. It is recommended that companies fully understand the relevant regulations and consult professionals before making a decision.

In summary, the costs and procedures for canceling a Singapore company vary depending on the company type, financial status, and cancellation method. Generally, voluntary strike off has lower costs and is suitable for companies with no debts or assets, while liquidation is appropriate for companies with complex financial issues. Regardless of the method, it is essential to ensure all procedures are legally compliant to avoid future disputes or legal liabilities.

Finally, as Singapore's business environment continues to improve, the company cancellation process is becoming increasingly efficient and transparent. For business owners who plan to cancel their companies, staying updated on the latest policies and fee standards will help them complete the process smoothly and minimize unnecessary losses.