Registration of Pte Ltd Company

[Myths]

Hi All

 

Need some experts here to give me some advise on converstion to a Private Limited Company. I understand that for Companies with less than 20 individual shareholders (Exempt Private Companies) do not need to appoint an auditor, audit their accounts or file them with ACRA if their revenue is less than S$5 million for the financial year. But what is Exempt Private Companies?

 

Will the Private Limited Company be subjected to alot of regulatory checks?

 

 

I'm thinking of converting my current company to a Pte Ltd.

 

Many thanks in advance.

 

[Emkay]

Hi All

 

Need some experts here to give me some advise on converstion to a Private Limited Company. I understand that for Companies with less than 20 individual shareholders (Exempt Private Companies) do not need to appoint an auditor, audit their accounts or file them with ACRA if their revenue is less than S$5 million for the financial year. But what is Exempt Private Companies?

 

Will the Private Limited Company be subjected to alot of regulatory checks?

 

 

I'm thinking of converting my current company to a Pte Ltd.

 

Many thanks in advance.

 

ACRA has invested millions of dollars to help businessmen like yourself.

http://appiqs.acra.gov.sg/iqs/ask_acra.asp...249#20052272213

 

Give it a try, the officers there will help you as much as possible. If not, then come back here to complain

[Ithunk]

just put yr company as a pvt ltd company

[Aveo3417]

Hi,

There is no such thing as convert. For your case,Pte Ltd must be a totally new reg which do not have any legal relationship with the current.

As for tax,turnover of $5 mil or less does not need auditing. But as we learn in NS, this is a priviledge and not an entitlement. You are still req to keep proper book record for IRAS to conduct spot check.

Hope it helps and may your business "HUAT AH"!

[Smhomie]

Exempt Private simplified means that you do not have an institutional or corporate body holding equity stake in your company ie. shareholder. All shareholders are private individuals.

 

Good luck on your new biz

[Myths]

ACRA has invested millions of dollars to help businessmen like yourself.

http://appiqs.acra.gov.sg/iqs/ask_acra.asp...249#20052272213

 

Give it a try, the officers there will help you as much as possible. If not, then come back here to complain

 

 

Thanks all for the information. Huat Ah!!!!

[Jadeband]

To my understanding, you CAN convert existing business to a Pte Ltd company. But do find out latest info from ACRA or BIZFile.

In fact, it is better to make conversion. Firstly, your company registration date does not need to be reset (some customer prefer older setup companies). Spring is offering coporate loan (i think at 1.5% PA rate) for companies with at least 3 years in operation.

 

You probably need a company secretary to handle M&A, Resoluation, Accounts, etc. So maybe you should first seek advise from company that provide such services. Good luck!

 

 

 

Hi,

There is no such thing as convert. For your case,Pte Ltd must be a totally new reg which do not have any legal relationship with the current.

As for tax,turnover of $5 mil or less does not need auditing. But as we learn in NS, this is a priviledge and not an entitlement. You are still req to keep proper book record for IRAS to conduct spot check.

Hope it helps and may your business "HUAT AH"!

 

[Staff69]

Anyone able to advise how to register for PTE LTD company ?

 

Do usually engage a company to help set up ( bank account, register acra, company stamp etc? )

Wat are the charges for the package? I done some googling...range from $400 up for the setup. Anyone to recommend ?? I think ACRA is $315, anyone can assist to confirm?

 

Or can do it myself?

 

Can contact 93898962 rainnie

 

I used her for my annual external audit check on my company accountant so that all monies are in proper orders and etc etc.

 

 

Can ask her for a quote

 

 

can pm me for discussion if you think you want a partner

Edited February 9, 2017 by Staff69

[Fcw75]

Looks like Shu Qi?

[Staff69]

Looks like Shu Qi?

no. and she married

[Kusje]

no. and she married

Edited February 10, 2017 by Kusje

[Pinobii]

Anyone able to advise how to register for PTE LTD company ?

 

Do usually engage a company to help set up ( bank account, register acra, company stamp etc? )

Wat are the charges for the package? I done some googling...range from $400 up for the setup. Anyone to recommend ?? I think ACRA is $315, anyone can assist to confirm?

