- April 7, 2023
- Posted by: Vivek Sharma
- Category: Knowledge Base
If you’re a freelancer in Singapore, you’re likely already familiar with the benefits of being your boss. However, have you considered taking your business to the next level by opening a private limited (Pte Ltd) company? Here are some reasons why you might want to consider making the switch:
Separation of personal and business assets
One of the most significant advantages of incorporating a Pte Ltd company is that it creates a separate legal entity from its owners. This means your personal assets are protected from any liabilities your business may face. As a freelancer, you may have valuable equipment or assets you want to keep separate from your finances. Incorporating a Pte Ltd company can provide that extra layer of protection.
Increased credibility
Having a registered business name can give you more credibility in the eyes of potential clients. It shows that you are serious about your business and have taken steps to formalise it. This can be especially important if you want to work with giant corporations or government agencies.
Limited liability
As a Pte Ltd company, your liability is limited to the amount of share capital you have invested in the business. This means that your personal assets are not at risk if the company faces any legal issues or financial problems. This can be especially important for freelancers who may not have the financial resources to weather a legal or financial storm.
Tax benefits
Singapore has one of the lowest corporate tax rates in the world, with a flat rate of 17%. Additionally, Pte Ltd companies are eligible for various tax exemptions and incentives, such as the partial tax exemption and the start-up tax exemption scheme. By incorporating your business, you can save on taxes and reinvest those savings into your business.
How Inctro Can Help
If you’re convinced that incorporating a Pte Ltd company is the right move for your freelancing business, Inctro can help. As a chartered secretary services company in Singapore, we specialise in assisting businesses with corporate secretarial and compliance needs. We can help you set up your Pte Ltd company, from registering your business name to filing your annual returns.
In addition, we offer a range of other services that can help your business comply with Singapore’s regulatory requirements. These include accounting and bookkeeping, payroll services, and corporate governance advice. By letting us handle the administrative tasks of running a business, you can focus on what you do best: providing high-quality services to your clients.
Conclusion
Incorporating a Pte Ltd company can provide various benefits for freelancers in Singapore. The advantages are clear, from protecting your personal assets to increasing your credibility. If you’re ready to take your freelancing business to the next level, Inctro can help. Contact us today to learn how we can assist you with your chartered secretary services needs.