Avoid Incorporating A New Company Yourself
Incorporating a new company ? Avoid doing it yourself because you may not know what you Don’t know…
Lately I have helped a few New entrepreneurs “rectify” their company formations which were not correctly and completely done to be compliant with all ACRA Requirement, resulted in these New entrepreneurs having wasted their earlier precious time and money unnecessarily !
Let me share these experiences here…
You have just completed your Business Plan, secured your initial Funding, & you are all ready to incorporate a new company…
Thinking of either incorporating this new company yourself or just engage a cheap service provider to do so for you just to save some initial dollars ?
Please Think Twice !
It is much better for you to engage a proper professional Corporate Service Firm to incorporate this new company for you so that you can start focusing on ramping up your business even from Day 1 !
Whether you like it or not, there are all in all about 17 major Steps which you would need to complete to incorporate a company as per ACRA Requirement. They are :
1.Signed Shareholders Agreement
2.Name Reservation
3.Adopt a Standard or to Customize your Constitution according to your Shareholders Agreement
4.Do Form 45 Consent to Act as Directors
Post Incorporation Work :-
5. Do Common Seal
6. Do Rubber Stamp
7. Buy and print Certificate of Incorporation
8. Do Resolution to open bank account
9. Follow through to physically inject Capital ( ACRA requirement must fulfill Shareholders obligation of Cash Capital injection via banking in exact Cash )
10. Appoint a company secretary
11. Confirm date of first Year End
12. Issue Share Certificate
13. Signing of new Share Certificates by Corporate Secretary and 1 Director
14. Sealed new Share Certificates with Common Seal
15. Lodgment of shares with ACRA
16. Appoint auditor if not Small Company
17. Update Biz Profile
3 things to Watch Out :
1.There are not many corporate services firms in the market which do all the above Incorporation & Post-Incorporation steps in the same Company Formation service package & still charge you the same fee
2.Most Service Providers may just be stopping at step #3 but charging you the same full fee. Worse still, many Corporate Service firms are not flexible enough to allow your Constitution to be customized to follow your Shareholders Agreement because they just adopt a Standard Constitution to save their time and perhaps they do not have the internal resource to do it
3.You would need to complete all the 17 steps above sooner or later as part of the Statutory Compliances with ACRA Requirement, please Do Not save on engaging a cheap Corporate Services firm or attempt to do the 17 steps yourself which you may end up either being non-compliant or end up be paying more for all post incorporation services added together when your “cheap” corporate service firm would then start to bill you separately.
Good Luck !
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(M) +65 90880669
