The conversion of the sole proprietorship into a Private Limited company, namely in the following manner:
First you will have to incorporate a new Private Limited company, indicating that the company is to take over the business of the sole proprietorship/LLP, as well as the effective transition date.
Next, all business assets will have to be formally transferred to the newly incorporated Private Limited company, including the novation of existing contracts of the old business.
Finally, the sole proprietorship/LLP is to be terminated and ACRA is to be informed that you have ceased to carry on business as a sole proprietorship/LLP and now.
Documents Required for Conversion
There must be minimum of two Directors for a private limited company. If you are the sole owner, you can register as a One Person Company.