Winding Up a Society (Non Profit Organization)

Voluntary Dissolution Procedure for Winding Up a Society

The society is required to comply strictly with the rules in its constitution in effecting its own dissolution. The assets would be disposed according to the rules of the society applicable.

If no rules are specified in the objects of the society regarding dissolution, then at least three-fifths of the members residing in Singapore must vote for dissolution delivered in person or by proxy at a general meeting convened for that purpose. If a registered society dissolves itself according to its rules, then it shall inform the Registrar of Societies in writing.

Thereafter, society needs to submit its send a certificate of dissolution to the Registrar within one week of dissolution. The certificate should be signed by the president, the secretary and the treasury or officers of the society holding analogous positions.

A set of supporting information/documents is also required, as listed as follows:

• Date of General Meeting at which resolution to dissolve the society was passed
  

• Total number of members and number of eligible voting members of the society as at date of General Meeting
  

• Number of members present at General Meeting
  

• Number of members who voted in favour and number who voted against dissolution
  

• Amount of remaining funds and method of disposal
  

• Effective date of dissolution
  

• The minutes of the general meeting at which the resolution to dissolve the society is passed, duly signed by the President/Secretary. The minutes of meeting must state the reason for dissolution and reflect the details of dissolution as outlined above.
  

• The agenda, proxy slips and attendance sheet.
  

• Particulars of all the office-bearers
  

• Final Audited Income & Expenditure and Balance Sheet of the society and past audited accounts if these have not been submitted before.
  

• Documentary evidence to show that the remaining funds of the society had been disposed off in accordance with its rules pertaining to dissolution (e.g. receipts).
  

• Bank statement to show that the society's account has been closed and no balance is left.
  

• Documentary evidence to show that the society has cleared its tax matters with the Controller of Income Tax.
  

• If the society is registered IPC/Charity, it is required to provide a letter of no objection from the Commissioner of Charities when submitting its voluntary dissolution to the Registry of Societies.

The Registrar will then publish the dissolution of the society in the Gazette.

How Bestar can Help Winding Up a Society (Non Profit Organization)

Bestar is a professional firm that can assist with the winding-up process of a society (non-profit organization) in Singapore. Here's how we can help:

1. Consultation and Guidance:

• Understanding the Process: Bestar can provide a comprehensive overview of the winding-up process, including legal requirements, timelines, and potential challenges.

• Assessing the Situation: We will evaluate your society's specific circumstances, such as its financial health, outstanding obligations, and asset distribution plans.

• Legal Compliance: Bestar ensures that the entire winding-up process adheres to relevant laws and regulations, minimizing risks of legal issues.

2. Preparing Necessary Documents:

• Winding-Up Resolution: Bestar can assist in drafting the necessary resolution to initiate the winding-up process, ensuring it complies with the society's constitution and legal requirements.

• Financial Statements: We can help prepare accurate financial statements, including a balance sheet and income statement, to provide a clear picture of the society's financial position. 

• Distribution Plan: Bestar can assist in creating a distribution plan outlining how the society's remaining assets will be distributed, ensuring fairness and compliance with legal obligations.

  
  

3. Handling Administrative Tasks:

• Notification to Authorities: Bestar can notify relevant authorities, such as the Charity Commission (if applicable), about the society's winding-up.

• Asset Realization: We can help in selling or disposing of the society's assets in a timely and efficient manner.

• Debt Settlement: Bestar can assist in negotiating and settling any outstanding debts or liabilities of the society.

4. Filing Required Documents:

• ROS Filing: Bestar can file the necessary documents with the Registry of Societies (ROS) to officially dissolve the society.

• Tax Clearance: We can help obtain the necessary tax clearance certificates to ensure compliance with tax obligations.

5. Post-Winding-Up Procedures:

• Finalizing Accounts: Bestar can help prepare the final accounts of the society after all assets have been realized and debts settled.

• Distribution of Funds: We can oversee the distribution of remaining funds to beneficiaries or charitable causes, as outlined in the distribution plan.

• Closure of Bank Accounts: Bestar can assist in closing the society's bank accounts and transferring any remaining funds.

By engaging Bestar's expertise, you can streamline the winding-up process, minimize potential complications, and ensure compliance with all legal requirements.

If you would like to know more, please contact Bestar.

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