I have registered a company before under my name (a Pte Ltd
co.), which shares I have now sold to the Europeans, though I still
run and manage it for them till this day.
I'm thus only familiar with the owning/running of a Pte Ltd
company. With a Pte Ltd co., you'll need to appoint auditors
(though auditing is not always needed anymore), company secretary
(can be yourself), book keepers (can be yourself), etc etc. In
other words, you'll need to show your full set of accounts to the
government - where/how your money comes and goes. If you don't
profit in 3-5 years, there is a chance that ACRA or IRAS will look
into your accounts, to see if the system is being "abused" (for
lack of a better word).
I don't have first-hand experience in the running of other types of
companies (sole proprietorship, partnership, etc). I know you don't
need to appoint the same parties as a Pte Ltd co., and are not
subject to auditing....but has anyone really tried owning such a
"ghost company" with no trading movements? Knowing how
well-informed governments are where tax collection is
concerned.....is there really such a simple loophole, to be able to
just register a company and use its name to buy a commercial
vehicle and keep it peacefully for years without being
questioned?
(I'm not doubting anyone's words that it might be possible....I'm
sincerely asking for the sake of my own knowledge).
