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

[G-man]

Hahaha actually I was not so much referring to the fact that today is a public holiday though that was part of the reason. I actually had trouble getting to speak with someone at ACRA. Perhaps then the system wasn't as well integrated as now. That was close to a decade back though.

 

[zoolovical]

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~

Hi Jason,

Although a Pte Ltd company would help to limit your liabilities when something goes wrong, there are certain fixed costs involved in maintaining such a company. You would be required to maintain a set of accounts and have a company secretary, just to name a few.

A sole proprietorship has less of such requirements but obviously you would be completely exposed to any liabilities.

You should consider your own business plans to see which company structure is most suitable for you in determining whether a Pte Ltd is more suitable. If you have partners, you can even consider a limited liability partnership.

 

[Agetan]

Hahaha actually I was not so much referring to the fact that today is a public holiday though that was part of the reason. I actually had trouble getting to speak with someone at ACRA. Perhaps then the system wasn't as well integrated as now. That was close to a decade back though.

They are quite helpful actually.

 

[G-man]

They are quite helpful actually.

Agetan I am quite sure they are. Just that I could not get to speak with anyone. The call was kept on hold for quite a long while. Hahahaha. Ah but thats ok la, got the information I needed on their website.

 

[Shizuma]

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.

1. Pte Ltd minimally needs 2 shareholders up to a certain number (not sure how many) before it becomes a Limited Co. Structure. If the Company gets sued, any resolution against the Company's favor will be paid out, limited by the company funds. eg if XXX Photo Sch Pte Ltd has $888 in funds, and gets successfully sued for $5000, the company will go into bankruptcy without the directors themselves going into bankruptcy but of course they have to prove their reasonable discharge of duty, etc. Talk to your lawyer for full detail.

2. Pte Ltd needs to do many things, like call for AGM, file Annual Returns, etc. There is a lot of paperwork to keep track of, too. If your revenue exceeds a certain amount you may need to have your accounts audited by a Public Accountant type. meaning must pay $. Ask your lawyer or accountant or read the documentation about the sum.

3. You can already establish your webpage before registering ACRA. Whether you may legally transact business is a grey area though.

Please speak with a professional about this. I find that the Limited Liability Partnership structure most useful as there is protection for partner and also not too much paperwork (but merely declaration of solvency every year)

 

[daredevil123]

1. Pte Ltd minimally needs 2 shareholders up to a certain number (not sure how many) before it becomes a Limited Co. Structure. If the Company gets sued, any resolution against the Company's favor will be paid out, limited by the company funds. eg if XXX Photo Sch Pte Ltd has $888 in funds, and gets successfully sued for $5000, the company will go into bankruptcy without the directors themselves going into bankruptcy but of course they have to prove their reasonable discharge of duty, etc. Talk to your lawyer for full detail.

2. Pte Ltd needs to do many things, like call for AGM, file Annual Returns, etc. There is a lot of paperwork to keep track of, too. If your revenue exceeds a certain amount you may need to have your accounts audited by a Public Accountant type. meaning must pay $. Ask your lawyer or accountant or read the documentation about the sum.

3. You can already establish your webpage before registering ACRA. Whether you may legally transact business is a grey area though.

Please speak with a professional about this. I find that the Limited Liability Partnership structure most useful as there is protection for partner and also not too much paperwork (but merely declaration of solvency every year)

Pte ltd can be owned by 1 person.

Limited means it id no longer private - publicly listed. Akak went IPO.

Best to refer to ACRA for definitions and regulations.

 

[episode2]

you will be seeing a lot of blogspots selling thai amulets,clothings and many more even in g market,ebay.com.sg,gumtrees...if they got bulk items? do they need to reg a company? teaching photography might be different from sales line but i also puzzle about private tutors...let us put it quite straight too...only when comes to end of the year..income tax stated..private tutor..u can just enter the amount u deem fit and no papers are requires...if u are looking into doing it big big..den a reg company will be good to make the public / students to feel safer... just my cents as underwent all these geeezess before..

 

[daredevil123]

you will be seeing a lot of blogspots selling thai amulets,clothings and many more even in g market,ebay.com.sg,gumtrees...if they got bulk items? do they need to reg a company? teaching photography might be different from sales line but i also puzzle about private tutors...let us put it quite straight too...only when comes to end of the year..income tax stated..private tutor..u can just enter the amount u deem fit and no papers are requires...if u are looking into doing it big big..den a reg company will be good to make the public / students to feel safer... just my cents as underwent all these geeezess before..

Even doing it small small, you are required to register a company. It is law.

If you are not registered, and your clients owe you money and refuses to pay. You cannot sue the client, because legally you do not exist.

And without proper registration, no one will do business with you if they know you are not registered.

Certain professions are exempted from registering a company, like hawkers, taxi drivers, etc... please check the complete list in ACRA.