How to reduce the share capital of a company

With a paid up capital of $500,000, I am required to join the Singapore Business Federation and pay an annual fee of $300. I do not have any benefit, so it is like a tax.

I can reduce the paid up capital by $100,000 to $400,000 and avoid this additional expense.

Here is how it can be done.

a) Pass a special resolution.
b) Lodge with ACRA via BizFile+, within 8 days beginning with the resolution date:

A notice containing the text of the special resolution for reducing share capital;
The resolution date; and
The reduction information

It is not difficult. So, I may just do it.