Why convert Sole-Proprietorship to Private Limited company?

Protection from liability

Separate legal entity from owners

Tax benefits

Flat corporate income tax rate vs. progressive personal income tax

Change of ownership

Transfer shares of the company to sell the business

Better public perception

Perceived as more credible

Easier to raise capital

Invite investors to participate as shareholders

Launch your business right with professional assistance

Our job is to provide a hassle-free onboarding experience and ensure a compliant company set-up. Be it pre or post incorporation, let us take care of the paperwork while you focus on running the business.

Fast self-help incorporation services with Sprout's proprietary system

Onboard seamlessly on our portal using your Singpass

Great pricing

From the cessation of your sole proprietorship to the post-incorporation requirements of your company we've got it covered in your package

Attentive customer service

When you have a question regarding your company, reach out to us and we'll be happy to assist

Steps in Sole Proprietorship to Pte Ltd conversion

Are you ready to enjoy the benefits of running a Pte Ltd company? Here are some important steps to take note of before the cessation of your Sole Proprietorship.

Step 1: No objection letter

Write a letter stating that you have no objections using the name of the sole proprietorship business to now be the name of a private limited company.

Step 2: Incorporating a Private Limited company

Incorporate a new private limited company with the indication that the company is to take over your sole proprietorship and provide an effective transition date.

Step 3: Transfer of assets

Formally transferred all your assets to the newly incorporated company. Assets like contracts, service agreements and leases must be novated. Close the bank accounts under your sole proprietorship and open new ones under the new private limited company.

Step 4: Cessation of Sole Proprietorship

Obtain clearance from IRAS on the cessation of the sole proprietorship and pay off any unpaid tax expenses. Your sole proprietorship is to be terminated and inform ACRA that you have ceased to carry on business as a sole proprietorship.

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PRICING

Sole Proprietorship to Pte Ltd package

Sole Prop Transformer

S$800
Convert your Sole Proprietorship or Partnership to Pte Ltd
  • Sole Prop Conversion
  • Incorporation services
  • 12 Months Comprehensive Secretary
  • AGM & Annual Return Filing
  • Company Constitution
  • S$375 ACRA fee
More services your company may need

Optional Add-ons

Registered Address

$240
S$160

Accounting Services

Our Annual Accounting Package at a special pricing specially for Sole Prop Transformer clients
S$500
REVIEWS

What others say about us

“I just experienced possibly the best customer experience of all time. I found Sprout online while I was trying to register my company and it turned out to be a wise choice for me. They are available all means of digital channels and respond quite promptly. Thank you, Weng Leong and team, for the help and support. Great Job!! And if anyone of you is looking for corporate service or any such matter look no further.”
Nihar Ranjan
“It was a wonderful wonderful experience having been served by Sprout Asia. From being able to be contactable by phone and online there were also sound advice given. The transactions were really smooth and everything were done over the internet. Most of all the professionalism was remarkable. I honest rate Sprout Asia 5 stars if I can 6. Thanks Jackson.”
Roy Lai
“Highly recommended based on my personal experience. Weng and team were extremely supportive in helping me navigate through many issues that were new to me. Very responsive and helpful in every way. Working with them gives me the reassurance that someone always has my back. Thanks again!”
Ena Yoo
“Since we got in touch till Registration COMPLETED they are very prompt response and did a good job with a very reasonable cost in compare to others.
Thanks guys. It is just a start for long journey.”
Mohd Hassan

Frequently Asked Questions

Can I be my own company secretary? What does a company secretary do?

You can be the secretary of the company if you are a local and not the sole director. However, it is important to engage a secretary who is clear on the statutory requirements of the company e.g.  Annual General Meetings, ACRA Annual Return, IRAS ECI and Form C-S. 

How do I decide on my company Financial Year End (FYE)?

The company’s Financial Year End (FYE) is typically a date which is the last day of the month. We recommend choosing the last day of the previous month if you don't have any particular preference (eg. If we are in the middle of May, we recommend 30 April). This will maximise your tax breaks as a start-up company.

What companies require Special Approval?

Companies under selected industries or with names containing certain words will be sent to the respective referral authority. Find out more about selecting the right SSIC codes and relevant industries here.

Do I need to come to your office to set up a company?

Good news, onboarding with Sprout can be done completely online on our portal. For verification purposes, locals and FIN holders can verify their identity via Singpass, and foreigners will have to go through a video verification and upload a copy of their passport and proof of address. It’s as simple as that!

How long does it take to incorporate a company?

With Sprout’s proprietary onboarding platform, the onboarding process has never been easier. Once the onboarding process is complete, it takes no more than 1-2 working days to incorporate a company - unless the application gets sent to the referral authority by ACRA.

What is a Company Constitution?

A company's constitution (formally known as the Memorandum and Association) is a legal document that:

  • Describes the key characteristics of the Company
  • Contains the rules and regulations for its governance
  • Describes how its operations will be carried out
  • Outlines the rights and responsibilities of the Directors, Shareholders and Company Secretary
  • The Company's Constitution must be submitted to ACRA upon application.

    Do I need a company secretary?

    The Company Law in Singapore mandates that every company must appoint a Company Secretary, and the position must not be left vacant for more than 6 months at any point in time.

    The Company Secretary is responsible for ensuring that the company complies with the relevant legislations and regulations. You may find out more about the obligations and requirements of a company secretary here.


    Add-on our quality accounting & bookkeeping services

    We offer Annual and Monthly Accounting Packages Depending on your anticipated business volume with the flexibility to scale up when the need arises.

    Accounting and Bookkeeping Services

    Companies are also required to prepare financial statements and tax filing as part of their annual requirements.

    We have quality accounting and tax services which can be bundled for greater value! Appoint us as your one-stop corporate services solution.
    Find out more