Register For your business!

[2cents]

Would like to know how many of you guys did register your products / services as a company in sg. I want to know what are the actual downside to register rather then being a freelance? Of course, by registering a company, you'll earn trust from your clients. The most I want to hear opinion from is SG.GS. Apart from displaying that "Sign" outside your house gateway (Like Wong Fei Hong's Medical Hall, LOL), what others should you accomplish in order to maintain the name of your company?

2: SG.GS: I've learned about the tips and tricks about having a PTE LTD and w/o. Do you have pte ltd? (Best in Singapore, Some said?)


PS: I've read the posts here I will read up more on our gov site but would like to really hear real-life experience users. :) Actually, I really hate to go around popping up my browser windows to go thru sg gov site. Don't understand why the hell they like target="_blank so much". Maybe their mind goes blank all the time. It just simply eating up all my task bar space.

[chin]

Well I did regsiter mine as a business but now a PTE LTD yet..
As a PTE LTD , will need 3 directors and 1 sec to take care of account.

[Heng Chai]

2 directors, not 3 from what I remembered. Its going to be 1 as soon as the old rule is scraped and the new system in place where a pte ltd will almost be similiar to a sole prop, no need to submit accounts for auditing, just need to keep them in case of spotchecks. Unfortunately no idea when this will happen although the news was released.

There's nothing else to maintaining your company other than the troublesome income taxes, cpf and other stuff that you get. That's for sole prop. More or less you just have a company name to back yourself up, have a chequebook that says your company name. That's all to it, nothing more.

SG.GS is not a private limited company. Reason is I'm still waiting for the rule to be scrapped so that we only need 1 director and less hassle with the accounting. Currently to private limitize would cost you easily 4 digits to start, and 3 to 4 digits every year to clear accounts with the audit. Not cheap and economical at all.

If you really want to compare sole prop and pte ltd, the best person to speak to would be your lawyer. Because one of the reasons why pte ltd is so "important" is because when your company gets sued, you don't lose your house. If the company gets sued, it gets liquidated. If you sue a sole prop, he's solely liable for the company, and in crude terms "you can sue his pants off".

[2cents]

Yes SG.GS. That's the point whereby everyone needs to know about the difference between a pte ltd and none. Accounts must be done neatly and house don't get lost.

SG.GS and chin, would you mind sharing like how do you deal with the income taxes, cpf or any other stuff? I mean, what is there to deal of? Also, how much have you spent when you first started?

Thanks for sharing the knowledge and experiences.

[2cents]

forgot to add, for home business, how do you handle phone calls? Do you fork out to open another phone account?

[Heng Chai]

CPF, taxes and stuff are handled by my partner, so I cannot comment on that. Sorry.

As for phone lines, I have 3 lines in my house, one for family, one for fax, the other for office use. Telephone lines are important, suggest you invest in them. I had to pay $50 per line when I rewired my whole house to fit the 3 lines.

[kiama]

one question here, if one is using a virtual office as registered company, where do the owner display his business name??? especially when he himself isnt there?

[fred]

Normally you need to get a virtual office address for this, and your business name should be displayed at the office where you get the address.

For phone call, you can either your your home phone or get a line for the virtual office, where the ppl there will help you to record down the message and inform you again.

If i'm not wrong.......

[chin]

Some virtual office services will just redirect the phone call to your handphone.

[ksstudio]

You need at least 2 director to form a private limited company. And usually a secretary company will be able to assist in all these setup matters.

Besides that, make sure you proper keep track of your accounts and you will have to pay tax for your company and individual as well if your company is making profit.


Chan