At Novo Solution, we specialize in providing bespoke services for businesses in Singapore looking to conclude their operations. Whether your venture requires liquidation or striking off, our team is dedicated to guiding you through these crucial decisions with a focus on legal and financial compliance.

Our liquidation services offer a systematic approach for businesses facing financial challenges. A Novo Solution-designated liquidator will oversee the fair distribution of assets among creditors, ensuring a comprehensive and dignified closure of your enterprise.

Ideal for smaller or dormant companies meeting specific criteria, striking off represents a quicker, cost-effective solution. Our team facilitates the removal of your company from the Singapore Company Register by the regulations of the Accounting and Corporate Regulatory Authority (ACRA).

Navigating through the intricacies of business closure, Novo Solution is committed to aligning our services with your specific business needs and regulatory requirements, as outlined in the Singapore Company Law. Our focus is on making this transition as smooth and compliant as possible.

Novo Solution provides a streamlined approach for small or inactive Singapore-based companies seeking to close down. To qualify for striking off by ACRA, specific criteria must be met, including cessation of operations, clearance of financial obligations, resolution of tax matters with IRAS, absence of legal proceedings, and unanimous shareholder consent.

Our experts ensure your company’s records are up-to-date and compliant with ACRA’s requirements for a smooth striking-off process.

Our team assists in preparing and submitting documents to the Corporate Regulatory Authority Singapore (ACRA), guiding you through the entire process. Typically, the review takes about seven working days, followed by a four-month objection period.

If there are no objections, ACRA finalizes the striking-off. The entire process can be completed in 5 to 6 months.

After the company is struck off, former officials must retain crucial documents for five years and might face liabilities from the company’s active period. Novo Solution offers guidance on these post-closure obligations, ensuring compliance and a thorough understanding of all regulatory requirements.

In summary, Novo Solution simplifies the striking-off process for Singapore-based companies, ensuring a compliant and efficient closure aligned with legal and regulatory standards.

In Singapore, Novo Solution offers expertise in both voluntary and court-ordered liquidation. Voluntary liquidation suits financially stable companies ending operations strategically, starting with a Declaration of Solvency.

Conversely, court-ordered liquidation applies to insolvent companies and is initiated by a judicial decision.

The liquidation process is a structured and pivotal phase in a company’s lifecycle. Novo Solution is committed to guiding Singapore-based businesses through this complex journey with expertise and precision.

• Appointment of Liquidator: Initiates the process, focusing on a thorough assessment of the company’s assets and liabilities.
• Asset Evaluation and Creditor Claims: Managing and settling claims from creditors, ensuring fair and legal distribution.
• Asset Distribution: Allocating any remaining assets among shareholders after settling debts.
• Timeline: Varies based on the company’s complexity, generally ranging from several months to over a year.

Our approach ensures that the liquidation process is conducted systematically, respecting both the legal framework and the specific needs of your business, within a realistic and communicated timeline.

Finalizing the liquidation of a company involves several critical steps, each requiring careful attention and compliance. Novo Solution offers comprehensive support to navigate these final stages.

• Final Account Preparation: Detailed financial statements are drawn up to reflect the company’s status at closure.
• Last General Meeting: A conclusive meeting to discuss the liquidation outcome.
• ACRA Reporting: Filing the final report with the Corporate Regulatory Authority, marking the completion of the process.

With Novo Solution, businesses can rest assured that the closure of their operations is handled with the utmost professionalism and adherence to Singapore’s legal standards, culminating in a thorough and compliant conclusion of the liquidation process.