Singapore Fact-File Part 7:
Business Owner Welfare and Lifestyle

7.7 Singapore Individual or Business Leaving The Singapore

Before leaving Singapore, both businesses and individuals need to notify the Inland Revenue Authority of Singapore of their plans to depart, at least a month ahead of time, providing proof of income from the start of the current calendar year to the date of the closure of the business, and must ensure that their tax liabilities have been cleared. For individuals, the ongoing tax situation in Singapore will depend on whether the absence is intended to be temporary or permanent, but regardless, the territorial tax system ensures that income earned outside of Singapore is not taxable there.

GST registered companies must submit a GST F9 ‘Application for Cancellation of GST form’ , either by post, or via the myTaxPortal site. IRAS will notify the company of the end date of their GST registration, but GST obligations must continue to be fulfilled up to that point. After notification of the effective date of cancellation, a final GST return (GST 8) must be filed, giving details of transactions up to the end date.

Singapore incorporated companies can apply to be struck off the Companies Register if there are no assets or liabilities, and trading has ceased, leaving the company effectively dormant. An ‘Application for Striking Off’ should be submitted via BizFile, and a fee (SGD35 at the time of writing) is payable. Striking off a company is usually quick, easy, and cheap, but as previously stated, it is conditional on the organisation being small, dormant, and must not be the subject of legal or insolvency proceedings. Additionally, all parties involved in the company must agree that the company should be struck off.

If the company does not fulfil the criteria for striking off, then it can be wound up, which is a more formal process, and which requires the appointment of a liquidator to settle the company’s financial affairs, including the distribution of company assets, the payment of debts, the cessation of operations. A company can be voluntarily wound up by members or creditors, or compulsorily wound up by court order.