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FAQs  Closing a Business


Do I still need to renew my business registration if the renewal date falls within the post-dated termination?

Yes.



Is there any implication if I allow my business registration to be cancelled by ACRA without taking step to terminate or cease my business?

No, there are no implications.



If there is a disagreement between the business partners and none of them wants to terminate or cease the business, what can I do?

Under such circumstances, it is advised that you seek legal advice on what should be the best course to protect your interests in the business firm.



I am the manager of the business firm. Can I terminate the business?

No. Only the owner can terminate the business.



Do I need to inform IRAS that my business is terminated?

Yes.



Will I be black listed if my business registration is cancelled by ACRA?

No.



Can a local manager terminate the business on the behalf of the owner who is a foreigner?

No. If the foreigner wants to terminate the business, he has to engage the services of a professional firm or service bureau to assist in the termination of the business.



What happens if I do not renew the business registration?

We will send you a cancellation notice and then proceed with cancellation if the registration is still not renewed.




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-CPA & B.Com (Uni Of Sydney)

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