Do we need to Register with Singapore ACRA in order to teach photography?

[User Jason]

Hello everybody!
I'm pretty curious over this issue.

Is it a must to register with Singapore ACRA in order to create a website to teach photography?
I would appreciate great answer from anybody and please don't flame me
I've done searching in this forum through the search button but no answer from it.

 

[daredevil123]

Hello everybody!
I'm pretty curious over this issue.

Is it a must to register with Singapore ACRA in order to create a website to teach photography?
I would appreciate great answer from anybody and please don't flame me
I've done searching in this forum through the search button but no answer from it.

If you are doing it for free, there is no need to register with ACRA. If you plan to collect money for it, yes you need to be registered as a business, maintain a business bank account, maintain paperwork and all that jazz.

and it applies to everything you do that you plan to collect money not just to teach.

 

[daredevil123]

Moving this to Photo Biz section, so you can get more answers.

 

[User Jason]

If you are doing it for free, there is no need to register with ACRA. If you plan to collect money for it, yes you need to be registered as a business, maintain a business bank account, maintain paperwork and all that jazz.

and it applies to everything you do that you plan to collect money not just to teach.

1. Does that means I've buy a Domain Name with (.com.sg) from them?
2. Also, with bank account, does that means i need to create a current account?
3. Should I head down to ACRA and register with them?
4. What kind of paperwork should I maintain?

 

[catchlights]

Hello everybody!
I'm pretty curious over this issue.

Is it a must to register with Singapore ACRA in order to create a website to teach photography?
I would appreciate great answer from anybody and please don't flame me
I've done searching in this forum through the search button but no answer from it.

if you conduct it as a business, than you need to register with ACRA.

 

[daredevil123]

1. Does that means I've buy a Domain Name with (.com.sg) from them?
2. Also, with bank account, does that means i need to create a current account?
3. Should I head down to ACRA and register with them?
4. What kind of paperwork should I maintain?

1. Having a website or not, is up to you. All the govt care about is that you have to be a registered business.
2. Yes a current account in the name of the business. You need to bring down an official business profile print out and use that to open the account. If your company is a PTE LTD, you need a director's resolution to open account.
3. ACRA has no counters. It is all online.
4. Invoices, payment receipts, contracts, accounts, etc.

 

[catchlights]

1. Does that means I've buy a Domain Name with (.com.sg) from them?

are you talking about register a business name? you need to select a name to represent your business, but you need check with ACRA if the name is allow to use, like Singapore, Temasek, etc are not allow to use, and you also need to check if any other company already using the name.

Domain name is needed when you want to set up a website for your business for more professional looking, you can use free website like blogspot, or wix if you don't mind.

2. Also, with bank account, does that means i need to create a current account?

Open a bank account for business is good but not a requirement, you need to find out from your bank for more detail.

3. Should I head down to ACRA and register with them?

Please check out all the information you need to know in ACRA site. http://www.acra.gov.sg/

4. What kind of paperwork should I maintain?

depend on how big is your business is aka what kind of business entity you are register with, please check out the relevant information from ACRA site.

http://appiqs.acra.gov.sg/askacra/apps/faqmain.aspx

there are many companies like this http://www.ontime.com.sg/ able to help you on the book keeping matters.

 

[NormanSelvaraju]

Hi Jason,

Just to help you on with this query... Its very easy to register a business with ACRA. Its about $40 to register your company with ACRA.
Simplest way would be to register it as a sole-proprietor. Quite hassle free. But it comes with its drawbacks. Like if kenna sue, than its YOU who gets sued. Not your company. Becos YOU are the company. But not to worry. Sole-proprietorship is ok for very small businesses and start-ups.

As for your question on whether you would have to register with ACRA so that you can earn money from conducting workshops. I would say the answer is no. You can still charge money for your courses without having to register with ACRA. However, if I am not wrong, this has to be done in your name and you would be required to declare this additional source of income during your income tax submission.

Bottom line, go ahead register with ACRA. Pick out a fancy business name and after paying $40, you will be a sole-proprietor. Have a domain or not. Its up to you.

Or go ahead and get a domain and advertise under your name. And then declare during income tax returns.

All the best!

 

[kandinsky]

Is it a must to register with Singapore ACRA in order to create a website to teach photography?

