This is an absurd price, name and shame! You will just have to continue to look for a cheaper price, look away from the City, to get a better price, more into the heartlands, or better still go back to the same people and ask for the local area price, explaining that you are not such and idiot, to pay such a ridiculous priceSingapore Saint wrote:Hi,
While setting up a new company in Singapore, I've been quoted around $3000 for drawing up a shareholders agreeement, which to my mind is $3000 that I could make much better use of during the start-up period..
I fully appreciate why we need the agreement, but I object to paying a law firm $3000 for 5-6hrs work when it seems like its just a case of taking a standard document that has been drawn up under Singaporean law, adding the details of 3 people to it, the 3 of us signing and then each holding a copy. (A simplified view, I know...)
Has anyone been able to get a shareholders agreement signed without resorting to paying this kind of money?
Anything to do with business, look into the heartlands, it's always cheaper than the City. Locals can never afford those kind of prices, so the establishments in the city prey on the wealthier clients that can afford to shop in the citySingapore Saint wrote:Thanks KSL - not sure if forum rules allow you to name any firms you'd recommend or suggest?
That's completely and totally ridiculous. You can do the entire incorporation yourself on the ACRA website in 30 minutes for under S$300, and that includes a boilerplate shareholders agreement that most people will find perfectly acceptable -- especially if you're running a one-man show and thus the only shareholder!Singapore Saint wrote:While setting up a new company in Singapore, I've been quoted around $3000 for drawing up a shareholders agreeement, which to my mind is $3000 that I could make much better use of during the start-up period..
The reason why it is $3000 is because no 2 partnerships are the same. You can use a boiler plate partnership agreement and pray that nothing exceptional will happen.Singapore Saint wrote:Hi,
While setting up a new company in Singapore, I've been quoted around $3000 for drawing up a shareholders agreeement, which to my mind is $3000 that I could make much better use of during the start-up period..
I fully appreciate why we need the agreement, but I object to paying a law firm $3000 for 5-6hrs work when it seems like its just a case of taking a standard document that has been drawn up under Singaporean law, adding the details of 3 people to it, the 3 of us signing and then each holding a copy. (A simplified view, I know...)
Has anyone been able to get a shareholders agreement signed without resorting to paying this kind of money?
Actually, I'd wager a fair amount that at $300-500/hr, getting reputable law firm to draft a real customized shareholders' agreement would cost you more than $3000... and the original company is trying to sell you the free standard template for $3000.nkthen wrote:Or you can pay $3000+, get a customized partnership agreement which covers 100% of your legal protection and suitable for your biz.
And a fool and his money is easily partednkthen wrote:The reason why it is $3000 is because no 2 partnerships are the same. You can use a boiler plate partnership agreement and pray that nothing exceptional will happen.Singapore Saint wrote:Hi,
While setting up a new company in Singapore, I've been quoted around $3000 for drawing up a shareholders agreement, which to my mind is $3000 that I could make much better use of during the start-up period..
I fully appreciate why we need the agreement, but I object to paying a law firm $3000 for 5-6hrs work when it seems like its just a case of taking a standard document that has been drawn up under Singaporean law, adding the details of 3 people to it, the 3 of us signing and then each holding a copy. (A simplified view, I know...)
Has anyone been able to get a shareholders agreement signed without resorting to paying this kind of money?
Template partnership are also harder to be use in court as any smart lawyer can dismiss that as a template, or use that all-familiar template to look for loopholes.
Or you can pay $3000+, get a customized partnership agreement which covers 100% of your legal protection and suitable for your biz.
It's your call. Being cheapo has it's cost.
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