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Process to change the paid-up capital with ACRA

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dnmrk49
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Process to change the paid-up capital with ACRA

Post by dnmrk49 » Wed, 20 Mar 2019 12:44 am

Dear Community,

I have a question about the process of changing paid-up capital for our PTE LTD company.
We incorporated in Singapore since 2017, our paid-up capital was 1,000 USD. Now, we want to raise it to 50,000 USD. I have a few questions regarding that:
- Do you know what is the process to make it done?
- What is the requirement from ACRA? Can we update it online on BizProfile with our CorpPass?
- How much does the fee costs?

I was consulted by our accounting partner, they said for this process will cost 420USD. I feel it is really high for this process, as I thought, paperwork in Singapore should be quick and straightforward.
Also, Can our company do it ourselves and how can we do that?

I hope that someone could help to give me an advice. Thank you!

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PNGMK
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Re: Process to change the paid-up capital with ACRA

Post by PNGMK » Wed, 27 Mar 2019 1:33 pm

Why would you want to even do this? All paid up capital gives you is bragging rights AFAIK.
I not lawyer/teacher/CPA.
You've been arrested? Law Society of Singapore can provide referrals.
You want an International School job? School website or http://www.ISS.edu
Your rugrat needs a School? Avoid for profit schools
You need Tax advice? Ask a CPA
You ran away without doing NS? Shame on you!

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sundaymorningstaple
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Re: Process to change the paid-up capital with ACRA

Post by sundaymorningstaple » Wed, 27 Mar 2019 2:01 pm

PNGMK wrote:Why would you want to even do this? All paid up capital gives you is bragging rights AFAIK.
If their business is dealing with the construction industries and works via tender/bids via the BCA then the paid up capital along with other financial instruments will determine the size of projects a company can bid on.

https://www.bca.gov.sg/contractorsregis ... rs_faq.pdf
a) Financial capability (valid audited accounts, paid-up capital, net worth, etc)
b) Relevant technical personnel (full-time employed, recognised professional, technical qualification,
valid licenses, etc)
c) Management certifications (SAC Accredited ISO9000, ISO14000, OHSAS 18000, etc)
d) Track record (valid projects with documentation proof, endorsed and assessed by clients)

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Strong Eagle
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Re: Process to change the paid-up capital with ACRA

Post by Strong Eagle » Wed, 27 Mar 2019 10:11 pm

PNGMK wrote:Why would you want to even do this? All paid up capital gives you is bragging rights AFAIK.
I tend to agree with this as $50,000 is still a drop in the bucket. My biz partner and I put up a total of $200,000 to start the company... it's what we figured we'd need to make it past break even. In our case, we opted for equity instead of loans because it looked better for any potential client that pulled a BizFile report on us... a "real" company with real money.

OP, if you're seeking to inject money into the company, loans are usually easier. You end up paying $500 or whatever they want to charge you to increase paid up capital because you are diluting the holdings of existing shareholders, and they must all give permissions to allow their holdings to be diluted. Lots of AGM's/EGM's and minutes to make this happen.

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