{"id":5104,"date":"2020-02-13T11:13:20","date_gmt":"2020-02-13T03:13:20","guid":{"rendered":"http:\/\/www.biztreemgmt.com\/wordpress\/?p=5104"},"modified":"2021-01-07T15:10:00","modified_gmt":"2021-01-07T07:10:00","slug":"how-to-keep-company-dormant","status":"publish","type":"post","link":"http:\/\/www.biztreemgmt.com\/wordpress\/how-to-keep-company-dormant\/","title":{"rendered":"WHAT YOU NEED TO DO TO KEEP COMPANY DORMANT"},"content":{"rendered":"\n<p>What is Dormant Company ? <\/p>\n\n\n\n<blockquote class=\"wp-block-quote\"><p>ACRA definition :  &#8221; Company is consider DORMANT if NO accounting transaction occur &#8220;<\/p><\/blockquote>\n\n\n\n<blockquote class=\"wp-block-quote\"><p>IRAS definition : &#8221; Dormant company means company does not conduct any business activities that generate income during financial year end &#8220;<\/p><\/blockquote>\n\n\n\n<p>Transaction does NOT have impact on dormancy of company : <\/p>\n\n\n\n<ul><li>Interest from fixed deposit  <\/li><li> appointment of company secretary <\/li><li> maintain of company registered address  <\/li><li> penalties \/ fine with Authorities &#8211; <\/li><\/ul>\n\n\n\n<p><\/p>\n\n\n\n<p>In term of<strong> COMPLIANCE ISSUE,<\/strong> what you need to do ? <\/p>\n\n\n\n<p><\/p>\n\n\n\n<p><strong>Toward ACRA <\/strong><\/p>\n\n\n\n<p>With effect from financial year ending with 3 January 2016,Dormant Company is <strong>EXEMPTED<\/strong> from preparation of financial statement with the following condition : <\/p>\n\n\n\n<ul><li>company is fullfill <em>substantial assets test: <\/em><\/li><\/ul>\n\n\n\n<p><\/p>\n\n\n\n<blockquote class=\"wp-block-quote\"><p><strong>*** The substantial assets test is satisfied only if the TOTAL ASSET ( or consolidated total asset of the Group ) of the company within financial year end DO NOT exceed S$500,000 ***<\/strong><\/p><\/blockquote>\n\n\n\n<ul><li> the company has been dormant from the time of formation or since the end of the previous financial year <\/li><\/ul>\n\n\n\n<p><\/p>\n\n\n\n<p><strong>So, what you need to do ? <\/strong><\/p>\n\n\n\n<p>Preparation of resolution to approve dormancy of the company and declare with ACRA .<\/p>\n\n\n\n<p>And please note that annual return filing is still applicable to dormant company .<\/p>\n\n\n\n<p><\/p>\n\n\n\n<p><strong>Toward IRAS <\/strong><\/p>\n\n\n\n<p>If you are decide to keep the company in dormant. Please declare with IRAS via <strong>WAIVER OF INCOME TAX SUBMISSION <\/strong><\/p>\n\n\n\n<p>Click <a href=\"https:\/\/www.iras.gov.sg\/irashome\/uploadedFiles\/IRASHome\/e-Services\/Businesses\/Companies\/User%20Guide%20(TP)_Form%20for%20Dormant%20Company.Sep18.pdf\">here<\/a> for FAQ<\/p>\n\n\n\n<p>Can i <strong>Recommencing Business<\/strong> again after being dormant ? <\/p>\n\n\n\n<p>Yes. Company must notify IRAS within 1 month from the date of generate profit .<\/p>\n\n\n\n<p>Related FAQ :  <a href=\"https:\/\/www.iras.gov.sg\/irashome\/uploadedFiles\/IRASHome\/e-Services\/Businesses\/Companies\/FAQs%20-%20Form%20for%20Dormant%20Company.pdf\">here<\/a> for FAQ  <\/p>\n\n\n\n<p>Related FAQ :  <a href=\"https:\/\/www.iras.gov.sg\/irashome\/uploadedFiles\/IRASHome\/e-Services\/Businesses\/Companies\/FAQs%20-%20Apply%20for%20Waiver%20to%20Submit%20Tax%20Return%20(Dormant%20Company).pdf\">here<\/a> for FAQ <\/p>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>What is Dormant Company ? ACRA definition : &#8221; Company is consider DORMANT if NO accounting transaction occur &#8220; IRAS definition : &#8221; Dormant company means company does not conduct any business activities that generate income during financial year end &#8220; Transaction does NOT have impact on dormancy of company : Interest from fixed deposit<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[165],"tags":[278,273,274,275,276],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v17.9 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>company registration , company registration singapore - Biztree Management %<\/title>\n<meta name=\"description\" content=\"Get started on your business registration with biztree management , Singapore\u2019s leading one-stop corporate service provider and ACRA appointed filing agent . 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