Asked by Ms. YQ Ng
Hi, need some advises.
My parent had a freehold land, for many years. We thought of developing it into condo. Our intention is not selling the land but keep it in our family names. We are thinking of creating a company to purchase the property.
But there is a lot of questions we are unsure about.
1) Firstly would like to ask, is it a wise thing to do, creating a company to purchase the property?
2) Secondly, how a privately owned property be transferred to a company's owned? What is the minimum amount of purchasing a property for company?
3) Any tax to pay the government during & after the whole process? How much would it be?
4) Would it be cheaper/expensive to pay tax, compared between a company's property and individual?
4) Is it true that if you buy a condo, there is a 10% sales tax that buyer has to pay?
5) If we were to create a private limited company to buy over the property, does it have to be GST? Why GST? or why not necessary?
7) Expenses of forming PTE
My parent had a freehold land, for many years. We thought of developing it into condo. Our intention is not selling the land but keep it in our family names. We are thinking of creating a company to purchase the property.
But there is a lot of questions we are unsure about.
1) Firstly would like to ask, is it a wise thing to do, creating a company to purchase the property?
2) Secondly, how a privately owned property be transferred to a company's owned? What is the minimum amount of purchasing a property for company?
3) Any tax to pay the government during & after the whole process? How much would it be?
4) Would it be cheaper/expensive to pay tax, compared between a company's property and individual?
4) Is it true that if you buy a condo, there is a 10% sales tax that buyer has to pay?
5) If we were to create a private limited company to buy over the property, does it have to be GST? Why GST? or why not necessary?
7) Expenses of forming PTE
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