Here are the steps on how to transfer shares in Singapore:
Intimation. The transferor(s) and/or transferee(s) need to intimate to the company of the intention to transfer shares.
Form. The transferor(s) and transferee(s) need to complete a share transfer form.
Share Certificate or Letter of Allotment. The transferor(s) need to surrender the share certificate(s) or letter(s) of allotment to the company.
Board meeting and Resolution. The company's board of directors need to meet and pass a resolution approving the transfer of shares.
Intimation to the transferee in case of partly paid shares. If the shares are partly paid, the company needs to intimate the transferee of the amount still outstanding.
Rejection or Acceptance. The company has 30 days to either reject or accept the transfer of shares.
Notice to ROC. The company needs to file a notice of transfer with the Accounting and Corporate Regulatory Authority (ACRA).
Issuance of new share certificate. The company will issue a new share certificate to the transferee.
Here are the fees involved in transferring shares in Singapore:
Stamp duty: The transferee needs to pay stamp duty on the transfer of shares. The amount of stamp duty payable is 0.2% of the amount of consideration or the new asset value of the company, whichever is higher.
Legal fees: Legal fees may be incurred for drafting the share transfer form and preparing the board resolution.
Here are some additional considerations when transferring shares in Singapore:
The company's constitution may contain provisions that restrict the transfer of shares.
The transfer of shares may have tax implications for the transferor and transferee.
It is important to ensure that the transfer of shares is properly documented and registered with ACRA.
Changes in Business Owners
Here are the changes in business owners in Singapore that must be updated with the Accounting and Corporate Regulatory Authority (ACRA) within 14 days of the change:
Appointment of new business owner: If a new business owner is appointed, the endorsement of the other business owners (if any) is required.
Resignation of business owner: If a business owner resigns, the resignation must be in writing and signed by the business owner.
Death of business owner: If a business owner dies, the death certificate must be submitted to ACRA.
Disqualification of business owner: If a business owner is disqualified from being a business owner, the disqualification order must be submitted to ACRA.
Changes in business owners can be updated through BizFile+, ACRA's online portal. There is no fee to file these changes. However, a penalty may be imposed for late notification.
Here are some of the reasons why it is important to update changes in business owners with ACRA:
To ensure that the information that is publicly available about your business is accurate.
To comply with the requirements of the Companies Act.
To avoid any legal or regulatory issues.
Why Engage Bestar in Transfer of Shares
Bestar is a leading corporate secretarial firm in Singapore that specializes in share transfer services. They have a team of experienced professionals who can help you with the entire transfer process, from start to finish.
Here are some of the reasons why you should engage Bestar in transfer of shares:
Expertise: Bestar has a team of experienced professionals who are well-versed in the Companies Act and the regulations governing share transfers. They can help you ensure that the transfer is completed in accordance with all applicable laws and regulations.
Convenience: Bestar can handle the entire transfer process for you, from start to finish. This means that you can save time and hassle by letting them do the work for you.
Peace of mind: Bestar is a reputable firm with a long track record of success. You can be confident that your transfer will be handled professionally and efficiently.
Here are some of the services that Bestar offers for transfer of shares:
Drafting and filing of share transfer forms: Bestar can help you draft and file the necessary share transfer forms with ACRA.
Providing legal advice: Bestar can provide you with legal advice on the transfer of shares, including the implications for tax and corporate law.
Assisting with the board meeting and resolution: Bestar can assist you with the board meeting and resolution approving the transfer of shares.
Issuing new share certificates: Bestar can issue new share certificates to the transferee.
Connect with Us
If you are considering transferring shares in your Singapore company, you are recommended to engage Bestar to help you with the process. We are a reputable firm with a long track record of success, and we can help you ensure that the transfer is completed in accordance with all applicable laws and regulations.