Unless your business is one of those specified as exempt from registration, yes, you're legally required to do so. However, my impression is that there seems to be a lack of enforcement when it comes to online businesses. I've not heard of anyone getting prosecuted for this. It's possible that the low entry barrier means that majority do comply? *shrug*

All businesses, whether it’s a one-owner business or a multinational company, must register with the Accounting and Corporate Regulatory Authority (ACRA). However, certain individuals, professionals and organisations are exempted from registration.

Individuals who do not need to register with ACRA include:

• licensed hawkers
• domestic craftsmen
• taxi drivers
• trishaw riders
• sampan men
• farmers
• private fish and prawn pond keepers

Professionals Who Are Exempted
Professionals such as lawyers, doctors and accountants do not need to register with ACRA as an individual as they are managed by their respective professional bodies. However, if they set up their own law firm or accounting firm, they will need to register their businesses with ACRA before they can provide their services to the public.

Organisations Who Are Exempted
Organisations such as statutory boards, societies, mutual benefits co-operatives and charitable institutions that are set up by law also need not register.

http://www.enterpriseone.gov.sg/en/...ur Business Registered/regbiz_exemptions.aspx

EXCLUDED BUSINESSES
1. Any business of a licensed hawker, whether itinerant or otherwise, who sells or exposes for sale any food, drink, goods, wares or merchandise of any kind, or who offers for hire his skill in handicraft or craftsmanship.

2. Any business of a craftsman who —
(a) exercises his craft on his own domestic premises;
(b) does not display the products of his craftsmanship for sale in public; and
(c) does not employ any person other than members of his immediate family for the purpose of his business.

3. Any business of —
(a) a taxi driver;
(b) a trishaw rider;
(c) a sampan man plying his sampan for hire; or
(d) a farmer, a fish pond keeper or a prawn pond keeper who —
(i) does not employ any person other than members of his immediate family;
(ii) does not own the land on which his farm or pond stands; and
(iii) does not charge members of the public any fee for admission.

Business Registration Act (CHAPTER 32)
http://statutes.agc.gov.sg/aol/sear...-ab28-74c323cad7af" Status:inforce;rec=0#Sc1-.

2. Also, with bank account, does that means i need to create a current account?

Depends on which type of company you're registering. E.g, As far as I recall, a Sole Proprietorship does not require one to register a business bank a/c as long as you are able to keep proper records that show your in/outflow of funds. That said, having a separate bank a/c is good accounting practice and it does lessen the likelihood of confusion, especially if you have a lot of transactions.

 

[User Jason]

Thanks to every single one of you who gave me a reply.
Seriously, I appreciate a lot from every single one of you, be it you're an admin, moderator, business owner, user in clubsnap, etc.
I'm so touched from those kind replies.

Here comes my questions again. Sorry

2. Yes a current account in the name of the business. You need to bring down an official business profile print out and use that to open the account. If your company is a PTE LTD, you need a director's resolution to open account.

are you talking about register a business name? you need to select a name to represent your business, but you need check with ACRA if the name is allow to use, like Singapore, Temasek, etc are not allow to use, and you also need to check if any other company already using the name.

Open a bank account for business is good but not a requirement, you need to find out from your bank for more detail.

1. Currently I have 2 spare saving account, can I use the saving account and instead of current account?
2. I want to open a PTE LTD and what is a director's resolution?
3. Can my name of the company ends with a 'School' at the end of the name?

 

[User Jason]

Hi Jason,

Just to help you on with this query... Its very easy to register a business with ACRA. Its about $40 to register your company with ACRA.
Simplest way would be to register it as a sole-proprietor. Quite hassle free. But it comes with its drawbacks. Like if kenna sue, than its YOU who gets sued. Not your company. Becos YOU are the company. But not to worry. Sole-proprietorship is ok for very small businesses and start-ups.

As for your question on whether you would have to register with ACRA so that you can earn money from conducting workshops. I would say the answer is no. You can still charge money for your courses without having to register with ACRA. However, if I am not wrong, this has to be done in your name and you would be required to declare this additional source of income during your income tax submission.

Bottom line, go ahead register with ACRA. Pick out a fancy business name and after paying $40, you will be a sole-proprietor. Have a domain or not. Its up to you.

Or go ahead and get a domain and advertise under your name. And then declare during income tax returns.

All the best!

Thank you so much, Norman.
1. If i wants to register my company as PTE LTD. What it takes to become a PTE LTD and what will happen if the company got sue?
2. Is PTE LTD way more expensive?
3. After register with ACRA, i can establish my webpage and start the business immediately?

