Company incorporation

The very last thing you want is getting stuck on that very first step of the journey ie. the incorporation of a legal entity to run your business (in other words, a company). If you are stuck with the countless options out there to incorporate your company, you’re at the right place.

There is no easy way to quickly compare all the options available as they all include different service items at different price points and discount structure. We know first-hand of many company founders who have spent considerable amount of time doing lots of digging, settle on the seemingly best option, only to uncover hidden fees/extra expenses later for essential services that they assumed are included in the cheap packages they signed up for.

At Ong & Liang, we are entrepreneurs like you who have gone through the same process years ago. We aim to simplify the decision process and help founders and entrepreneurs alike to get the best value at the very beginning of their entrepreneurial journey.

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Types of Business Entities – Which is the suitable one for you?

It is important to know the differences of these 4 types of business entities before you decide:

• Company
• Sole proprietorship
• Limited Liability Partnership
• Limited Partnership

A business can be a sole-proprietorship with one owner or a partnership consisting of 2 to 20 owners. Business owners are personally liable for the debts and losses of the business, which is also known as unlimited liability.

The next business entity, Company, usually has the words Pte Ltd or Ltd as part of its name. One of the advantages of owning a company is that the shareholders have limited liability, so they are not personally liable for the debts and losses of the Company.

Limited Liability Partnership (LLP) is a partnership with a minimum of two partners and they have limited liability, however, for Limited Partnership (LP), there needs to be a general partner and a limited partner. Whilst the general partner is personally liable for debts and losses of the LP, the limited partner enjoys limited liability.

Make sure to adhere to the following rules for opening your business:

• At least 18 years old
• All entities must have at least one person who is residing in Singapore
• For Business, LLP, and LP, there is a requirement that the owner or partner’s Medisave must be paid up with a CPF board at all times
• Comply with all requirements for registration and post-registration

Want to know more you can contact us