In Singapore, there are two methods for closing a company: striking off or winding up. The choice depends on factors such as your company’s tax status, asset condition, and the level of debt.

Regardless of the method, you must follow all the required procedures to properly close the business and avoid potential consequences from missing any necessary actions. Continue reading to learn about the entire process of closing a company in Singapore.

To close a limited or private limited company in Singapore, start by assessing its financial status. If your company is insolvent, winding up is the only option. However, if your company is debt-free and solvent, you can choose either to wind up or strike it off.

Striking off vs. Winding up
While both methods may appear similar, they are quite different in terms of complexity and duration. Striking off is a simpler process, ideal for companies with no outstanding debts. Winding up, on the other hand, is more complicated and can take years, as it involves thorough management of accounts and legal responsibilities.

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