Sorry for troubling you again.

 

[User Jason]

Unless your business is one of those specified as exempt from registration, yes, you're legally required to do so. However, my impression is that there seems to be a lack of enforcement when it comes to online businesses. I've not heard of anyone getting prosecuted for this. It's possible that the low entry barrier means that majority do comply? *shrug*

Depends on which type of company you're registering. E.g, As far as I recall, a Sole Proprietorship does not require one to register a business bank a/c as long as you are able to keep proper records that show your in/outflow of funds. That said, having a separate bank a/c is good accounting practice and it does lessen the likelihood of confusion, especially if you have a lot of transactions.

Currently, I intend to create an online business and so I want to open a PTE LTD company.
I don't know how to start or where to start by creating an company and what it requires me to do other than register with ACRA.

I have 2 spare saving account, can i use that both to do the transaction?

 

[Agetan]

Thank you so much, Norman.
1. If i wants to register my company as PTE LTD. What it takes to become a PTE LTD and what will happen if the company got sue?
2. Is PTE LTD way more expensive?
3. After register with ACRA, i can establish my webpage and start the business immediately?

Sorry for troubling you again.

Sole Proprietorhip, LLP, Pte Ltd have their own plus and minuses. Have a read on ACRA website and they will tell you a lot. If you don't understand, call ACRA help line and they will be in better position to give you more advise.

The website registration is govern by sgnic so you need to go and read up on this on their website.

I would talk to a qualified accountant and get advise on company set up, obligation, what you need to keep, etc, etc. Do a search on google for accountant firm and choose one that you are comfortable with. It is crucial to get things done right from start.

We can't give you much advise because we do not know what is your current conditions and what are your plan in getting your business up and running.

Remember, doing a business is a very personal decision.


Before going into nitty gritty of business registration, have you got a business plan that you can talk to some one to test if it is worth pursuing and what you need to do to turn an idea into a working business model?


95% small business will fail in the first 3 years... don't want you to be part of statistic so please plan.

Regards,

Hart

 

[NormanSelvaraju]

Hey Jason..

sorry, But I am really not familiar with setting up a Pte Ltd company. So I can't offer any advice. It'd be best if you read up and then go talk to ACRA just like what Agetan has said.

And yeah.. Do plan before you take that first step! All the best!

 

[qystan]

Jason,

ACRA is about registering a business.

All businesses must be registered or else the company does not officially exist. No one will do business with a company that does not exist. If you run such a company, you're fringing on fraud as you're representing an entity that does not exist.

Companies come in several flavours. Private Limited, Sole Proprietor, Partnership and Publicly Listed Companies.

Sole Proprietor and Partnerships are similar. Difference is one or several people are personally responsible for all debt incurred by the company.

Private Limited companies need a paid up capital. With the paid up capital, then the liabilities of the company is up to that. The owners are not personally responsible for the debt incurred by the company. Forget about thinking of setting up a $100 Pte Ltd company and believe you're protected. No one will extend credit or do business of value much higher than your paid up capital. There are additional responsibilities to IRS with Limited liability companies.

The company has to have its own bank account in the name of the company. You don't and won't pay me in my name for a business transaction with my company, you must pay the company.

 

[daredevil123]

TS,

rather than depending on others on information. It is better to find out yourself to be sure.

Everything can be found here:
http://www.enterpriseone.gov.sg/Business Stages/Start.aspx

 

[User Jason]

Thank you so much, guys!
Such a great reply from every single one of you and tomorrow I'll give a call to ACRA. Appreciate so much from you guys over here! CHEERS YO~

 

[G-man]

Thank you so much, guys! Such a great reply from every single one of you and tomorrow I'll give a call to ACRA. Appreciate so much from you guys over here! CHEERS YO~

There may not be anybody answering the phone at ACRA. All the information you need about staring a business/company in Singapore can be found on ACRA's website.

 

[NormanSelvaraju]

There may not be anybody answering the phone at ACRA. All the information you need about staring a business/company in Singapore can be found on ACRA's website.

They will answer. I've called them several times and the people there are very patient and helpful. But do a lil bit of your own reading too just so that it'll be easier for you to understand what they say.

 

[kandinsky]

They will answer. I've called them several times and the people there are very patient and helpful. But do a lil bit of your own reading too just so that it'll be easier for you to understand what they say.

I think G-man was referring to the fact that it's a public holiday today, as TS said he'd be calling ACRA today.