All types of businesses-sole-proprietors, partnerships and companies - must notify Accounting and Corporate Regulatory Authority (ACRA), once they have decided to terminate the business in Singapore. The notification to ACRA can be given online through BizFile or the Online Business Licensing Service (OBLS). Through OBLS, the ACRA can be notified and also the license and permits can be terminated.
A business owner may close a business by filing a notice of termination or a notice of cessation of business online. The owner will have to log into www.bizfile.gov.sg using his ID No. and Sing pass to file the online notification to close the business.
A LLP could apply to ACRA to strike off its name off the register, pursuant to Section 38 of the LLP Act. ACRA would accept, provided there is reasonable reason to believe the LLP is not carrying on business and the LLP is able to satisfy the criteria for striking off.
An LLP could wind up voluntarily if the partners are of the opinion that the LLP would be able to pay its debts completely within 12 months. In such a case it is mandatory the LLP appoint a liquidator or provisional liquidator to wind up its business.
A company may apply to ACRA to strike its name off the Register pursuant to Section 344 of the Companies Act. ACRA may approve the application if it has reasonable cause to believe that the company is not carrying on business and the company is able to satisfy the criteria for striking off.
Notify the Central Provident Fund (CPF) Board
- All businesses be it a sole-proprietorship, partnerships and companies, that have shut down operations and do not have any employees in the payroll will have to inform the CPF Board through an official written letter.
- The official letter to CPF Board must be signed by authorized personnel with their designation.
- All outstanding CPF contributions to the employees must be settled. The last employment date of all employees must be mentioned in the CPF payment form.
- On receiving the letter, CPF would cancel the Employer Reference number.
The Central Provident Fund (CPF) is a comprehensive social security savings plan that has provided many working Singaporeans with a sense of security and confidence in their old age.The scope and benefits of the CPF include retirement, healthcare, home ownership, family protection and asset enhancement.
Notify the Inland Revenue Authority of Singapore (IRAS)
Sole Proprietors and Partnerships
- The IRAS should be informed of the termination, so that the tax records are updated. Again an official letter, signed by authorized personnel must be sent to IRAS.
- Documentary proof of the termination of the business must be submitted.
- A statement of the business income up to the date of termination or cessation must be submitted.
Any letter, documentary proof of termination and statement of business income must be sent to
Inland Revenue Authority of Singapore (IRAS)
55 Newton Road
Revenue House
Singapore 307987
Fax: (65) 6351 4358
Email: seb-queries@iras.gov.sg
Notify the Licensing Authorities
Before starting a business, various licenses and permits must be obtained. The termination of licenses and permits can be done through the Online Business Licensing Service (OBLS). The Online Business Licensing Service (OBLS) allows the user to submit one or multiple license applications to the relevant government agencies. On OBLS one can find the licenses and permits that apply to the business, apply and pay for licenses and permits online and register a new business.
