If your company has no commercial transactions and is not generating income, you can claim it Dormant and save money due to a simplified filing procedure.
We will make sure your business complies with the requirements of ACRA and IRAS so you can switch to our special package for Dormant companies, "Sleeping beauty".
Sleeping beauty (1 year)
Have us minimize the costs of maintaining a dormant company. All the fees and basic filings are included in the price.
- Corporate Secretary package
- Accounting services
- All associated government fees
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.