Is your husband PR? If yes, very simple. Go do what you want to do. He'll need to set up a business, a limited liability company or a private limited in order to be legal. The choice depends on how much separation you want between your business and personal financials.Primrose Hill wrote:My husband is thinking about becoming self employed. In the UK is pretty simple. I really don't know what is involved here. Do we have to inform IRAS of the changes? What about payment of income tax and CPF?
Do we have to set up a pte ltd? Do we have to invoice?
Help, advise, guidance, anything is welcome.
You have to have a legal registered entity to do any kind of business in Singapore. The easiest is to form a sole proprietorship. With the SP, you report your business income and expenses on a form submitted with your personal return. Your net income/loss from your SP is reported on your personal return. As a SP you are only required to contribute to MediSave at a lesser rate than a full CPF contribution.Primrose Hill wrote:We are PR, both of us. He is thinking about doing consultantcy work from home. So, does he need to set up a Pte ltd or llp or can he just do it under his own name? After all it is his name that's reputable. How will that affect his income tax & coffee?
Just self declaration & volunteer to pay CPF
Both businesses and companies must follow a wind up process which ensures that creditors receive adequate notice in order to perfect any claims they may have against the business or company. Not complicated... just takes some time... my accountant wound up my pte ltd for $500.Primrose Hill wrote:Thank you for that tip, Strong Eagle. We dont mind paying the taxes as well as Medisave and reduced CPF here.
And afterwards how easy is it to dismantle the SP? I supposed I can get him to set up an SP that's in his name, etc. Or do we have to allow the company to run its caused?
Sent via PM.Primrose Hill wrote:Thank you very much, Strong Eagle. Can I please bother you on last time on the name of your accountant?
Thank you so much
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