We Make Your Company Dormant
We take care of all filings and make sure your Dormant company stays compliant without bothering you and for the minimum cost
What Being Dormant Means for your Business
What is a dormant company?
Generally a company becomes Dormant if no business activity occurs: no sales, no purchases, no employment, no dividends, and no income.
In Singapore Acra and IRAS are responsible for giving a company the Dormant status. And each has its definition. If you want to get the best of this status, it is ACRA that must recognise your company as Dormant. A dormant company don’t need to prepare financial statements for ACRA and IRAS waives its tax filing duty.
How is it different from closing a company?
You may want to close a company if you have no further plans for it. However, if you are not ruling out the possibility of using the company again, we recommend keeping it dormant.
How do I apply to become a dormant company?
You must notify IRAS and ACRA by preparing your annual filings accordingly. Your company must meet the requirements of each authority for Dormant. Osome professionals will make sure all the requirements are fulfilled and take care of the filings.
Are you actually dormant?
Singapore government has a very specific definition of what being dormant means. Make sure you comply:
- You’re not generating income: no sales, investments, etc.
- You have no expenses: no salaries, dividends, etc., except the statutory ones: Corporate Secretary, registered office, fines.
IRAS definition: no money in, no money out
ACRA definition: not listed
Your company is not listed, your assets are under S$500,000, you’re not a subsidiary of a company like that.
Why do I have to report anything if I’m dormant?
Tax return
You are required to submit a nil one even when you have no income
Annual filings
Corporate Secrtary Routine. You don’t have to hold the Annual General Meeting, but you need to report that you’re still Dormant
Management reports
Accounting Routine. Including Balance Sheet and P&L even if you don’t have transactions
Packages for Dormant companies
We take care of the application and handle the process online
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FAQ
What’s a dormant company?
Your company becomes dormant if you haven’t had any transactions or income for a year. The year, in this case, is your tax evaluation period, not a calendar one.
What are my responsibilities with a dormant company?
You still need to submit your annual tax return, that’s how IRAS (tax authority) knows you are actually dormant. You also need to hold an Annual General Meeting (AGM). You don’t have to gather physically, releasing necessary documents is enough.
How do I apply for Dormant company?
The procedure to notify the Authorities (ACRA & IRAS) about your company’s dormancy status is, in essence, preparing your annual filings accordingly. The most important part is to make sure that you comply with the requirements for Dormant of each authority. When providing this service, we make sure that all the requirements are fulfilled and take care of the filings.
What does the process look like?
When the time comes for your annual filings and AGM preparation, we’ll send you all documents in a chat. You don’t have to keep these deadlines in your mind.
Can I use my dormant company again later?
Sure, you just need to inform IRAS within a month after you go back to business. We’ll do that for you.
Why would I keep a company Dormant if I can close it?
If you want to close down your Singapore business, we can assist you to strike it off. However, if you do not rule out that you might use this company again, consider keeping it Dormant. It makes sense if you have a brand name, licenses or patents related to it. You can also use it to strategically hold investments in Singapore, however, you may not derive income from them.
How to file for annual return for a dormant company?
File your annual return, or income tax returns, for your dormant company using Form C-S or Form C for Dormant Company online through the e-Service at mytax.iras.gov.sg e-Filing. Your company’s director, company secretary, or registered filing agent can do this annual return filing for you. If you want to do it yourself, make yourself an “Approver” through CorpPass.
You can also apply to IRAS for a waiver to be exempted from filing an annual return.
Check if you qualify:
- All financial statements and taxes for when the company was active have been filed
- Your company does not own any investments that generate revenue or income;
- You don’t intend to carry out any business transactions for the next two years
- You have de-registered for Goods and Services Tax (if you had registered for it)
Additionally, you don’t have to prepare financial statements from ACRA if you fulfil these three things:
- Your company is not a listed company or a subsidiary of a listed company
- Your company holds no has less than S$500,000 in assets
- Your company has been Dormant since the formation of the end of its previous financial year.
Can a dormant company hold assets?
Yes, it can. However, the assets of your dormant company cannot exceed S$500,000.
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