- Our accountants are certified by ISCA
- License No. 19S9930
- Pioneers of Cloud Community Network
Are you actually dormant?
Singapore government has a very specific definition of what it means:
No money in
You’re not generating income: no sales, investments, etc
No money out
You have no expenses: no salaries, dividends, etc., except the statutory ones — Corporate Secretary, registered office, fines.
Your company is not listed, you're not a subsiduary of a listed company, and your assets are under S$500,000 (consolidated if you're the parent of a holding company)
Do you have just a couple of transactions?
If you don’t match the requirements above (even a little bit!), you have to submit full reports :(We have a package just for you
Why do I have to report anything if I’m Dormant?
You are required to submit a nil one even when you have no income
Corporate Secretary Routine
You don’t have to hold the Annual General Meeting, but you need to report that you’re still Dormant
Including Balance Sheet and P&L even if you don’t have transactions
We take care of all the routines
We get all the compliance covered
We provide Corporate Secretary, Accounting, and Tax routines making sure you stay within deadlines and away from fines.
We don’t bug you with questions
We’re going to reach out to you once to sign you up, then once again by the end of the financial year. The rest is automated.
We’ll charge a small fee once, that’s it
Our pricing is simple and straightforward, all fees and necessary services included. No extra charges out of the blue.
Fully compliant with ACRA and IRAS definition
1 year package
- Unlimited Corporate Secretary package
- Dormant Tax Filing
- Dormant Accounting
- All associated government fees
I’m Almost Dormant
Just a few transactions a year, that’s it
1 year package
- Essential Corporate Secretary package
- Accounting Package for revenue under S$60k a year
- Unaudited Financial Statements
- Estimated Chargeable Income
- Tax Filing
- Management Reports
- All associated government fees
What’s a dormant company?
Your company becomes dormant if you haven’t had any transactions or income for a year. The year, in this case, is your tax evaluation period, not a calendar one.
What are my responsibilities with a dormant company?
You still need to submit your annual tax return, that’s how IRAS (tax authority) knows you are actually dormant. You also need to hold an Annual General Meeting (AGM). You don’t have to gather physically, releasing necessary documents is enough.
How do I apply for Dormant company?
The procedure to notify the Authorities (ACRA & IRAS) about your company’s dormancy status is, in essence, preparing your annual filings accordingly. The most important part is to make sure that you comply with the requirements for Dormant of each authority. When providing this service, we make sure that all the requirements are fulfilled and take care of the filings.
What does the process look like?
When the time comes for your annual filings and AGM preparation, we’ll send you all documents in a chat. You don’t have to keep these deadlines in your mind.
Can I use my dormant company again later?
Sure, you just need to inform IRAS within a month after you go back to business. We’ll do that for you.
Why would I keep a company Dormant if I can close it?
If you want to close down your Singapore business, we can assist you to strike it off. However, if you do not rule out that you might use this company again, consider keeping it Dormant. It makes sense if you have a brand name, licenses or patents related to it. You can also use it to strategically hold investments in Singapore, however, you may not derive income from them.
How to file for annual return for a dormant company?
File your annual return, or income tax returns, for your dormant company using Form C-S or Form C for Dormant Company online through the e-Service at mytax.iras.gov.sg e-Filing. Your company’s director, company secretary, or registered filing agent can do this annual return filing for you. If you want to do it yourself, make yourself an “Approver” through CorpPass.
You can also apply to IRAS for a waiver to be exempted from filing an annual return.
Check if you qualify:
- All financial statements and taxes for when the company was active have been filed
- Your company does not own any investments that generate revenue or income;
- You don’t intend to carry out any business transactions for the next two years
- You have de-registered for Goods and Services Tax (if you had registered for it)
Additionally, you don’t have to prepare financial statements from ACRA if you fulfil these three things:
- Your company is not a listed company or a subsidiary of a listed company
- Your company holds no has less than S$500,000 in assets
- Your company has been Dormant since the formation of the end of its previous financial year.
Can a dormant company hold assets?
Yes, it can. However, the assets of your dormant company cannot exceed S$500,000.