When operating a company in Singapore, it’s important to understand that while the Unique Entity Number (UEN) and registration date remain constant, many other aspects of your business can be modified. This includes changes to the company name, directors, shareholders, business activities, and registered capital. Whether you need to update these details or are considering closing your business, our expert services are here to help.
Company Amendments
In Singapore, the company’s UEN and registration date are fixed once the company is registered. However, other key details like the company name, directors, shareholders, business scope, and registered capital can all be altered through proper channels.
- Changing Director and Shareholder Information, if a director or shareholder changes their identification details, such as acquiring a new passport, the update must be filed with the Accounting and Corporate Regulatory Authority (ACRA) within 14 days. Delays between 14 and 30 days can result in a fine of SGD 50, with further delays increasing the penalty, up to a maximum of SGD 350.
- Transferring Shares, when transferring shares (changing shareholders), a stamp duty of 0.2% of the share transfer value is applicable. New personal identification documents must be provided, and both outgoing and incoming directors/shareholders need to sign the relevant documents.
- Updating Company Information, after making any changes to company information, a new BizFile (Singapore’s online business filing system) will be generated, which must be purchased from ACRA.
Company Closure
Ways to close a company
- Voluntary Closure
- Involuntary Closure
Steps for Company Closure
- Assess Financial Position
- Assistance with Company Deregistration