Should I Register My Small Business

fabianaino

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.

justNice

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!

fabianaino

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 ..

noeclue

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).

DennisChang

You might want to register a sole-proprietorship business with ACRA. Cheaper than incorporating a Pte Ltd, less accounting hassle.