Starting an online business?

[princessjas]

Hi there, I am currently thinking of starting a small business by making and selling small knitted items on Instagram! I saw that I wouldn't be required to register a business if I were to operate it under my own name. But I was thinking what if my products had a logo or name? Like "Kniiited" or like "Klothes" those kind. Would that mean i would need to register a company? Just checking if anyone has experience in starting an online business but without the need to register with ACRA. Thank you!

 

[TiedInsurer]

Hi there, I am currently thinking of starting a small business by making and selling small knitted items on Instagram! I saw that I wouldn't be required to register a business if I were to operate it under my own name. But I was thinking what if my products had a logo or name? Like "Kniiited" or like "Klothes" those kind. Would that mean i would need to register a company? Just checking if anyone has experience in starting an online business but without the need to register with ACRA. Thank you!

There is never a need to register with ACRA, as long as you make your own personal identity and contact available to the customers. The whole idea is that when you sell goods or services, customers must be able to identify an entity that they can hold responsible for the provision of that good or service.

You should still declare all earnings though, under your personal income tax, since the earnings will accrue to your name, not your company's name. If not IRAS can and will come after you once your business gets large enough for them to bother.

 

[testingabc]

Hi there, I am currently thinking of starting a small business by making and selling small knitted items on Instagram! I saw that I wouldn't be required to register a business if I were to operate it under my own name. But I was thinking what if my products had a logo or name? Like "Kniiited" or like "Klothes" those kind. Would that mean i would need to register a company? Just checking if anyone has experience in starting an online business but without the need to register with ACRA. Thank you!

You can check on the exemptions from registration with Acra: "https://www.acra.gov.sg/how-to-guides/before-you-start/who-must-register"

Your business is exempted from registration if:

You choose to conduct business using your full name as reflected in your NRIC.
You choose to conduct the business with one or more partners using their full names as reflected in their NRICs.

OR ELSE You must register a business if you are carrying out any activity for profit on an ongoing basis unless you are exempted (see below). The minimum age for registration is 18 years old.

 

[Fishdim]

You don't necessary need to register your business name and no problem if you use a logo for your business. But keep in mind that if you do not register the name, you do not have exclusive rights to your business name. In the event that if the business becomes very profitable, anyone can register that name and claim it as their own. Branding is the most important asset of a company, especially if it is a very recognisable brand.

I would also suggest that you look into a proper website instead of selling on Instagram. A proper eCommerce website offers selling tools that Instagram does not.

 

[stillgottheblues]

$2 dollar to register a company. Just do it.

 

[Fishdim]

$2 dollar to register a company. Just do it.

Yup, its cheap to register but the business owner will have to contribute Medisave in order to renew the business license, so something to consider before registering.

 

[Fishdim]

From your post, whatever knitted items you are planning to sell are handmade by you? If so, you may want consider selling on etsy, use Insta to direct customers to your shop front.

 

[TiedInsurer]

From your post, whatever knitted items you are planning to sell are handmade by you? If so, you may want consider selling on etsy, use Insta to direct customers to your shop front.

Etsy will cause your SG customers to incur cross-border fees, and make for some angry and confused customers.

 

[makav31i]

$2 dollar to register a company. Just do it.

Please show how you register a company in Singapore using $2?


https://www.acra.gov.sg/how-to-guides/sole-proprietor-and-partnership-fees

https://www.acra.gov.sg/how-to-guides/company-related-fees

When I registered my company a few years back, I sure need to pay the registration fees with Acra and the accounting firm, company secretary and etc...I really want to learn how you can register with $2...

 

[drowningfish101]

From your post, whatever knitted items you are planning to sell are handmade by you? If so, you may want consider selling on etsy, use Insta to direct customers to your shop front.

insta is quite a good idea, but ofc you need to establish yourself slowly

 

[Fishdim]

Please show how you register a company in Singapore using $2?


https://www.acra.gov.sg/how-to-guides/sole-proprietor-and-partnership-fees

https://www.acra.gov.sg/how-to-guides/company-related-fees

When I registered my company a few years back, I sure need to pay the registration fees with Acra and the accounting firm, company secretary and etc...I really want to learn how you can register with $2...

