{"id":4708,"date":"2019-06-21T10:51:30","date_gmt":"2019-06-21T02:51:30","guid":{"rendered":"http:\/\/www.biztreemgmt.com\/wordpress\/?p=4708"},"modified":"2022-06-18T17:01:12","modified_gmt":"2022-06-18T09:01:12","slug":"convert-from-sole-proprietor-to-pte-ltd","status":"publish","type":"post","link":"http:\/\/www.biztreemgmt.com\/wordpress\/convert-from-sole-proprietor-to-pte-ltd\/","title":{"rendered":"Convert from Sole Proprietor to Pte Ltd"},"content":{"rendered":"<p><a href=\"http:\/\/convert from sole proprietor to Pte ltd\"><img loading=\"lazy\" class=\"alignnone wp-image-4709\" src=\"http:\/\/www.biztreemgmt.com\/wordpress\/wp-content\/uploads\/2019\/06\/Capture22.png\" alt=\"\" width=\"482\" height=\"134\" srcset=\"http:\/\/www.biztreemgmt.com\/wordpress\/wp-content\/uploads\/2019\/06\/Capture22.png 604w, http:\/\/www.biztreemgmt.com\/wordpress\/wp-content\/uploads\/2019\/06\/Capture22-300x83.png 300w\" sizes=\"(max-width: 482px) 100vw, 482px\" \/><\/a><\/p>\n<p>What to take note if you intend to covert your sole proprietor to Pte Ltd company ?<\/p>\n<p>&nbsp;<\/p>\n<p><strong>COMPANY NAME <\/strong><\/p>\n<p>Are you plan to re-use your sole proprietor name ? From ABC to ABC Pte Ltd ?<\/p>\n<p>YES, please appeal with ACRA.( normally it will be approved with the declaration date when the sole proprietor will be terminate )<\/p>\n<p>&nbsp;<\/p>\n<p><strong>TIMELY<\/strong><\/p>\n<ul>\n<li>When to close sole proprietor &#8216;s bank account<\/li>\n<li>When work permit to be terminate or transfer to Pte Ltd<\/li>\n<li>When to sign new tenancy agreement\/ business contract<\/li>\n<li>When to amend employment contract<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p><strong>COMPANY&#8217;S ASSET <\/strong><\/p>\n<ul>\n<li>What to do if sole proprietor owned some of the company asset ie computer, car ? You may disposal it or transfer to Pte Ltd&#8217;s account with reasonable market value<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p><strong>TAX LEVEL <\/strong><\/p>\n<ul>\n<li>Sole proprietor is under personal tax level .<\/li>\n<\/ul>\n<blockquote><p>IRAS &#8221; Singapore&#8217;s personal income tax rates for resident taxpayers are progressive. This means higher income earners pay a proportionately higher tax, with the current highest personal income tax rate at 22%.&#8221;<\/p><\/blockquote>\n<ul>\n<li>Pte Ltd been tax on the company profit level<\/li>\n<\/ul>\n<blockquote><p>IRAS &#8220;With effect from Year of Assessment 2010, a company is taxed at a flat rate of 17% on its chargeable income regardless of whether it is a local or foreign company&#8221;<\/p><\/blockquote>\n<p><u><strong>(After conversion, you will need to file 2 type of tax : Company tax and Personal Ta<\/strong>x)<\/u><\/p>\n<p>&nbsp;<\/p>\n<p><strong>COMPLIANCE LEVEL \/FILING REQUIREMENT <\/strong><\/p>\n<ul>\n<li>Being sole proprietor you only need to declare your personal tax<\/li>\n<li>Whereas as Pte Ltd is required to file :<\/li>\n<\/ul>\n<ol>\n<li>Annual Return with ACRA and<\/li>\n<li>Company Tax , ECI and GST ( if applicable) with IRAS<\/li>\n<\/ol>\n<p><em>** Please click <\/em><a href=\"https:\/\/www.iras.gov.sg\/irashome\/Businesses\/Companies\/Filing-Estimated-Chargeable-Income--ECI-\/Definition-of-Estimated-Chargeable-Income--ECI--and-When-to-File\/\" target=\"_blank\" rel=\"noopener nofollow\"><em>here<\/em><\/a><em> for the ECI Filing requirement **<\/em><\/p>\n<p><em>**Please click<\/em><a href=\"https:\/\/www.iras.gov.sg\/irashome\/GST\/GST-registered-businesses\/Learning-the-basics\/Goods-and-Services-Tax--GST---What-It-Is-and-How-It-Works\/\" target=\"_blank\" rel=\"noopener nofollow\"><em> here<\/em><\/a><em> for the GST filing requirement **<\/em><\/p>\n<p>&nbsp;<\/p>\n<p><strong>APPOINTMENT OF COMPANY OFFICER<\/strong><\/p>\n<ul>\n<li>All Singapore registered Pte ltd is mandatory to appoint Company Secretary, Company Director ( who at least 1 director must be local resident )<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p><strong>REASON FROM SOLE PROPRIETOR TO PTE LTD <\/strong><\/p>\n<ul>\n<li>Limited liability : You are only responsible for the total amount fund you contribute to Pte Ltd Company, if anything go wrong , your personal asset is protected . Whereas is different scenario with sole proprietor, you are fully responsible include disposal off your personal asset if necessary.<\/li>\n<li>A sole proprietor business is not &#8220;transferable&#8221; : If the sole proprietor owner retire or dies, same thing will happen to its company. Whereas scenario will be different in Pte Ltd, owner&#8217;s kid can inherit his business .<\/li>\n<li>loan or Fundraising is much more easy in Pte Ltd compare with sole proprietor .<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p>OK, i ready, let contact michelle@biztreemgmt.com to proceed<\/p>\n","protected":false},"excerpt":{"rendered":"<p>What to take note if you intend to covert your sole proprietor to Pte Ltd company ? &nbsp; COMPANY NAME Are you plan to re-use your sole proprietor name ? From ABC to ABC Pte Ltd ? YES, please appeal with ACRA.( normally it will be approved with the declaration date when the sole proprietor<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[165],"tags":[208,227,228],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v17.9 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Convert from Sole Proprietor to Pte Ltd<\/title>\n<meta name=\"description\" content=\"You may think of covert into Pte Ltd once your business is stable. 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