Thanks for providing useful advice on this forum, and I found a wealth of information in this forums here. Really appreciate it!
I am a Singaporean, running a service business setup as a sole proprietor for over 10 years. It is registered in my wife's name, and we have 2 employees.
I recently realized that I am missing out on the government tax incentives for the first 300K revenue, and am planning to move to a pte ltd company.
But I have several questions whereI would see your advise..
1. Should I convert the Sole Prop to Pte Ltd, or register a new Pte Ltd. What is the benefit in just starting a new company versus converting the existing sole prop.
2. Me and my wife work together in the business. Will it be better to register the Pte Ltd under one of our names, and show the other as an employee, or register both as co-owners. We have no issues in one or both names, or legally, or in percentage split. Just want to know in terms of taxation, CPF benefits.
3. To claim PIC benefits for training, is it better to have 2 owners/director, and 2 employees, or 1 director/owner and 3 employees.
4. Our yearly revenue is <1million. Can we do our own accounts and file our own income tax for the company, or do we really need an accounting company and company secretary to file our accounts to IRAS annually.
Please advise. Your inputs are really appreciated.