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Making the decision to shut down a company is never easy. We're here to help
Doing business has never been more uncertain and complicated in the face of an ever-changing world. Under such circumstances, business owners may choose to close down their ventures to cut losses or to seek alternative opportunities.
Regardless of the reason for shutting down a company, it is imperative to do so properly to prevent legal repercussions and further liabilities.
Making the decision to shut down a company is never easy.
We're here to help
Doing business has never been more uncertain and complicated in the face of an ever-changing world. Under such circumstances, business owners may choose to close down their ventures to cut losses or to seek alternative opportunities.
Regardless of the reason for shutting down a company, it is imperative to do so properly to prevent legal repercussions and further liabilities.
2 ways to shut down a company
Striking Off
Winding Up
2 ways to shut down a company
Striking Off
Winding Up
Alternatively, one may have the company wound up voluntarily or involuntarily (by order of court).
Winding up, also known as liquidation, is the process of selling a company’s assets to pay off debts. Liquidation leads to the dissolution of the company where the company ceases to exist. This process will require the employment of a licensed liquidator.
There are 3 methods of winding up a company:
• Members’ Voluntary Winding Up
• Creditors’ Voluntary Winding Up
• Compulsory Winding Up
For all 3 ways, the liquidator will have to file the necessary notifications required under the Companies Act / Insolvency, Restructuring and Dissolution Act. It may be helpful to seek professional advice when faced with any uncertainties.
Striking Off
To close a company, an application can be submitted to the Accounting and Corporate Regulatory Authority (ACRA) for the company name to be stricken off from the registrar.
ACRA will only approve applications if there are reasonable grounds to believe that the company is not continuing business, and fulfill all the requirements to be struck off.
The reviewing process is expected to take more than 4 months. During this time, any interested party may choose to lodge an objection against the striking off of the company. Resolution must be reached within 2 months of the objection, else a new application for striking off will be required. Bank accounts should also not be closed until all outstanding matters have been resolved.
Do note that if the company is GST-registered and has ceased operations, there is a need to cancel the GST registration within 30 days.
Striking off a company does not always mark an irreversible termination of the company. Struck off companies can be restored within 6 years and the company will be regarded as having continued in existence as if its name had not been struck off the register.
Winding Up
Alternatively, one may have the company wound up voluntarily or involuntarily (by order of court).
Winding up, also known as liquidation, is the process of selling a company’s assets to pay off debts. Liquidation leads to the dissolution of the company where the company ceases to exist. This process will require the employment of a licensed liquidator.
There are 3 methods of winding up a company:
• Members’ Voluntary Winding Up
• Creditors’ Voluntary Winding Up
• Compulsory Winding Up
For all 3 ways, the liquidator will have to file the necessary notifications required under the Companies Act / Insolvency, Restructuring and Dissolution Act. It may be helpful to seek professional advice when faced with any uncertainties.
Closing a company can be difficult
We're here for you
You're not alone. Let us help you close this chapter well so that you can begin the next.
Feel free to contact us if you need more information or require any assistance. Simply click on the button below to connect with us on Whatsapp.
Closing a company can be difficult
We're here for you
You're not alone. Let us help you close this chapter well so that you can begin the next.
Feel free to contact us if you need more information or require any assistance. Simply click on the button below to connect with us on Whatsapp.
VENTUREHAVEN – SINGAPORE
Address: 531A Upper Cross Street #04-95,Hong Lim Complex
Singapore 051531
Phone: +65 6444 3130
WhatsApp: +65 8122 3888
Email: contactus@venturehaven.com.sg
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Phone: +60 3-2732 7628
WhatsApp: +60 11-1617 8668
Email: contactus@venturehaven.com.my
Operations Hours: Monday – Friday /9:00am – 6:00pm, except Public Holidays
ACRA REGISTERED FILING AGENT FA20133266
VENTUREHAVEN – SINGAPORE
Address: 531A Upper Cross Street #04-95, Hong Lim Complex
Singapore 051531
Phone: +65 6444 3130
WhatsApp: +65 8122 3888
Email: contactus@venturehaven.com.sg
Operations Hours: Monday – Friday / 9:00am – 7:00pm, except Public Holidays
VENTUREHAVEN – MALAYSIA (JB)
Address: H-03-03, H-04-03, Komersial Southkey Mozek, Persiaran Southkey 1, Kota Southkey, 80150 Johor Bahru, Johor
Phone: +60 7-336 4545
WhatsApp: +60 11-1617 8668
Email: contactus@venturehaven.com.my
Operations Hours: Monday – Friday / 9:00am – 6:00pm, except Public Holidays
VENTUREHAVEN – MALAYSIA (KL)
Address: D-11-05, Menara Suezcap 1, KL Gateway, Gerbang Kerinchi Lestari, No 2, Jalan Kerinchi, 59200 Kuala Lumpur
Phone: +60 3-2732 7628
WhatsApp: +60 11-1617 8668
Email: contactus@venturehaven.com.my
Operations Hours: Monday – Friday / 9:00am – 6:00pm, except Public Holidays
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