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is it possible to convert sole proprietor to pte ltd?
is it possible to convert sole proprietor to pte ltd?
...any answers.
- sundaymorningstaple
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I could cut & paste or reword it to look like mine but this is easier:
http://www.guidemesingapore.com/incorpo ... ed-company
http://www.guidemesingapore.com/incorpo ... ed-company
SOME PEOPLE TRY TO TURN BACK THEIR ODOMETERS. NOT ME. I WANT PEOPLE TO KNOW WHY I LOOK THIS WAY. I'VE TRAVELED A LONG WAY, AND SOME OF THE ROADS WEREN'T PAVED. ~ Will Rogers
- sundaymorningstaple
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- Posts: 39992
- Joined: Thu, 11 Nov 2004 1:26 pm
- Location: Retired on the Little Red Dot
So, if your company has never had a transaction, you have basically a shelf company, correct? Therefore, as you have never done business you don't even have any goodwill and the name is unknown in any rate. I think I'd just ditch it and start afresh.
SOME PEOPLE TRY TO TURN BACK THEIR ODOMETERS. NOT ME. I WANT PEOPLE TO KNOW WHY I LOOK THIS WAY. I'VE TRAVELED A LONG WAY, AND SOME OF THE ROADS WEREN'T PAVED. ~ Will Rogers
The best structure will depend on the type of business you intend to operate.
If you are going to be making a profit in the first three years, then there are benefits to using a new exempt Private Limited company.
You will pay no corporate tax on the first $100k of profit, and a 50% reduction in tax on the next $200k in profit during this honeymoon period.
If you know you have a profitable contract in hand, this can be a nice sweetener.
Why not seek the advice of a lawyer/accountant before you go any further?
If you are going to be making a profit in the first three years, then there are benefits to using a new exempt Private Limited company.
You will pay no corporate tax on the first $100k of profit, and a 50% reduction in tax on the next $200k in profit during this honeymoon period.
If you know you have a profitable contract in hand, this can be a nice sweetener.
Why not seek the advice of a lawyer/accountant before you go any further?
- sundaymorningstaple
- Moderator
- Posts: 39992
- Joined: Thu, 11 Nov 2004 1:26 pm
- Location: Retired on the Little Red Dot
Actually, it's a no brainer. A Pte Ltd is better both from a structural POV as well as from a liability POV. A sole proprietorship puts everything you own at risk while the Pte Ltd has a life of it's own and the directors, as long as they haven't done anything illegal, cannot be sued for the company's liabilities.
SOME PEOPLE TRY TO TURN BACK THEIR ODOMETERS. NOT ME. I WANT PEOPLE TO KNOW WHY I LOOK THIS WAY. I'VE TRAVELED A LONG WAY, AND SOME OF THE ROADS WEREN'T PAVED. ~ Will Rogers
thanks for the kind advise. i think i just ditched
sundaymorningstaple wrote:So, if your company has never had a transaction, you have basically a shelf company, correct? Therefore, as you have never done business you don't even have any goodwill and the name is unknown in any rate. I think I'd just ditch it and start afresh.
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