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FAQs  Closing a Business


I want to close the business but my partners do not agree. What can I do?

You can choose to withdraw as a partner of the business firm and leave your other partners to carry on with the business. However, all the other partners need to consent to your withdrawal from the firm.



Why does ACRA send so many copies of the cancellation notice by registered post?

We want to ensure that it is brought to the attention of the business firm and its owner(s) and manager(s) that we are going to take action to cancel the registration of the firm.



I have received the cancellation notice and need more time to renew. Can I apply for an extension?

Yes. You may call us at 62486028 or drop us an email at www.acra.gov.sg/askacra. We will extend the deadline for you. Please contact us before the expiry of the grace period in the cancellation notice.



My business registration has been cancelled. Can ACRA reinstate the business to live?

No. The Registrar has no power to reinstate the business to live. We would advise you to register a new business using the same name. This is on condition that the owners of the new business were the owners of the previous business.



If my business registration is cancelled and I register a new business, do I retain the same registration number and the date of registration?

No. You will be issued with a new registration number and the date of registration will be the date you pay the registration fee to register the new business.



If I am issued with a new registration number, how will I convince the other agencies that it is the same business firm?

You have to purchase the business profiles of both the old and the new entity and produce it as proof to these agencies.



I want to do business with a business firm. However the status is shown as registration expired and has not been renewed. What does this mean?

It means that the firms business registration has expired but the owner has not taken steps to renew the business registration.



Does ACRA have the power to cancel my business registration?

Yes. Section 15(5) of the Business Registration Act empowers the Registrar to cancel the business registration if the firm is not carrying on business.



Will ACRA notify me once the business is cancelled?

No. You may purchase a business profile to check on the status of the business firm.



I have received a cancellation notice. Can I renew the registration without paying my Medisave with the CPF Board?

No. You will have to settle your Medisave first and then renew the business registration. If you need more time to attend to this matter, please call us at 62486028 or drop us an email at www.acra.gov.sg/askacra. We will extend the deadline for you. Please contact us before the expiry of the grace period in the cancellation notice.



How do I terminate my business firm?

Please submit an online transaction via www.bizfile.gov.sg. The fee payable is $20. Termination requires the consent of all the partners (if the business firm is a partnership) and the partners have to log into the system using their individual ID and SingPass to endorse the transaction to terminate the business. Once everyone has endorsed, the status of the business will be updated as terminated.



How to cease my business firm?

Please submit an online transaction via www.bizfile.gov.sg after the expiry date of the business registration. There is no fee payable for this transaction. The date of cessation will be the date of expiry of the business registration.



Do the partners need to endorse the transaction to cease business?

No endorsement is required for cessation of business. Endorsement is only required for termination of business.



Why do I have to pay for termination when the filing of the notice of cessation is free of charge?

Termination is a voluntary act by the owner to close the business firm. The owner can choose any date of termination but the date must be before the date of expiry of business registration. Cessation on the other hand is a decision by the owner not to carry on business after the business registration has expired. The owner cannot choose the date of cessation. It is defaulted to the date of expiry of business registration. This is why there is no filing fee for submitting the notice of cessation.



Can I postdate the termination date?

No. You cannot postdate the termination date unless you are planning to terminate the business and incorporate a company (private limited) using the same name.



When can I file for notice of cessation?

You can file the notice of cessation after the date of expiry of the business registration.



I am unable to terminate my business on the business expiry date. What should I do?

Please file a notice of cessation online. There is no filing fee payable for submitting this online form.



I have received a cancellation notice from ACRA. What should I do?

If you want to renew the business registration, you will log into www.bizfile.gov.sg to renew the business registration. In addition to the renewal fee of $20, you will also have to pay a penalty for late renewal.



How long can I postdate the termination date if I want to terminate the business and incorporate a company?

You can postdate up to 6 months.



Can I postdate the termination date to a date after the expiry of the business registration?

No.




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