Setting Up A Business

Stanley Ho SG

I decided to set up a business and currently writing my business plan at the moment. There is quite alot of things I do not know and kinda headache here and there.

How to set up a private limited? I call them they say what add share for your company lah all these. Can anybody help?

FireIce SG

www.acra.gov.sg

read thoroughly

Stanley Ho SG

Been there done that but they don't even know how to explain diff between pte, sole Propiertorship..... they say I need to go somewhere else. They only do the paperwork of setting up only

FireIce SG

then read up urself

first of all, do u have any idea about how u going to conduct ur biz?

Stanley Ho SG

yep got the concept liao. Now writing business plan and system.

browniebaobao SG

have to reserve a name first then do incorporation.

say like v easy, but it's a lot of work..

FireIce SG

u 1 person bao ka liao?
or got ppl put money in oso?

sLeEpWaLkErInG SG

most of the time ppl setup pte ltd so that if anything happens, only the company will be affected and the business personal will not be liable on his personal assets. But for a pte ltd, the min setup is a director and a secretary.

I used to assist my friend in his Pte Ltd business but now in a Partnership business of my own currently.

This is the max i know for pte ltd.

Isis SG

A sole proprietor is someone who owns an unincorporated business by himself or herself. The company and the owner are the same legal entity. Which means the owner is completely held liability of the company. It is the simplest legal structure.

While a private limited company is a legal entity separated from its officers, with its own profits, losses, assets and liabilities. Ownership of a private limited company is established through the division of shares. The more shares you got, the more profits you gain.

Unlike a public limited company, a private limited company is restricted from selling shares to the public. All private limited companies protect the associated officers from financial liability should the company encounter problems.

Hope this helps. Btw i don't think this is important in a biz plan writing.. usually.

OryonNetworks SG

To add on, with a sole proprietorship, you will have unlimited liability while with Pte Ltd you will only have limited liability.

If you are going for Pte Ltd, do not register it using ACRA by yourself. Usually company providing secretarial service will offer 1 year free service when doing company incorporation.

jojobeach SG

Please read up book/s about Singapore Business Laws.

I'm sure it is available in the Library.

Stanley Ho SG

hi guys, would really like to know if there are any entrepreneur forum in Singapore? Any links? Thanks alot

OryonNetworks SG

http://www.spring.gov.sg/Resources/SME_Guides/document/Business_Law_Guide_for_SMEs_1Nov2007.pdf

Use this. It is a basic guide to business law for those wanting to start a company.

If you need some help about the law related to business, you can post here and i can help you.

OryonNetworks SG

By the way being a director of a Pte Ltd is not that easy.

There are so many statutory duties which you have to take note.

Nikar2 SG

from what i know, in SG, all companies must have Pte Ltd behind.
never heard of local company that has Incorporated (Inc.) behind.

like, companies in Indonesia all have "PT" pre-fix in front, companies in Malaysia has "Sdn Bhd" behind, companies in Japan have "Co." behind, companies in Britain has "LLC" behind, companies in Holland has "B.V" behind, companies in Denmark has "AS" in front.

Hidetox SG

lol why dun ask me? haha i from acra

Hidetox SG

Secretary can be anyone above 21.. and register urself for PTE LTD is o so easy.... and onli cost $315 in total.. if u go thru a firm.. they cost u 1k+...

haha.. but i dun recommend u Pte Ltd.. got for LLP.. which is easy

OryonNetworks SG

I hope you know what you are talking about. Corporate secretary needed to be registered. You can check with ACRA.

browniebaobao SG

nah.. wrong.

can be 'limited' also, for listco.

Inc. is usually for branch or parent company.

browniebaobao SG

not so easy ok..

secretary has to fulfill certain requirements.

and then.. which firm charge incorporation for $1k+?

chop radish meh?