As the owner of the sole proprietorship, you will need to write a letter you have no objections using the business name to become the name of a private limited company. If you plan to transfer business ownership, or if there are any changes to the particulars of the Sole-Proprietorship or Partnership, you (sole-proprietor/partner or authorised representative (if any) ) must lodge the changes with the Registrar online via BizFile+ using SingPass or CorpPass within 14 days from the date of the change. Some business owners who find themselves in such a predicament might choose to dissolve the company, thus ending the companys existence forever. Foreign individuals and companies may also register a Sole Proprietorship but must appoint a local resident manager. Such transfers are to be conducted through the use of a SingPass or CorpPass. Enter into a Deed of Gift with the person you wish to give the property to Stamp and pay the duty of the Deed of Gift for the market value of the property that is to be given. For this reason, any Singapore business owner who plans to transfer ownership of the business has to be aware of which changes require the authorities approval and which do not. The transferee is the person or entity to be the intended recipient of the shares which the transferor is transferring. number. You need to inform us if your company is undergoing the following changes that result in a change in the CPF submission number: Changing to another type of business entity (e.g. To transfer ownership of your business, you transfer ownership of the relevant assets. It: Online Application for GST All the legal obligations and debts that youve undertaken throughout the operation of the business will remain with you and cannot be transferred to someone else. In some private limited companies, different classes of shares exist. Before the ownership of a private limited company in Singapore may be transferred, a document must be signed for the purposes of acquisition. No legal formalities are required. myTax Portalfor the new partnership business. IRAS will update its records based on the information filed with ACRA as follows: If you are expecting a tax refund or correspondence from IRAS, i.e. The previous business constitution/owner is the transferor and the new business constitution/owner is the transferee . The company doesn't own assets or sign contracts you do. Our incorporation team will see to it that every matter related to your new companys incorporation in Singapore is properly addressed. This is called a No Objection Letter and explains why you want to retain the business name and whether the same person owns it. myTax Portal) within 30 days of the change: When there is a new partnership business set up with the same composition of partners, please also submit your OnlineApplication for GST Registration at However, others who would prefer that the company remains active even after they relinquish control over it might transfer the ownership of the company to another person or legal entity. To determine if any transfer of assets from transferor to transferee is subject to GST, please refer to transferring businesses. If you intend to pass on your business to another person eventually, sole proprietorships and LLPs are not recommended. 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