Dependent on your intent, the process might differ:
- Sole prop remains running but with a different name.
- Sole prop ceases, and a Pte Ltd starts with the same name.
Incorporation Process
Incorporating our company took longer than expected. ACRA upgraded their system in early 2016, causing delays. One major issue was the company name. Initially, company secretaries advised we could use the same name for the Pte Ltd as the sole proprietorship, but they were wrong. ACRA does not allow this unless you plan to cease the current sole proprietor company.
Steps to Address Name Issues:
- Cease your business (you can future-date the cessation by 6 months).
- If you have ongoing accounts or deals, future-date the cessation and settle all administration within 6 months.
- If you don’t have ongoing accounts or deals, and the new company will run the same operations.
- Change your business name ($15 name registration).
- If you want to continue running a separate business with the new company.
I had no ongoing accounts to service, so I chose to change the business name to Rawr Edge for $15. This allowed me to retain the old business entity for deals not fitting our Pte Ltd objectives.
After the name change, our Pte Ltd company’s name was approved. ACRA required all directors’ endorsement before full incorporation and the $300 payment. We finalized our incorporation within a day.
Rawr Global Pte Ltd is live!
Note: The conversion was done in 2016. Steps might differ today.