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Should I Register My Small BizThis is a thread in the Entrepreneurship in Singapore forums.I am a photographer and doing this full time. Is there any pro or cons to register a company? Also ... |
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#1 |
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Junior Member
![]() Join Date: Sep 2009
Location: Adjunid
Posts: 8
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I am a photographer and doing this full time.
Is there any pro or cons to register a company? Also how much does it takes to open up a company bank acc? Which bank offers the most benefits? like bank transfer or free cheque books. |
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#2 |
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Junior Member
![]() ![]() ![]() ![]() Join Date: Feb 2010
Location: Somewhere in town ;)
Posts: 2
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Hi
Since you are doing this full time, by law you are required to register your business. http://www.acra.gov.sg/SoleProprieto...o+Register.htm But you do not necessarily need tor register a Company (Pte Ltd) as in some cases a Registered Business (Sole Proprietorship, Patnership or LLP) is sufficient. But if you see potential large liabilities arising from the course of operating your business, it is better to register a Company, as claims against a company is limited to only the Company's equity capital. In this case, you might want to consider an Exempt Private Company. See http://www.acra.gov.sg/ If I am not wrong, you need about $5000 to open a business account, and you need to maintain $10,000 balance to avoid a $15 monthly fee. That's for DBS, other banks should be similar. Comes basic internet banking (read only) but if you need transactions, if I am not wrong it's another $30 or something like that. Good luck! |
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#3 |
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Junior Member
![]() Join Date: Sep 2009
Location: Adjunid
Posts: 8
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Hi Thanks for your reply.
Do you have an bank to recommend? OCBC, UOB ..these commercial banks are better or would you advise to stick to DBS? I have aPOSB acc.. i was thinking paying myself would be easier right? An I just got my biz register on the 4th Fb 2010. I finally have my own biz number .. ![]() |
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#4 |
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Senior Member
![]() Join Date: May 2008
Location: Australia/Singapore
Posts: 193
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For private limited, you will have to pay secretary service 500 yearly, accounting, book-keeping, tax submission, etc starts from around 500 (depending on your transactions).
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