If you do international business and are located in Singapore, you may have pondered the steps you must take to liquidate a company. There maybe many reasons behind taking such a decision but the fact remains that it is not an easy process and it does help to take the assistance of professionals when needed.
Procedure to cancel trade license in Singapore
You must cancel your trade license when you close your Singapore-based company. If you want to wind up your Singapore business operations, you must do the following:
â Notify the Accounting and Corporate nettnord Regulatory Authority (ACRA) to take your company’s name off of the official register. Note that this only works if you own a local business. While this is the quickest and least difficult route to take if you want to end business operations, you must meet the following criteria to qualify:
â Your business must have completely ceased its corporate and trading operations
â The business must be debt and tax-free from the standpoint of the Inland Revenue Authority of Singapore (IRAS).
â You can’t owe any money to creditors. Nor can you have accounts receivables from customers in the ACRA charge register
â You must not be involved in any local or international lawsuits or legal disputes
â Your company must not be under any regulatory actions or disciplinary proceedings
â Your company must not have any tangible assets and/or debts (liabilities) that are outstanding
â The Directors at the ACRA must approve your application to close your business and strike its legal name off of the official register.
How to cancel your business license
You must cancel your corporate GST license with the IRAS because your business will no longer be needing it. Generally speaking, nothingbutleague your business will be removed from the official register approximately five to six months after you submit your application if it is approved. If you own a sole proprietorship or partnership, you must file the “Cessation of Business” transaction online.
If you own a company (an LLC or an LLP), you’ll be applying to the ACRA to have your business formally liquidated and dissolved. As part of this process, the ACRA will assign a liquidator to your company. This professional will manage the formal processes of assessing corporate assets, closing operations, paying off debts, and distributing equity to the share and stakeholders. Once you have officially dissolved your business and its operations, you’ll be dealing with the following:
â Terminating employment – you’ll need to alert your employees that they’re about to become jobless approximately a few weeks before the company is officially closed. Many companies (though not required) to help their employees with finding jobs after their official employment has ended. Your HR department should do the same. You must pay all pending salaries, benefits, and unused leave time. footyforecaster If you are unsure as to the appropriate amount of compensation for your employees, consult with their contractual agreements or collective agreements.
â Distributing corporate assets – if you own a sole proprietorship, all of your business’s assets legally belong to you. However, since your company is not protected from liability, your creditors can legally force you to sell these assets off to pay off your debts. Any remaining money and/or assets are legally yours.
â If you own a partnership, assets either belong to you or to the business. However, if you sell your business off to someone else and that person doesn’t receive reimbursement from you for your corporate debts, all of your assets will legally belong to that person. Refer to Section 44 of the Partnership Act for more information and details regarding this.
â If you own a corporation (company), all assets belong to the company. You don’t have the legal right to claim them for yourself. The only exception occurs if the company either has no debt or has paid off all outstanding debts. In this instance, you can legally claim the remaining corporate assets. Also, remember that you have to keep official books and records for a maximum period of five years after lottonumerot your corporation has been officially removed from the official register.
License cancellation in Singapore
If you want to cancel your Singapore business license, you have to make sure that your company (corporation) has no outstanding debts or taxes. This includes any outstanding business loans. In this instance, you are required to officially inform your creditors of the future closure of your company. You must also inform them when, how, and to what extent you will reimburse them. Additionally, you can utilize the services of Global Corporate Advisory Services that are experienced in such procedures.
You should seek legal counsel to help you determine which creditors’ claims are legally valid and which are not. You also have to make sure that your company doesn’t owe any government agency taxes. You can determine this using these methods:
â Go to myTaxPortal to see all of your outstanding and paid taxes. This will include Corporate and GST taxes.
â Call the IRAS 24 hour toll-free answering service. itamerensatamat You’ll be able to inquire about the status of your Corporate and GST taxes with a representative.
Winding up a business in Singapore is involved
As is evident from the information discussed, winding up a business in Singapore is involved. If you are thinking about liquidating your company, it is important to hire the services of a global business consultancy to let them handle the true intricacies of the entire process. They take away the stress and navigate the intricacies of the corporate laws to help you wind up a business in Singapore.
