Incorporation Services

BookSmart Management Consulting Pte Ltd providing incorporation services in Business registration with the Accounting and Corporate Regulatory Authority (ACRA) as according to the Business Registration Act (Cap. 32).

A business firm is a much simple form of setting up a business, as it required low setup cost, has low maintenance fee. It can be either a sole proprietorship or a partnership. Business Registration for sole proprietorship and partnership is normally done within 20 minutes.

And if you have already registered a Business for sole proprietorship / partnership with ACRA and now wish to convert it to a Private Limited company to enjoy Government benefits or tax exemption, we can also assist you to do a conversion.

SOLE PROPRIETOR(SELF-EMPLOYED)

  • A Business firm owned by one company or an individual who is Singapore Citizen or Permanent Resident running a business on his/her own behalf.
  • All the profits generated by the business will belong to the sole-proprietor.
  • Pay Personal income tax on the profits generated by the business.
  • Compulsory to contribute to CPF Medisave based on revenue generated (Individual rate between 6-8%).
  • The sole proprietor has absolute say in the running of the business firm.

PARTNERSHIP

  • Consists of more than one person.
  • May have between two and twenty partners.
  • All partners have equal rights in the management of the partnership.
  • Unlimited liability Foreigner only can register if there is a Singapore local resident manager.
  • Pay Personal income tax on the profits generated by the business.
  • Required to contribute to CPF Medisave (Individual rate between 6-8%).

LIMITED LIABILITIES PARTNERSHIP

  • Has the flexibility of a partnership, with the benefit of limited liability.
  • Minimum of 2 members.
  • Each member’s personal income is derived from profits and is taxed at personal income tax rates.
  • Compulsory to appoint a local manager.
  • Compulsory to contribute to CPF Medisave based on revenue generated (Individual rate between 6-8%).

PRIVATE LIMITED COMPANY

  • A company is a business entity registered under the Companies Act, Chapter 50. It has legal personality i.e. It has rights to own properties, it has perpetual succession and it can sue or be sued in its own name.
  • Have 50 or less shareholders and restricted rights in share transfers.
  • Must have at least one “ordinarily resident” director, appoint an auditor within 3 months and secretary within 6 months of the date of its incorporation.
  • Company can claim for full tax exemption on the first $100,000 and a further 50% tax exemption is given on the next $200,000 of normal chargeable income for its first three consecutive YA and a further 50% exemption if given on the next $200,000.
  • Company will be granted a 30% Corporate Income Tax (CIT) Rebate from YA 2013 to YA 2015 capped at $30,000 for each YA.