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Actually creating the business

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ellatyne
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Actually creating the business

Postby ellatyne » Sun, 15 Oct 2017 3:35 pm

Hi all,

I have read up a lot online and sought advice of professionals, but am hoping I can actually set up the business myself to keep initial set up low.

I will be setting up a pvt ltd company in the following way:
Share holder 100%, myself as an EP holder
Director, PR of Singapore

My question is that can I as an EP holder actually go about setting this up myself or do I need to have a specialised company do this for me? Also is the shareholder allowed to be the person to set up the business, or would it have to be the PR Director to do this?

I have heard contradictory info in this area and so your advice would be gratefully received.

Thanks,

Ella

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Re: Actually creating the business

Postby Strong Eagle » Mon, 16 Oct 2017 4:34 am

My view is that your PR director is the one that must setup the company if you want to do it at lowest cost.

If you hire an agency, they will only do what your PR could do for herself... choose a name, file an online application, and use the suggested articles of incorporation that are on the ACRA website.

I judge that you cannot setup all of this because you would be working for another company, and your EP does not permit this.

This doesn't mean that you can't do all the research, establish the name, prepare the resolutions, and modify the memorandum of incorporation as you want them. It just means that your PR director's name will be on the documents, not yours. No problem with you being a shareholder.

Be aware that because you have a single director, you must appoint a secretary, who can mostly be anybody, but you would be wise to choose someone knowledgeable, as their are numerous documents to be filed and numerous minutes to be kept in order to keep your company in good standing.

Be also aware that because you hold an EP with another company, you cannot work for this company you are forming. To do so, you would need your PR director to apply for an EP for you, and if successful, you would give up your current EP. So, your PR director has to be the one technically doing all the work... doing the hiring, doing the selling, doing the fulfillment, and keeping the books.


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