Private Limited Company

July 12, 2019

Company Incorporation for Private Limited Company Overview Private Limited Company is more popular in Singapore as they are separate legal entities from their owners unlike other business structures e.g  Sole Proprietor and Partnership. Owners or Shareholders are only subjected to limited liability up to the amount of share capital they contributed to the company. In addition, there are also government incentives and schemes which help a lot of companies especially new start-ups whom normally face cash flow issues in their initial years. There are many common issues that a company may face, which includes shareholder value, dividend payment, director’s fees, management remuneration packages, share options, tax credit distribution, company’s business expansion plans, and independence on the board. So why incorporate with us? We ensure that your company is incorporated with proper procedures, and therefore will reduce any unnecessary disputes among the shareholders, directors, and management. We strongly recommend that you leave the business administrative duties and corporate secretarial matters to us, Business Tax Accountancy Pte Ltd. We ensure that the company complies with all requirements and have all the necessary documents. In Business Tax Accountancy, we constantly update our process to fit with the latest government’s compliance. We ensure that our incorporated clients’ interests are well protected. Minimum Requirements At least 1 owner/ 2 partners Owner must be at least 18 years of age Registered Address

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Limited Liability Partnership

July 12, 2019

Business set-up for Limited Liability Partnership A Limited Liability Partnership (“LLP”) is a hybrid of “Partnership” and “Private Limited Company”. It is a type of business structure where 2 or more partners form an entity which has its own separate legal identity like a Private Limited Company. It has rights to hold property, sued or be sued under its own name and is typically adopted by professionals such as doctors, lawyers and architects. Partners in LLP have limited liability and will not be personally liable for the business debts incurred except for those arising from his own wrongful act or negligence. Similar to Sole Proprietor / Partnership, business profits will be taxed at partners’ personal income tax rate and is generally also harder to secure loans from financial institutions which is required for business expansion. Apart from the statutory requirement to keep the accounting records, LLP must also file an Annual Declaration of solvency to the ACRA which will be made available to the public. Minimum Requirements At least 2 Partners Partner must be at least 18 years of age Registered Address 1 Appointed Local Manager

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Sole-Proprietor/Partnership

July 12, 2019

Business set-up for sole-proprietor/partnership Business Introduction A Sole Proprietor / Partnership is the most simple business entity for entry level entrepreneurs in Singapore. It is easy to setup and owners do not have to worry about the ongoing statutory compliance from government bodies apart from the annual business license renewal. Given its leverage in low setup cost and maintenance fee compared to other business entities in Singapore, Sole Proprietor / Partnership has its significant disadvantages too. Some of the major concerns pertaining to these business structures are the unlimited liabilities which in some cases will lead to bankruptcy of the owners when they are unable to pay off the business debts. The main reason being so is that it is not considered a separate legal entity in Singapore and the owners are personally accountable for all the liabilities incurred during the course of the business. Thus, it’s not recommended for business with high credit risk nature. Our Incorporation package includes the following: Company Name Search and Reservation ( ACRA fee : $15 ) Company Incorporation with ACRA ( ACRA fee : $300 ) Preparation of First Directors’ Board Meeting Preparation of Company’s Constitution Shares Certificates Common Seal Directors’ resolution for bank account opening Purchase of ACRA Business Profile Minimum Requirements 1 Individual / Corporate shareholder 1 Resident Director 1 Company Secretary $1 Paid Up Capital Registered Address

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