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Singapore Company Changes:

• If there are changes to directors' or shareholders' identification information, such as passport renewal, an information change application must be submitted to ACRA within 14 days. A fine of SGD 50 will be imposed if the submission is 14–30 days late, with the penalty increasing over time up to a maximum of SGD 350.
  
• If there is a change in shareholders (i.e., share transfer), stamp duty will apply at 0.2% of the value of the transferred shares. When changing shareholders or directors, new personal identification documents must be provided, and designated documents must be signed by both incoming and outgoing directors/shareholders.
  
• After company information changes are completed, a new BIZFILE will be generated and must be purchased from ACRA.
  

Singapore Company Closure generally falls into two categories:

1. Voluntary closure.
   
2. Compulsory closure by court order or bankruptcy.
   

Company Closure Steps:

1. Convene a Board or Shareholders' Meeting: Company directors need to convene a meeting to discuss and decide on the closure of the company. If the company has shareholders, a shareholders' meeting may be required.
   
2. Liquidate Assets and Settle Debts: Arrange for the liquidation of company assets and settlement of debts. The company needs to obtain funds through the sale of assets or other means to settle its debts.
   
3. Submit Closure Application to Government Authorities: The company needs to submit a closure application to the relevant Singapore government departments, such as the Accounting and Corporate Regulatory Authority (ACRA), to confirm deregistration and ensure annual filing requirements are met.
   
4. File Taxes: The company must ensure all tax matters are properly handled, including filing and paying any outstanding taxes. Assistance is provided to complete tax clearance with the Inland Revenue Authority of Singapore (IRAS).
   
5. Deregister the Company: After completing the above steps, the company can apply to ACRA for deregistration. ACRA will review and confirm whether the company can be officially closed.
   
6. Clear Company Records: The company needs to retain necessary records and documents for possible future reference.
   

Company changes or closure involve complex procedures, and it is essential to comply with relevant regulations. Our professional advisors will provide assistance and guidance to ensure everything proceeds smoothly. Please contact us for more information.

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