setting up business in sg
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hi all,
i heard that registering a new business in sg is only S$25?
because some of my close malaysian-chinese friends wants to setup a software company together with me (will be registered under my name). i won't be doing any work for the company (it's registered under my name as I'm singaporean and they can't), just for show, while they run the entire operations.
in such cases,
1) i still need to pay them CPF? what if they tell me they don't want CPF? since we all know each other.
2) since it's a Private Limited, i won't be liable for anything if anything goes wrong?
tks!
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Setup software company?
aiyo, too late... U shld setup before the tender close for the Town council software maintenance...
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set up sole-proprietorship huh ?
only 1 person....
but unlimited liability hor.... mai play play...
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Partnership = limited liability
but more accounting work to submit
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think carefully the consequences before agreeing to such arrangement.
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fwens may not be true fwens.
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This one : "true friends get whack by true friends" below are more convincing :
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its seem u r in a precarious situation, they are not PR so they have no CPR for you to pay, since they aint hire as staff by you, you do not need to pay them CPF. you can sign up with them as partnership limited liability, that will be an estimate cost of 25-60 while for corporation the cost will be an estimate of 300. be sure of what you are signing up for if there is no clear benefit for you. cause even under limited liability you will still be liable for the amt of share you are in control of the company, there is no way u can just put ur name and if anything happen u say you dont know anything. foreigner can actually register co here if i m not wrong according to acra. watch ur back dude. your friend maybe directing you toward having a sole proprietorship, which mean if anything happen, they can pack their bag and run, you bear the full consequence even thou you bring it up as a civil law suit, its useless, u will still be partially liable
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There are a few company who offered help for pte ltd registration, sole proprietor/partnership package for start-up and also business resources for company like NCR Print-Invoice book, logo design and CMS Website Design etc :
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or just vist arca web site. you will find plenty of into there.
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Hi, im not an expert but just a student who has learnt only abit about economics. So take what i say with a pinch of salt =)
1) im pretty sure by law, you have to pay employees CPF... If they are not employees then dont need cpf, also i think if ur pay is below a certain amount, you also dont need to pay cpf for them.
2) The Private Limited you speak of is it Private limited company? If it is it is a sub-category of Corporation and in a sense the Liabilities will not tap into your personal assests. But you are still liable in the extent that if you were to somehow for example, go bankrupt. The investors can claim on your company's assets (computers, printers, furnitures etc.) and sell it to gain back their capital. However, they will not tap on your personal assets (your home, bank account etc.)Now i want to warn you about corporation, it has double taxation and the filing of reports of your earnings and company stuffs is quite complicated which consume time.
Hi, you are doing this with your friends right? Then i suggest you can try Limited Liability Partnership(LLP). This way your friends will be your partners. LLP also has limited liability. I think you can find more info on LLP online. =) -
Wahlao 65 not 25 brudder. Malaysians cannot register I think need be singaporean then can.
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Hello,
Great.... keep going on
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Hi guys, if you are starting up your business here, I can help you with your logo design, business card design, letterhead design, website banner/header, app icon design, poster/flyer/brochure design at very very affordable price. If you are interested, you can contact me for sample of my work:) wish you success in your business startup. Thanks!
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You could visit acra website. It's all shown there.
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Yup ACRA is the best place to get your information. http://www.acra.gov.sg/
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thanks for proving these links here.
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In order for your Malaysian friends to work here legally, you will need to hire Singaporeans (and pay CPF) so as to have the quota. It's not as easy and convenient as it sounds, PM me for more info.
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Pte Ltd coy....hmmmm....if something goes wrong, you are definitely liable....you can't argue that you don't run the company....because its under your name officially you are legally responsible.
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There is an loan plan called Microcredit Business Scheme which is lauched to kick your business plan, surprising it is located at Singapore Polytechnic : http://www.mcbs.com.sg
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Originally posted by Demon Bane:
Pte Ltd coy....hmmmm....if something goes wrong, you are definitely liable....you can't argue that you don't run the company....because its under your name officially you are legally responsible.
In short, I don't advice you to setup such a company...maybe you setup the company in Malaysia with your friends' names then setup SG based correspondent office ?
Software business is highly competitive...good luck to you!
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personally if its me i will not risk myself in doing that..
using SP, u r liable for everything...
Pte Ltd, is ard $300 plus a year if i am not wrong...
but there is alot of paperwork to do and also other stuff...
i would rather run the business myself rather than partnering my friends whom does work using my name..
if anything goes wrong.. i am the one who is liable.