I'm not too sure how much is the registration fees now, but registering as a sole-proprietor doesn't need accounting firm etc, just register the company/business name.

 

[makav31i]

I'm not too sure how much is the registration fees now, but registering as a sole-proprietor doesn't need accounting firm etc, just register the company/business name.

$115 to register for sole proprietor or partnership...I registered a Pte Ltd previously which is $300+ for registration without the other stuff like accounting, company secretary, business address and etc...So it is definitely impossible to register with $2...

 

[testingabc]

$115 to register for sole proprietor or partnership...I registered a Pte Ltd previously which is $300+ for registration without the other stuff like accounting, company secretary, business address and etc...So it is definitely impossible to register with $2...

Yes you are right $115 to register business, subsequent years to renew business $30 a year, make sure your medisave top up to date before you register. Setting up business is easy and fast and do not need any annual filings but you have unlimited liability. For local company it is $315 but then you have limited liability. You need appoint secretary and auditor and file annual returns after every FYE.

 

[makav31i]

Yes you are right $115 to register business, subsequent years to renew business $30 a year, make sure your medisave top up to date before you register. Setting up business is easy and fast and do not need any annual filings but you have unlimited liability. For local company it is $315 but then you have limited liability. You need appoint secretary and auditor and file annual returns after every FYE.

Also need to conduct AGM each year for Pte Ltd...So much more compliance to fulfill as a Pte Ltd compared to sole proprietorship or partnership...You have to set up a bank account for your business...If you have a unique name, supposed to file trademark with IPOS...

After that still need to buy all the domain for your website from .com .net and etc so that other people will not be able to use it...

Also need to register on all social media and forum to register the name before anyone else can use it...

 

[princessjas]

Sorry for the late reply guys and thanks alot for the help! Actually i am currently holding a full-time job and hoping to sell via Instagram and start a website in the future! However if my Instagram name would br e.g. Klothes, means I would need to register for a company/sole-proprietorship right? And sadly my company wouldnt allow that :/ Guess ill save up somemore before leaving my job to start the business if I really have the ability to do so next time :/

 

[Fishdim]

Sorry for the late reply guys and thanks alot for the help! Actually i am currently holding a full-time job and hoping to sell via Instagram and start a website in the future! However if my Instagram name would br e.g. Klothes, means I would need to register for a company/sole-proprietorship right? And sadly my company wouldnt allow that :/ Guess ill save up somemore before leaving my job to start the business if I really have the ability to do so next time :/

Hi, you don’t have to register, just get an new insta acct. base on your chosen business name. You can even use a logo as your insta profile if you like. There’s no need for you to register with ACRA.

 

[mazduh]

Executing and making your first sale is much more important than trivial things.

 

[Kaypohji]

Thought all business have to be registered ?

Btw of just starting out as a super small biz, ptd ltd still need accounting etc ? Maybe just like revenue 1k for one whole year ?

Hi, you don’t have to register, just get an new insta acct. base on your chosen business name. You can even use a logo as your insta profile if you like. There’s no need for you to register with ACRA.

 

[makav31i]

Thought all business have to be registered ?

Btw of just starting out as a super small biz, ptd ltd still need accounting etc ? Maybe just like revenue 1k for one whole year ?

Pte Ltd compliance is totally different from Sole Proprietorship or Partnership... Regardless if you make $1m or $1k for the year, there are still legal requirement for you to fulfill as a company...

 

[princessjas]

Hi, you don’t have to register, just get an new insta acct. base on your chosen business name. You can even use a logo as your insta profile if you like. There’s no need for you to register with ACRA.

Oh so dont have to register if i just operate on Instagram? if thats so that would be great seh coz im working at a govt job currently as well and wont be able to register a company :/

Executing and making your first sale is much more important than trivial things.

ive sold a few items before as some of my friends' friends liked it but it was like an unofficial sale! but am worried if i dont register a business and start an Instagram shop/Spotify website, that if kena caught then theres a breach of legal issues :/