How do I increase my paid up capital of my company in Singapore?

Question

I know that I can go to BizFile to increase the shares so that my paid up capital increases.

I am wondering what else I need to do after this step. eg. Do I need to ensure that I have sufficient funds in the corporate account?

Also, what if I use the funds for other purposes eg. purchase of supplies?

Is there nowhere that I can get information on this other than asking a professional secretary firm?

Answer 1

1st, you need your corporate secretary to pass a resolution approving the allotment of shares to you. Then someone has to lodge this allotment with ACRA online via Bizfile. Your allotment papers should say if the allotment was for cash or otherwise than in cash. If it's for cash, make sure there's a deposit of that amount into the company's bank account. Once the money is deposited, you can spend it on business matters, like purchasing supplies or fixed assets. Feel free to email me if you have further questions.