 

Or can do it myself?

The company registration, can do yourself on acra website, it's a relatively easy process

[Kangadrool]

people in this sunny islet don't like to diy one despite many things/processes are simplified for them.

 

Still want agents to do it for them for "peace" of mind even when it's not necessary.

 

 

The company registration, can do yourself on acra website, it's a relatively easy process

 

[Karoon]

Anyone able to advise how to register for PTE LTD company ?

 

Do usually engage a company to help set up ( bank account, register acra, company stamp etc? )

Wat are the charges for the package? I done some googling...range from $400 up for the setup. Anyone to recommend ?? I think ACRA is $315, anyone can assist to confirm?

 

Or can do it myself?

Yes i set up mine diy online.

 

$315. Thats the easy part. Maybe the tricky part is the shareholding part which acra dont give much explanation online. Trial and error. Lol. Then need to appt coy secretary within 6 mths. Then depending on what you want to do you register with the relevant bodies. Eg if importing food deal with ava. They have much more stringent guidelines, need company bank acct for giro to pay tax etc etc which you can set up following acra registration. But overall quite convenient and all online with singpass

Edited February 11, 2017 by Karoon

[Kb27]

If it's a small business, sole proprietor is much easier.

[Watwheels]

Bro, the appoint secretary part, wat is the requirements for secretary ?? Is it most pay others to put a name ??

 

Is registering a sole proprietorship easier ??

 

I am reading up and wish to find out more. Some tax exemption is sales not exceeding $1m etc???I am still reading so not sure if this is sales turn or profit haha..$1M profit is damn a lot..sales turn is not difficult to hit 1M

 

Haha... Don't be fooled by what others said. Like very easy.

 

Your appointed secretary has to be a certified public accountant (CPA). When submitting your company accounts to the taxman annually this secretary has to sign off and prove all accounts are accounted for. You cannot assign any tom dick or harry to be secretary. Some companies get an acccounting firm to be the appointed secretary and they do and submit the company's accounting at a fee of course. Things like GST got to be clear otherwise you will be charge for cheating the taxman.

 

If your annual turnover is less dan 1mil just apply for sole propriotership first dan you decide from there later. It's better you consult an accounting firm since you do not know a whole lot. Reading won't get you far since you obviously don't do accounting. There are a lot of small and established firms around who can help you with what you want to know.

 

You like that ask in the forum you also don't get far. There are too many details. It's not finding an agent to do it. It's finding an accounting firm to do it for you. Keywords to Google are "secretarial services".

[Lala81]

Haha... Don't be fooled by what others said. Like very easy.

 

Your appointed secretary has to be a certified public accountant (CPA). When submitting your company accounts to the taxman annually this secretary has to sign off and prove all accounts are accounted for. You cannot assign any tom dick or harry to be secretary. Some companies get an acccounting firm to be the appointed secretary and they do and submit the company's accounting at a fee of course. Things like GST got to be clear otherwise you will be charge for cheating the taxman.

 

If your annual turnover is less dan 1mil just apply for sole propriotership first dan you decide from there later. It's better you consult an accounting firm since you do not know a whole lot. Reading won't get you far since you obviously don't do accounting. There are a lot of small and established firms around who can help you with what you want to know.

 

You like that ask in the forum you also don't get far. There are too many details. It's not finding an agent to do it. It's finding an accounting firm to do it for you. Keywords to Google are "secretarial services".

 

yeah, every expense need a receipt and need to be logged in to make the accounts easier.

I did consider it but found it a hassle.

Paying personal income tax is easier.

[Watwheels]

yeah, every expense need a receipt and need to be logged in to make the accounts easier.

I did consider it but found it a hassle.

Paying personal income tax is easier.

 

Exactly. A lot of ppl think they can anyhow do and get away with it. They think the taxman is a fool.

 

PS: If you don't know anything about accounting when setting up a business be it sole proprietorship or pte ltd leave it to the professionals. Don't land yourself with a hefty fine or worse...jail.