{"id":68614,"date":"2023-11-04T11:14:00","date_gmt":"2023-11-04T03:14:00","guid":{"rendered":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.3ecpa.com.sg\/?page_id=68614"},"modified":"2024-12-01T13:48:56","modified_gmt":"2024-12-01T05:48:56","slug":"zero-rised-financial-statement","status":"publish","type":"page","link":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.3ecpa.com.sg\/resources\/business-compendium\/zero-rised-financial-statement\/","title":{"rendered":"Zero-rised Financial Statement"},"content":{"rendered":"<h2>Understanding Zero-rised Financial Statement<img loading=\"lazy\" decoding=\"async\" class=\"alignright size-full wp-image-68615\" title=\"Zero-rised Financial Statement\" src=\"https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.3ecpa.com.sg\/wp-content\/uploads\/2023\/11\/photo-business-compendium-zero-rised-financial-statement-400x300-1.jpg\" alt=\"Zero-rised Financial Statement\" width=\"400\" height=\"300\" srcset=\"https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.3ecpa.com.sg\/wp-content\/uploads\/2023\/11\/photo-business-compendium-zero-rised-financial-statement-400x300-1.jpg 400w, https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.3ecpa.com.sg\/wp-content\/uploads\/2023\/11\/photo-business-compendium-zero-rised-financial-statement-400x300-1-300x225.jpg 300w\" sizes=\"auto, (max-width: 400px) 100vw, 400px\" \/><\/h2>\n<p>A zero-rised financial statement is where a company zeroes out, or resets, its financials by ensuring it no longer has any outstanding debts or retains any assets. Completing this process is bound to become a top priority when a company is looking at striking off or officially closing its operations. Just to be clear, any company planning to start the striking-off process has to meet this requirement, among others.<\/p>\n<p>&nbsp;<\/p>\n<h3>The Steps to Zero-rised Your Financial Statement<\/h3>\n<p>When you&#8217;re on a mission to zero-ise your financial statement, here&#8217;s what&#8217;s on your to-do list:<\/p>\n<ul>\n<li>First, get rid of all the assets that your company owns, retaining only the company bank account.<\/li>\n<li>You need to settle the score on all your debts and liabilities &#8211; they should be fully paid and cleared.<\/li>\n<li>Make sure you don&#8217;t have any money due to you (&#8220;accounts receivable&#8221;) or money you owe to others (&#8220;accounts payable&#8221;). Also, eliminate any contingent assets or liabilities, which are potential claims that might come up.<\/li>\n<li>Pay off all existing debts your company has with the <a title=\"Inland Revenue Authority of Singapore (IRAS)\" href=\"https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.3ecpa.com.sg\/resources\/singapore-taxation\/inland-revenue-authority-of-singapore-income-tax-department\/\">Inland Revenue Authority of Singapore (IRAS)<\/a>, Central Provident Fund (CPF) Board, and other government bodies.<\/li>\n<li>Be certain that there&#8217;s no lingering tax credit that your company is entitled to.<\/li>\n<li>Confirm there are no remaining charges in your company&#8217;s charge register, where any financial obligations are recorded.<\/li>\n<\/ul>\n<p>After all these steps are done and dusted, you should get cracking on your company&#8217;s final financial statements, starting from when your business ceased operations. When submitting your application to strike off your company to the Accounting and Corporate Regulatory Authority (ACRA), don&#8217;t forget to include these final accounts.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Understanding Zero-rised Financial Statement A zero-rised financial statement is where a company zeroes out, or resets, its financials by ensuring it no longer has any outstanding debts or retains any assets. Completing this process is bound to become a top priority when a company is looking at striking off or officially closing its operations. Just&hellip;<\/p>\n","protected":false},"author":22,"featured_media":68615,"parent":70083,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-68614","page","type-page","status-publish","has-post-thumbnail","description-off"],"_links":{"self":[{"href":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.3ecpa.com.sg\/wp-json\/wp\/v2\/pages\/68614","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.3ecpa.com.sg\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.3ecpa.com.sg\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.3ecpa.com.sg\/wp-json\/wp\/v2\/users\/22"}],"replies":[{"embeddable":true,"href":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.3ecpa.com.sg\/wp-json\/wp\/v2\/comments?post=68614"}],"version-history":[{"count":1,"href":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.3ecpa.com.sg\/wp-json\/wp\/v2\/pages\/68614\/revisions"}],"predecessor-version":[{"id":93040,"href":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.3ecpa.com.sg\/wp-json\/wp\/v2\/pages\/68614\/revisions\/93040"}],"up":[{"embeddable":true,"href":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.3ecpa.com.sg\/wp-json\/wp\/v2\/pages\/70083"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.3ecpa.com.sg\/wp-json\/wp\/v2\/media\/68615"}],"wp:attachment":[{"href":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.3ecpa.com.sg\/wp-json\/wp\/v2\/media?parent=68614"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.3ecpa.com.sg\/wp-json\/wp\/v2\/categories?post=68614"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.3ecpa.com.sg\/wp-json\/wp\/v2\/tags?post=68614"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}