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Lawyer fees excessive?

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NBB
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Lawyer fees excessive?

Postby NBB » Tue, 18 May 2004 9:44 pm

JP,

I've been quoted below fees for taking care of these formalities. Am I getting overcharged? It seems that way, after picking some peoples' brains here and there. What's your take?

(1) Incorporating a Singapore Company $ 1,500.00

(2) Corporate secretarial services $ 1,200.00 p.a
(including the provision of a qualified person as the company secretary)

(3) Provision of a registered office $ 360.00 p.a

The above fees estimate are given exclusive of disbursements such as the registration fee and various filing fees payable to the Registry of Companies and out-of-pocket expenses. We estimate such disbursements to be in the region of $500.00 $600.00.


Finally, what's the length of time for these procedures? Are we talking hours, weeks, months? I'm asking because I'm wondering if I must come down to Singapore in June for these things.

If my presence isn't necessary, then I may as well do the whole ball of wax in August, as this is the date I come down to Singapore for good anyway, thereby saving me a round-trip ticket, as well as my clients' wrath.

Yours Curiously,

NBB

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Postby jpatokal » Tue, 18 May 2004 11:49 pm

NBB, based on absolutely no factual knowledge of the matter, I'd say that charging $1500 (''exclusive'' of the actual filing costs) for filling out incorporation papers seems pretty steep. But I really don't have the faintest idea :?

And as far as ''laver'' fees go, I wouldn't pay more than S$5 for a package of Japanese nori seaweed for wrapping around your piping hot rice. Mm-mm!

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Postby NBB » Wed, 19 May 2004 12:24 am

And to think you were my beacon ;-)

Well, perhaps another forum participant can lend a hand?

Cheers.

NBB

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Postby NBB » Wed, 19 May 2004 12:27 am

And as far as ''laver'' fees go, I wouldn't pay more than S$5 for a package of Japanese nori seaweed for wrapping around your piping hot rice. Mm-mm!


:?: :?: :?: You've lost me JP :(

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Postby Pal » Wed, 19 May 2004 12:50 am

I think the fees are expensive.

Incorporating a company - $2,000 all in

Yearly fees - less than $2,000 including registered office, secretarial, filing of tax returns, book keeping etc ...

Time needed - around 2 weeks

I will try to get the exact price break down and the contacts for you ....
Last edited by Pal on Sat, 22 May 2004 10:10 am, edited 1 time in total.
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NBB
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Postby NBB » Wed, 19 May 2004 5:20 am

Thanks Pal :!:

I told this lawyer that my business will be a start-up, and accordingly I will need to mind my budget initially. So I inquired if there's a little play downwards.

But I reckon at 400 SGD an hour, she'll be quite steep whichever way you slice it.

I hope you can come up with the goods. I shall await with baited breath.

Cheers,

NBB

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Postby jpatokal » Wed, 19 May 2004 11:33 pm

NBB wrote:
And as far as ''laver'' fees go, I wouldn't pay more than S$5 for a package of Japanese nori seaweed for wrapping around your piping hot rice. Mm-mm!


:?: :?: :?: You've lost me JP :(


lawyer = a person who deals with the law
lawer = ?
laver= a type of seaweed

amanda

Postby amanda » Fri, 21 May 2004 9:52 am

LOL

amanda

lawer

Postby amanda » Fri, 21 May 2004 9:54 am

just checked up on dictionary.com

lawer

\Law"er\, n. A lawyer. [Obs.] --Bale.

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Postby Pal » Thu, 03 Jun 2004 8:28 am

Hi, Apple, Hellyen, Genoca and Markus,

From your IP address, you are obviously the same person.

Whatever your reasons, please refrain from posting in multiple threads to condemn the said company. I have edited your posts.
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Postby director » Thu, 03 Jun 2004 11:17 am

Hi, for those of you who want to set up a company here and needs a
NOMINEE DIRECTOR, Pl drop me a line.

I am also available for Independent Directorship and meet the statutory requirements to be one.

regards

Patrick

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Re: Lawyer fees excessive?

Postby kosuiko » Sat, 19 Jun 2004 3:49 pm

NBB wrote:JP,

I've been quoted below fees for taking care of these formalities. Am I getting overcharged? It seems that way, after picking some peoples' brains here and there. What's your take?

(1) Incorporating a Singapore Company $ 1,500.00

(2) Corporate secretarial services $ 1,200.00 p.a
(including the provision of a qualified person as the company secretary)

(3) Provision of a registered office $ 360.00 p.a

The above fees estimate are given exclusive of disbursements such as the registration fee and various filing fees payable to the Registry of Companies and out-of-pocket expenses. We estimate such disbursements to be in the region of $500.00 $600.00.


