A dormant company with no assets or liabilities can apply to ACRA to be struck off; a company with assets and liabilities must go through winding up. There are two main routes to close a Singapore company. Strike off: suitable for a company that has ceased business, has no assets or liabilities, no pending legal proceedings and has settled its taxes; the directors apply to ACRA to deregister, and after ACRA reviews and gazettes the application, if there is no objection the company is struck off within a few months — the cheapest and most common route. Winding up (liquidation): suitable for a company with assets and liabilities to be dealt with or a more complex situation; it can be a members' voluntary, creditors' voluntary or court winding up, requiring a liquidator to realise assets, settle debts and distribute the surplus — a longer, costlier process. Either way, before closing, complete all outstanding ACRA/IRAS filings, settle taxes and close bank accounts. The corporate secretary can help prepare the resolutions and filing documents.
