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I WISH TO RETIRE, IM OVER IT !!!

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Strong Eagle
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Re: I WISH TO RETIRE, IM OVER IT !!!

Postby Strong Eagle » Wed, 05 Oct 2016 12:05 am

WHITE ASIAN wrote:MAX, you probably have a point how ever, as i understand it, a shelf company can be a completely new entity with an association with an Australian or any other company from almost anywhere in the world...a "subsidiary of" lets say...then entangle that with a trust...
It really is all about making sure my wife & child is taken care of after I am gone along with making sure no greedy little manipulative fingers can have access to her well being...oh to look at the world through my wife eyes...I how ever am less trusting....born a "whiteman" living in Asia is somewhat seen as a "walking ATM"...just sayin.. 8-[


There is nothing magical about a shelf company, which I have previously noted, is a rare thing in Singapore. A company is a company is a company. Period. End. Further, I don't know what you mean when you say, "then entangle that with a trust" because the rules are quite clear.

An exempt private limited company is limited to a maximum of 20 shareholders and all of them must be real persons... no corporations or trusts.

A non-exempt private limited company is limited to a maximum to 50 shareholders and the shareholders can be another corporation or trust. Shareholders do not need to be resident in Singapore.

Shareholders can be voting or non-voting members of the company. Voting members are issued common stock, non-voting members are typically issued preferred stock, with no voting rights but typically with other rights over common stock including preference for dividends and liquidation.

Directors have to be real people, not corporations or trusts. At least one of them must be resident in Singapore. You must have a registered address that is open to the public at least three hours per business day.

So, there's not really any "entanglement"... a trust can be a shareholder of the the company... that's it. You can set it up so that you are the primary common shareholder, set up the trust as preferred shareholder, with superior rights to all dividends paid. That way you retain voting control but the trust gets all the profits.

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Max Headroom
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Re: I WISH TO RETIRE, IM OVER IT !!!

Postby Max Headroom » Wed, 05 Oct 2016 7:25 am

Thanks for your input SE.

Actually, I own/run a company and yes, it was a breeze registering it.

I think though, that the "shelf" part doesn't necessarily always apply in the strictest form, that this was its raison d'être from the start. I reckon, for instance, that there may well be companies out there for sale that did well but whose owners left Singapore. Rather than close their Ltd outright, which can cost up to S$1000, by the by, he or she may have decided to put it up for sale. At which point the company ends up on the shelf for any length of time of course, but, bottom line, it would have a decent history and may, as such, be interesting to anyone looking to hit the ground running, at least ostensibly.

The reason I mention this is that I may try doing just that, if and when I leave.

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Re: I WISH TO RETIRE, IM OVER IT !!!

Postby PNGMK » Wed, 05 Oct 2016 7:33 am

I had a conversation with some other Singapore expats last night; specifically on the topic of whether it was worth picking up an existing company in order to access the companies banking relationship and perhaps other advantages. The general consensus was that there was no point unless you're buying into an actual functioning and reasonable business (i.e. a merger or acquisition requiring a real exchange of capital). As SE pointed out the rules make the idea to difficult to work for a 'shelf' company.
I have gay, black, Asian friends and then JR8.

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Re: I WISH TO RETIRE, IM OVER IT !!!

Postby Max Headroom » Wed, 05 Oct 2016 8:07 am

Bummer.

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Re: RE: Re: I WISH TO RETIRE, IM OVER IT !!!

Postby ecureilx » Wed, 05 Oct 2016 10:21 am

WHITE ASIAN wrote:3. Commodities like copra, cocoa, coffee ect....


Off thread again ;)

You aren't into exporting paper I guess ?


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