Finally, what's the length of time for these procedures? Are we talking hours, weeks, months? I'm asking because I'm wondering if I must come down to Singapore in June for these things.

If my presence isn't necessary, then I may as well do the whole ball of wax in August, as this is the date I come down to Singapore for good anyway, thereby saving me a round-trip ticket, as well as my clients' wrath.

Yours Curiously,

NBB


It depends on which law firm.

Its like asking if $150 for a hotel room, is it excessive?

if you are on a budget, you can try doing it yourself. Not too difficult as long as you have the time to spare to read the stuff at www.acra.gov.sg

if you want peace of mind, go to the bigger corporate law firms.

if you want to save money but at the risk of potential mistakes, go to the smaller firms.

Sam

Re: Lawyer fees excessive?

Postby Sam » Mon, 12 Jul 2004 2:42 pm

Dear JP,

The fees that they quoted you are certainly excessive.

1)A "vanilla" incorporation cost about $1,000.00 including all statutory documents like seal & Share register books unless you require specific & customised company formations or tax-planning consideration.

2)An annual Corporate Secretarial services is likely to cost around $450.00 to $500.00 per annum. This service excludes appointment of any nominee director, depending on the citizen status of your client.

3) For the provision of a registered office cost around $180.00p.a

4) Any additional disbursment cost should not cost more than $300.00

The whole procedure should take less than a week, your presence is not necessary for the incorporation of company. Let me know if you need additional information about incorporating business or corporation in Singapore.

My email is samuelng@databook.com.sg.

Regards,
Sam

NBB wrote:JP,

I've been quoted below fees for taking care of these formalities. Am I getting overcharged? It seems that way, after picking some peoples' brains here and there. What's your take?

(1) Incorporating a Singapore Company $ 1,500.00

(2) Corporate secretarial services $ 1,200.00 p.a
(including the provision of a qualified person as the company secretary)

(3) Provision of a registered office $ 360.00 p.a

The above fees estimate are given exclusive of disbursements such as the registration fee and various filing fees payable to the Registry of Companies and out-of-pocket expenses. We estimate such disbursements to be in the region of $500.00 $600.00.


Finally, what's the length of time for these procedures? Are we talking hours, weeks, months? I'm asking because I'm wondering if I must come down to Singapore in June for these things.

If my presence isn't necessary, then I may as well do the whole ball of wax in August, as this is the date I come down to Singapore for good anyway, thereby saving me a round-trip ticket, as well as my clients' wrath.

Yours Curiously,

NBB

guest

Postby guest » Fri, 20 Aug 2004 6:15 pm

Pal wrote:I think the fees are expensive.

Incorporating a company - $2,000 all in

Yearly fees - less than $2,000 including registered office, secretarial, filing of tax returns, book keeping etc ...

Time needed - around 2 weeks

I will try to get the exact price break down and the contacts for you ....


I think your above fees are also way too expensive ... :-) I did incorporation of my own company with DP beureau for less than $600. Company secretary and auditor is also not compulsory now, and you can engage them on ad-hoc basis as and when you need their services. Registered office not more than $15/month. Filing of AGM and tax returns - min $500 or above depending on your business activities/transactions.

SG is not 'really' an expensive place to do or start-up a business if only you really have the know-how. Most costs that we have heard of are not quite real, apart from rental of office space. But if you really look, I am sure you can still find a decent space at below $2.00 psf at Shenton Way.

I'm still a guest here on this forum ... pardon my intrusion. But I just have to put in my two cents worth and can't bear to see other fellow business entries being taken for a ride ... especially so when they are foreigners. I bear the same sentiments with start-up companies when I entered 3 years ago and am definitely one who would raise hell for just cause. :) If my postings do offence, I apologise, as they're not meant to be.

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Postby NBB » Fri, 20 Aug 2004 6:56 pm

guest wrote:
I'm still a guest here on this forum ... pardon my intrusion. But I just have to put in my two cents worth and can't bear to see other fellow business entries being taken for a ride ... especially so when they are foreigners. I bear the same sentiments with start-up companies when I entered 3 years ago and am definitely one who would raise hell for just cause. :) If my postings do offence, I apologise, as they're not meant to be.


Dear Guest,

I'm sure you can find cheaper places, esepcially in combination with DIY. But I like to outsource this stuff fully, no worries for me. Besides, the vibes with that biz were good, and other people have to make a living too, right?

It's a choice I made, based on a referral. So far I have no complaints. And I will complain if sloppy work is done, believe you me.

But could I justifiably complain if I'd gone on the cheap instead? I probably could, but it would make sweet F.A. of a difference, no skin of their back; serves me right, after all, for trying to squeeze water out of a pebble. Hey, I like that analogy, just made that up. :-)

NBB


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