subject: What To Do After Purchasing A Singapore Shelf Company [print this page] Purchasing shelf companies to enter the Singapore market is proving to be a good option for various foreign business owners. Although registering a new foreign owned company in the country is quite straightforward, many overseas entrepreneurs do prefer buying out a shelf company to create a presence in Singapore as quickly as possible. Buying a shelf company in Singapore is extremely safe and can prove to be quite beneficial as well. However, foreign entrepreneurs must take a few steps after the transaction has been completed to ensure there are no problems in the future. Some of these steps are as follows:
1) Obviously after taking over any kind of company, the first thing you need to do is apply for transfer of shares. After buying the Singapore shelf company, you need to immediately notify the company registrar and apply for transfer of shares to your own name. Depending upon whether you want the ownership of the company in an individual name or a company name, you need to act accordingly and notify the Singapore company registrar in the prescribed format. Remember change of ownership of the company needs to be done immediately after purchasing the shelf company as otherwise you will not be able to act as the owner of the company.
2) Along with change of ownership, if there is a change in the particulars of the company directors, company secretary etc. then this needs to be notified to the company registrar as well. You may have to provide details of the new directors by providing a copy of their passport or copy of any utility bill that shows their current address. This also needs to be done in the prescribed manner and typically any change in the company should be informed to the concerned authorities within 14 days from when the change was made.
3) If you are not satisfied with the name of the shelf company, you are allowed to change this as long as you follow the proper procedures. A resolution has to be passed by the company directors to change the name of the company and a declaration has to be provided to the company registrar. The new name chosen must not already be in existence or trademarked by another company. After the proposed name has been approved by the company registrar, the company can start changing their stationery and other things to reflect the new name.
4) Companies are also allowed to increase paid up capital in the shelf company after purchase. If required, the new owner may do so by transferring the funds to the corporate bank account and following the necessary procedure for increase in share capital.
by: Bryan Wong
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