Posted by
nurseJM
12 yrs ago
Hello Forum
I run a SOLE PROPRIETOR trading company since 2005 and my accounts were never audited, as a result then banks are reluctant to provide me any banking facility nor home mortage. I was being advised to change my company from SOLE PROPRIETOR to a LIMITED COMPANY.
Can the forum advise me as to how much would it cost be to do the same. Would appreciate if people could either reply inthe forum or pm me with people who can do this at a reasonable cost.
Will my bank accounts remain the same or i would have new ones.
Any futher infomation on this subject will be appreciated.
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i have been in an almost similar situation,
you can not convert a SP to Ltd company
you have to register a new ltd company and start fresh
all bank accounts with be opened in the new company name.
also your account may not have been audited but the tax that you pay to IRD counts, if you pay reasonable amount of tax i doubt that banks would have problem in lending you.
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