Dormant Company

Dormant Company Classification

A Singapore company can only be treated as an Exempt Private Dormant Company if it satisfies the following two criteria:

  1. It has had 0 accounting transactions during the entire Financial Year (compliance fee not included).
  2. It must have applied to the Singapore Tax Office IRAS and been granted a waiver of Income Tax Return Submission. The deadline to apply for the waiver is before 2 months of the entity's Financial Year End.
You may refer to this article to know more about criteria to tax waiver for a dormant company and what can you do if not qualified for tax waiver.

Sleek's Support for Dormant Companies (where applicable)

At Sleek we provide support for dormant companies along the following guidelines:

  • Preparation of management account: SGD200
  • Support to apply for Income Tax Return Waiver: SGD100, or preparation of Form C/C-S: SGD200
Sleek will send the company's dormancy status declaration checklist to the director for signature to confirm the company is dormant.

Do note that if your company is dormant and you are using Sleek's local director, corporate secretary or registered address service, you still need to subscribe to those services in order to keep your company compliant.

Dormant companies with a Corporate shareholder 

Dormant company with a corporate shareholder is considered a Non-Exempt Private Company and will need to prepare full set of financial statements and the XBRL.

Creating a dormant company in Singapore

When you intend to incorporate a ‘dormant company’, you incorporate it regularly, as if it were a normal limited liability company. In essence, this means that a company is only labelled dormant after the entity has, over a given financial period, does on carry on business as described above.

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