How to Smoothly Deregister a Singapore Co? Step-by-Step Guide Key Tips

Lately, many people who’ve registered companies in Singapore have started asking a very real question What if the business isn’t working out anymore-or you’ve shifted focus-how do you properly shut it down? With global economic conditions getting more unpredictable, an increasing number of small and medium-sized enterprises SMEs, especially those in cross-border e-commerce, are finding themselves needing to exit the Singapore market due to changing demand, rising costs, or strategic relocation. So how can you close your Singapore company efficiently and legally? Let’s break it down-no jargon, just practical advice based on recent policy trends and real-world experience.

First, some context. According to data from Accounting and Corporate Regulatory Authority ACRA, over 35,000 companies voluntarily applied for deregistration in 2025-a 12% increase compared to the previous year. This shows that more business owners are realizing that winding down inactive companies isn’t just about tidying up-it helps avoid unnecessary annual fees and penalties, and more importantly, prevents potential legal headaches. For example, failing to file taxes or submit annual returns could land your company on ACRA’s radar, damage your personal credit record, or even affect future business activities in Singapore or elsewhere.

So, how exactly do you close a company in Singapore? Let’s walk through it step by step.

Step 1 Check if You Qualify for Deregistration

Not every company can simply apply to be removed from the register. ACRA has clear criteria

The company has no outstanding debts.

All assets have been disposed of.

There are no ongoing legal disputes.

All shareholders agree to dissolution.

The company either never started operations, has been completely dormant since incorporation with zero transactions, or hasn’t conducted any business activity in the past three months.

If your company is still active-with employees, bank transactions, or open contracts-you can’t use the simplified strike-off process. You’ll need to go through formal liquidation first.

A word of caution Recent reports show some third-party agents advising clients to falsely declare their companies as dormant just to speed things up. But when caught, these applications get rejected-and worse, the directors may end up on ACRA’s watchlist. Don’t cut corners. Staying compliant is always the smarter move.

Step 2 Clear Your Tax Obligations - The Make-or-Break Step

Many think deregistration is just filling out a form and paying a fee. In reality, the biggest hurdle comes from the tax authority-IRAS.

Before applying with ACRA, you must obtain a No Objection Letter NOL from IRAS. That means your company must settle all tax matters, including

Filing all overdue income tax returns Form C-S or Form C.

Paying any outstanding taxes.

If GST-registered, submitting your final GST return and canceling the GST registration.

Completing CPF contributions and filing IR8A forms for employees if applicable.

Typically, this tax clearance takes 2-4 weeks-but it depends heavily on your history. If your books are messy or you’ve missed filings, you might need to backfill financial statements and tax returns, which can drag things out.

Here’s a real case A Shenzhen-based seller used a Singapore entity for overseas warehousing. When platform policies changed and sales dropped, he decided to close shop. But he hadn’t filed taxes or kept accounts for two years. When he applied for the NOL, IRAS asked for three years of financial records. It took him over two months to sort everything out. Bottom line Stay compliant from day one, so you can exit smoothly when the time comes.

Step 3 Shareholder Approval Document Prep

Once you have the NOL, you’re ready to move forward with ACRA-but not quite yet. Internal steps come first

Hold a shareholder meeting and pass a special resolution to voluntarily dissolve the company.

Prepare minutes of the meeting and collect signed approvals.

Close the corporate bank account.

Safely dispose of company chops, licenses, and other official documents.

These steps aren’t complicated, but they must be done correctly. ACRA uses the BizFile+ system for most processes, and while it’s online and user-friendly, submitting fake or inaccurate documents can lead to rejection-or even trigger an audit.

Step 4 Submit the Application Wait for Review

Log into ACRA’s BizFile+ portal, select Striking Off Application, fill in the details, and upload required documents-including the IRAS NOL and shareholder resolution. The application fee is SGD 60 about RMB 320.

After submission, ACRA usually acknowledges receipt within 7 working days. Then begins a three-month public notice period. During this time, creditors, employees, or other interested parties can object. If someone does, the process halts-or gets canceled altogether.

That’s why being debt-free is non-negotiable. Even a small unpaid invoice to a supplier gives them the right to object, potentially undoing all your efforts.

Step 5 Official Closure Follow-Up Tasks

If no objections arise during the three-month window, ACRA will issue a Certificate of Striking Off, officially ending your company’s legal existence. But don’t celebrate too soon.

Recommended next steps

Keep all financial records for at least five years, in case of future inquiries.

Cancel related assets like business insurance, domain names, or trademarks.

If you’re a director or shareholder with linked businesses in China or elsewhere, update their records accordingly to avoid confusion or compliance issues abroad.

A Few Final Tips

1. Plan ahead Even under ideal conditions, the whole process takes 3-5 months. If tax issues pop up, it could take longer. Don’t wait until your annual renewal deadline looms-otherwise, you’ll pay another year’s fees for nothing.

2. Get professional help when needed While you can handle the process yourself, if your company ever had transactions, filed taxes, or held a bank account, strongly consider hiring a licensed local accountant or corporate services firm. They know how ACRA and IRAS work, and they’ll help you avoid costly mistakes.

3. Beware of guaranteed approval scams Some agencies promise to close your company in a week-for a hefty fee. But here’s the truth ACRA’s process is standardized. No one can expedite it. Legitimate service providers won’t make big promises-they’ll just guide you through the rules.

At the end of the day, closing a company isn’t running away-it’s closing the chapter responsibly. Just like opening a business takes care and planning, exiting should be handled with the same level of integrity. As long as you prepare well and follow the rules, shutting down a Singapore company doesn’t have to be stressful.

After all, ending one journey is often the start of something better. So if you’re thinking about leaving the Singapore market, start organizing your documents today. Take it step by step. Because sometimes, the best way forward is knowing when-and how-to let go.