SHIFT

The goal of this chapter is to open your eyes to the true cost of staying a freelancer or self-employed in Singapore. You will learn why many solopreneurs lose out by not incorporating, how Singapore’s tax system works in your favor, and what opportunities you gain when you operate through a private limited company. By the end of this chapter, you will understand the financial and strategic reasons why incorporation can be the smarter long-term choice for your business.

In this chapter, we explore the differences between running your business as a Sole Proprietor versus a Private Limited Company. You will see how this choice shapes your tax obligations, personal risk, credibility, and long-term growth potential. The goal is to help you understand which structure best supports your journey as a solopreneur in Singapore.

Incorporating a Pte. Ltd. brings benefits, but it also comes with added responsibilities and fixed yearly expenses. This chapter helps you weigh those costs against the savings and advantages, so you can decide the right time to make the switch. You’ll also learn practical options for handling setup and compliance, whether you choose to do it yourself, outsource to professionals, or use a mix of both. By the end, you’ll understand when incorporation makes financial sense and how to get started smoothly.

After incorporation, the first steps you take will set the tone for how smoothly your company runs. This chapter covers the essential building blocks. From setting up Corppass and opening your business bank account, to getting your bookkeeping right and keeping proper records. By putting these systems in place early, you’ll stay compliant, organised, and ready to scale with confidence.

Once your company is making money, the next question is how to pay yourself in a smart and sustainable way. In this chapter, you’ll learn the different methods available to business owners in Singapore, how each one affects your tax and CPF, and how to combine them to strike the right balance between immediate cash flow and long-term wealth building.

Running your business does not stop after incorporation. Every year, there are compliance duties you must fulfill to keep your company in good standing with ACRA and IRAS.

This chapter gives you a clear picture of what annual compliance looks like for a Solo Biz owner. You will learn how to keep your filings on time, stay penalty-free, and build a smooth routine that supports your business year after year.

Think of this as your company’s yearly rhythm. Once you understand it, compliance becomes simple, predictable, and part of your regular business practice.