~~~~~~~~~~ Super Outdated, for my reference only ~~~~~~~~
Company Structure in SG
To read:
Sole Proprietorship
- registration guide:
registration flow
- then, prepare 15 SGD + 50 SGD = 65 SGD
- a name
- 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)
- home office application for HDB: 20 SGD for 5 year
- maximum 2 employees
- submit online by BizFile
- wait 15 min, 14 days to 2 month to approval
- domain registeration
1 year later - renew
- login to BizFile website with SingPass
- under e-Service, Renewal section
- Enter Biz No., follow 4 steps and done (20 SGD paid online)
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.
Domain and Hosting
-
- create a account (choose a good name and account name)
- address and contact info of it will be used late when registering your domain
- search for your option Domain name and add to shopping cart
- click “Continue to register”, it will do it with your account info previously
- once done with domain, it will ask what else you want to buy with it
- check only “economy hosting” 4.5 USD/mo one, and no other if you don't need
- done.
- once, you bought both, (I suggest buy one year only first, then renew if you like)
- go to “my products” link, and click on the “Launch” button of your hosting product
- choose your first “FTP account name” and pass,
- then wait 30min when your hosting is active
Self-Employed in SG
Some notes on Self-Employed person in SG.
Tax related
- keep proper records and accounts of your business for last 5 years
- transactions traceable and verifiable through the accounting system
- Invoices (credit sale with Biz Name/Add/Phone/Biz Reg No.; Invoice No./date; Customer Name/Add; Good Price; Discount; Total)
- Returned Goods
- Goods for private use
- Biz Purchase (Purchase/Cost/sale/contract)
- Expense (like travel/meal/accommodation/Entertainment w. Date/Destination/Place, transport, person, purpose, amount)
- vouchers
- receipts (required serialized for Good 18K, service 12K annually; or other forms like software or tape)
- (no need submitted unless required)
- business bank account
- 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
GST related
- 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
Profit and Loss
- total revenue - total expense
- refer to IRAS website “For Sole-proprietors / self-employed” - “Filing your tax” - “Prepare Statement of Accounts, working sheets”