Company Changes

In Singapore, companies can change several aspects of their registration upon application, including the company name, directors, shareholders, business scope, registered capital, and addresses of directors and shareholders.

• Updating Director or Shareholder Information: When there are changes to the information on the certificates of directors or shareholders, such as passport updates, the company must apply for the information change with ACRA within 14 days. Failure to do so within the specified timeframe incurs a fine. For delays ranging from 14 to 30 days, there is an initial fine of SGD 50, which increases progressively, with the maximum fine being SGD 350. This emphasizes the importance of timely updates to avoid financial penalties.

• Share Transfers: If a shareholder is changed, involving a transfer of shares, stamp duty of 0.02% of the value of the transferred shares is levied. The process also requires the submission of new personal documents for the incoming and outgoing directors and shareholders. Additionally, both the new and outgoing directors and shareholders must sign designated documents to formalize the changes.

• Post-Change Documentation: After the company information is updated, a new BizFile is generated, which must be purchased from ACRA. This updated document reflects the latest company details and is crucial for maintaining accurate public records.

Company Closure

Closing a company in Singapore can be either voluntary or forced. A voluntary closure is initiated by the company, while a forced closure occurs due to a court order or bankruptcy.

• Financial Assessment: The first step in closing a company involves understanding the company’s current financial status, including assets, liabilities, and other key information. This assessment is critical to ensure that all financial matters are appropriately addressed before proceeding with the closure.

• Application for Deregistration: The next step is to apply for company deregistration. This involves submitting the necessary documents and information to the relevant authorities to formally dissolve the company. Move2SG can assist with this process, ensuring that all requirements are met and the application is completed correctly.

• Tax Clearance: The final step is to complete tax clearance with the Inland Revenue Authority of Singapore (IRAS). This ensures that all outstanding taxes are settled, and there are no pending tax obligations. Completing this step is essential to avoid any future legal or financial issues.

Choosing Move2SG

Move2SG provides comprehensive support throughout the process of company changes or closures in Singapore. Our services include:

• Assisting in the preparation and submission of all required documents.

• Ensuring compliance with all legal and regulatory requirements.

• Offering expert guidance to ensure a smooth and efficient transition or closure process.

For personalized support and expert advice, please contact us.