Let’s face it, 2020 was a brutal year, especially for small businesses. The global economy came to a virtual halt due to the spread of Covid-19, and Singapore’s own gross domestic product (GDP) shrank by 5.5 per cent. SME business sentiment sank to a record low.
While Singapore’s economy is slowly getting back on its feet, we are a long way away from full recovery and 2021 looks to be a tough year ahead still.
As such, it should come as no surprise that many companies have had to shutter in recent times and more may be forced to do so soon. However, doing so is not as easy as simply closing down any physical premises and refusing to do business anymore; official steps must be taken. Moreover, there are different ways of closing a company, depending on the circumstances surrounding the unfortunate event.
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