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A local company is a business entity incorporated in Singapore. A company has the right to own property, has perpetual succession and can sue or be sued in its own name. Companies have different setups and are distinguished by the company type e.g. private company limited by shares, exempt private company, public company limited by shares and public company limited by guarantee.
There are two ways to close a company. A local company may apply to ACRA to strike off its name from ACRA's Register. ACRA may approve the application if there is reasonable cause to believe that the company is not carrying on business, and the company is able to satisfy the criteria for striking off. The other way is to wind up the company. There are a few types of winding up.
  1. Members’ Voluntary Winding up
  2. Creditors’ Voluntary Winding up
  3. Compulsory Winding up