If your business sells products in Singapore, you may have wondered how to do international trademark registration. While it may seem like an involved and complex process, but it is actually a standardized process. Most countries around the world follow these standardized rules. If you want to learn more about these rules, read this article!
How to do international trademark registration in Singapore
It is not exactly rocket science to do it in Singapore. adramatichiphop Singapore follows the Madrid System which is a set of standardized rules and regulations that govern and dictate the process of international trademark registration. As is the case with any other nation, the process follows a series of steps.
Step 1: Submit the form
Note that the international trademark registration form is the MM2. you can download the Spanish, English, and French versions. Note that you must use this form if you want to qualify for it in Singapore. You must submit this form (application) to the office of origin (the trademark registration office in your country.) If approved, your application will have a ‘basic mark’ affixed to it. This is essentially a seal of approval from your home country that your product is legitimate. You can then apply for an international trademark under the Madrid System.
Step 2: Have your international trademark anciennescivilisations application reviewed by an independent agency
Note that this type of agency only checks your application for obvious errors. Submitting your application to an agency does not guarantee that your application will be approved by the international trademark office.
Note that the agency will issue you an irregularity notice if your application contains obvious errors or doesn’t comply with requirements. The office of origin in your home country will also receive this notice. You’ll be informed as to the inconsistencies and errors in your application as well as how to remedy them. You’ll be informed of the time limit you have to make these corrections and the possible consequences of not doing so.
If your application is consistent and correct, caqfr the agency will document and publish the ‘domestic basic mark’ in the International Register. It will then be published in the WIPO Gazette of International Marks. The agency will also inform the international registration office of this decision. It will inform the international registration office about each member named in the application; you will become the official holder of an international registration.
But please remember that this DOES NOT MEAN that your application is officially approved by the international trademark office. It also doesn’t mean that you officially hold an active international trademark for your product(s).
Step 3: the offices of all of the countries where the members in your application are from will review your application
If you want to qualify for trademark registration in Singapore, and one of the named members in your application is from Singapore, the Singapore trademark registration office will review your application before it is approved. It will also be approved by the offices in the countries where your named members are from. christec You’ll receive a notice of a decision within 12 months of completing the third step.
Benefits of international trademark registration
If you choose to do international trademark registration in Singapore, you will realize the following benefits. But remember that these benefits would apply regardless of the country whose international trademark office you submitted your international trademark application to.
— You’ll save lots of money. After all, you are only submitting one application twice instead of 20+ applications more than 40 times.
— If you do your international trademark registration in Singapore, you’ll receive an trademark for your product(s) quickly. danielbryanbook This means that your products will be protected from your competitors potentially trying to copy them.
— If you do brand registration in other countries, your application will usually have to be approved by the International Bureau. This is not necessarily the case in Singapore. This means that you’ll save lots of time, money, and headaches when trying to trademark your products.
— A registration certificate carries the same weight in terms of rights and protections as a domestic trademark registration certificate.
— You may have different filing (and later) filing dates, but you’ll be able to add additional countries and regions in both your international trademark registration application and certificate.
International trademark registration
– You have to be a living and real person if you want to file an application in Singapore.
– You can only submit one application per product. You must also name all countries which you will be selling your product in.
– You can name as many countries as you want to in your application. They just have to be members of the Protocol.
– Your application must either have the original or an authentic and approved replica of the mark that the domestic office that approved your initial application affixed to it.
– All products you want to sell must be listed in accordance with the Nice Classification. This is essentially an international classification of goods and services.
– Your registration will be valid for 10 years from the approval date. You can extend the validity for another ten years. You will just have to pay the agency that reviewed your initial application additional fees for doing so
– You must have registration application on file in the domestic trademark registration in Singapore if you want to file for an international trademark registration in Singapore.
– The Singapore trademark must cover the products/services that you want to sell and have named in your application
– You must either live in Singapore, have a home business office there, or do business in Singapore.
Though the trademark registration process has many steps, it is neither complex nor arduous.