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.
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.
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.
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.ENQUIRE NOW
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.
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.
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.
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!
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.
A company's constitution (formally known as the Memorandum and Association) is a legal document that:
The Company's Constitution must be submitted to ACRA upon application.
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.