| Sole Proprietorship | Partnership | Limited Partnership (LP) | |
|---|---|---|---|
| Type Of Business | A business owned by one person; owner of the business is personally liable for the debts and losses of the business; cannot own property; cannot sue or be sued in its own name | A partnership between 2 to 20 persons (if >20 persons, must incorporate as a company under the Companies Act Chapter 50); partners are personally liable for partnership’s debts and losses; cannot own property; cannot sue or be sued in its own name. | A partnership consists of at least 2 persons with at least one general partner and one limited partner; general partner is personally liable for debts and losses of the LP while limited partner is personally liable for the debts and losses of LP up to his agreed amount; cannot own property; cannot sue or be sued in its own name. |
| Profits are taxed at? | At owner’s personal income tax rates | At partners’ personal income tax rates | At partners’ personal income tax rates |
Corporate Services
Registration of Business
When setting up your business in Singapore, it is important that you engage the right services of the right team to assist you. CSL Management takes care of all details for registration of business in Singapore so that you can devote your time and energy on strategic planning, marketing, financing and business operations.
Our service for registering a Sole Proprietorship/Partnership/ Limited Partnerships includes the following aspects:
- ACRA company name check
- Preparation of application
- ACRA business profile (for successful registration)
Take advantage of our exceptional business registration services. This leaves your hands free to take up more pressing matters to grow your business. Make an appointment with us call +65 6482 4892 to find out more on how we can help you!
Incorporation of Company
| Company | A legal entity separate from its shareholders and directors; shareholders are not personally liable for debts or losses of the company; can own property; can sue or be sued in its own name. |
| Profits are taxed at? | At corporate tax rates |
CSL Management would like to share our expertise with you about incorporation of company in Singapore. When you turn to CSL Management for this service, you are assured of a quick yet thorough process which complies with all existing statutes, laws and regulations on how to incorporate a company in Singapore. Being the leading service provider, CSL would assign a team of qualified professionals to see to your needs for the incorporation. Trust us to support you for a speedy corporate launch!
Our comprehensive Company Incorporation package includes the following aspects:
- ACRA company name check and reservation
- Preparation of application
- Preparation of Constitution of the company
- ACRA business profile (for successful registration)
- Corporate Secretarial Services*
*A gentle reminder on the requirement of company secretary: The Singapore Companies Act mandates that within six months from the date of incorporation, all companies incorporated in Singapore are to appoint at least one qualified local company secretary. Refer Corporate Secretarial Service for more info.
Call +65 6482 4892 to contact us today! We make sure that this one important aspect of your company is completely covered, giving you more time, energy and mental freedom for other vital facets of your business!
Corporate Secretarial Service
The Singapore Companies Act mandates that within six months from the date of incorporation, all companies incorporated in Singapore are to appoint at least one qualified local company secretary who is exposed to Singapore company laws and has the knowledge and experience to carry out the duties of the company secretary. The company secretary assists the directors and members of the company on the understanding of and compliance with the Singapore Companies Act in addition to maintaining the statutory books and records.
CSL Management is a professional firm registered with ACRA. At an affordable fee, we provide the routine Corporate Secretarial Service which includes the following functions to your company.
- Maintain the statutory registers and records
- Arrange for shareholder and director meetings
- Preparation of board resolutions and minutes of directors’ and shareholders’ meetings
- Preparation of the company AGM
- Preparation and filing of Annual Return
- Preparation and filing with ACRA for any changes in the particulars of the company
- Safe-keep and ensure proper use of the company seal
We choose to gain your trust and loyally through providing you with quality and reliable secretarial service which is beyond your expectations. Call +65 6482 4892 and you will expect cost-effective professional solutions by appointing CSL Management as your Company Secretary so you can free up your time and concentrate on your core business.
