Is a company that do not have transactions during the financial year. A dormant company is still required to keep unaudited financial statement for the purpose of filing with IRAS. However, the filing of AR with ACRA is less onerous. See our dormant accounting package under “Annual Compliance package”.
If you are a dormant company, you should not have a bank account. A company is dormant when:
- It is not a listed company or a subsidiary of a listed company
- Not more than S$500,000 in assets whether standalone or consolidates
- Has been inactive since the end of its previous financial year or incorporation
Contact us to know if you are a dormant company.