Company Structure in SG

registration flow

  1. then, prepare 15 SGD + 50 SGD = 65 SGD
    1. a name
    2. address (home address in 2 types)
      • Home-Based Small Scale Business Scheme (like for real small money makers): allows some small scale type of activities to operate from home without engaging any external employees; No prior approval is needed from HDB; HDB link
        • The flat address cannot be used for business registration.
      • Home Office Scheme (like Technology-based and knowledge-intensive business)
  2. submit online by BizFile
  3. wait 15 min, 14 days to 2 month to approval
  4. domain registeration

1 year later - renew

  • login to BizFile website with SingPass

in the end - close

  • steps
    • one may notify ACRA it has ceased business by filing the “Notice of Cessation / Termination of Business” online
      • The Notice of Termination can be filed anytime on or before the expiry date of registration
        • The fee payable for submitting a Notice of Termination is $20.
      • The Notice of Cessation can be filed only after the registration date has expired.
        • No fee is payable for submitting a Notice of Cessation.
    1. create a account (choose a good name and account name)
    2. address and contact info of it will be used late when registering your domain
    3. search for your option Domain name and add to shopping cart
    4. click “Continue to register”, it will do it with your account info previously
    5. once done with domain, it will ask what else you want to buy with it
    6. check only “economy hosting” 4.5 USD/mo one, and no other if you don't need
    7. done.
  1. once, you bought both, (I suggest buy one year only first, then renew if you like)
  2. go to “my products” link, and click on the “Launch” button of your hosting product
    1. choose your first “FTP account name” and pass,
    2. then wait 30min when your hosting is active

Self-Employed in SG

Some notes on Self-Employed person in SG.

  • keep proper records and accounts of your business for last 5 years
    1. transactions traceable and verifiable through the accounting system
    2. Invoices (credit sale with Biz Name/Add/Phone/Biz Reg No.; Invoice No./date; Customer Name/Add; Good Price; Discount; Total)
    3. Returned Goods
    4. Goods for private use
    5. Biz Purchase (Purchase/Cost/sale/contract)
    6. Expense (like travel/meal/accommodation/Entertainment w. Date/Destination/Place, transport, person, purpose, amount)
    7. vouchers
    8. receipts (required serialized for Good 18K, service 12K annually; or other forms like software or tape)
      • (no need submitted unless required)
    9. business bank account
    10. Employee cost and CPF pay
  • submit income tax returns
  • pay the amount of tax due within one month from the date of the Notice of Assessment
  • You need to register with IRAS as a GST-registered person
    • if you expect the revenue of your business for next 12 months to exceed 1 million SGD
  • total revenue - total expense
    • refer to IRAS website “For Sole-proprietors / self-employed” - “Filing your tax” - “Prepare Statement of Accounts, working sheets”