Annual Return Filing
As stipulated in the Companies Act section 197, all Singapore incorporated companies with share capital, either limited or unlimited, are required to hold Annual General Meetings (AGM) and file a return (AR) with ACRA annually. Annual return is to be filed no later than one month after the AGM.
Newly incorporated company must hold its first AGM within 18 months from date of its incorporation. Thereafter, once in every calendar year and not more than 15 months from the last AGM.
In addition, any changes in a company particulars must also be filed with ACRA. In general, the changes include but not limited to the following types:
- Name of the company
- Address of the registered office of the company
- Particulars of the officers of the company
- Transfer of shares
- Share capital
- The principle business activities of the company
- Company type e.g. from private limited to public or vice-versa
Free yourself from the hassle by engaging a professional firm like CSL Management to assist you in the tasks. All required documentation will be prepared accurately and filed with ACRA in a timely manner. With CSL, you are assured of results and services that exceed your expectations at a price that makes you smile.
XBRL Financial Report & Filing Services
XBRL stands for extensible Business Reporting Language. It is a language for the electronic communication of business and financial data worldwide. As one of the family of “XML” languages, it is becoming a standard means of communicating information between businesses and on the Internet.
With effect from 3 March 2014, companies will file their financial statements in XBRL in accordance with the revised XBRL filing requirements.
The following types if companies are exempted from filing their full set of financial statements in XBRL but will file their AGM financial statements in PDF together with Financial Statements Highlights in XBRL format instead:
- Companies which are
- Commercial Banks;
- Merchant Banks;
- Registered Insurers; and
- Finance Companies, that are regulated by the Monetary Authority of Singapore; and
- Companies allowed by law to prepare accounts in accordance with accounting standards other than SFRS, SFRS for Small Entities or IFRS (International Financial Reporting Standard)
Insolvent exempt private companies (EPCs) have the following options to file their financial statements with ACRA:
- A full set of financial statements in XBRL format; or
- A full set of financial statements in PDF with Financial Statements Highlights in XBRL format.
Solvent EPCs are exempted from filing their financial statements with ACRA. If they choose to voluntarily fil their financial statements with ACRA, they have the following options:
- A full set of financial statements in XBRL format / PDF format; or
- Financial Statements Highlights in XBRL format.
Let CSL Management lighten the burden for you as we unload your shoulders of the painstaking process of mapping and matching information within the financial statements to a relevant concept within the ACRA Taxonomy 2013, as it requires a deep understanding of accounting concepts and knowledge of Singapore Financial Reporting Standards (SFRS) and SFRS for Small Entities in addition to technical knowledge of BizFinx XBRL conversion software. Our team of professionals is able to do the work for you efficiently and reliably.
If you do not have a personal computer which is compatible for the purpose of BizFinx, or you would like to dedicate your precious time on your core business instead of figuring out how to use BizFinx which can be a hassle, time-consuming and tedious task, give us a call at +65 6482 4892 or drop us an email info@consultcsl.com.sg . You can count on our efficient and reliable service at a transparent and affordable fee.
Company Strike Off
There are many ways to close a company than going through the process of winding up when the company is no longer keen to continue its operations. One of the alternatives is strike off the company from the public registry maintained by ACRA. The entire process for company striking off is a demanding task that requires time and attention, and typically takes about five to six months. There is a list of criteria to be fulfilled in order for a company to be successful in their application for striking off.
Drawing on experience and knowledge accumulated over the years, our professionals are here to provide reliable and excellent services to ensure that the task of striking-off your company will never be a burden to you. Engage CSL Management for Company Strike Off service that includes the following items:
- Preparation of strike off application along with supporting documents
- Preparation of Directors’ Resolution
- Preparation of Letter of Confirmation from Directors
- Preparation of Letter from Directors to ACRA
- Preparation of Letter from Shareholders to ACRA
Let us lighten the burden for you. For a small fee, you will certainly save much of your valuable time which can be diverted to exploring and developing other opportunities instead of going through the entire painstaking process.