As a self-employed/independent contractor, should I register a company?

• i will try not to, but sometime no choice.
• Accounting can be complicated, you may need to hire some to help you do. Range from few hundred to few thousand dollar per year. Extra expenses
• Banking you can just use your personal banking account, not really need to create a business bank account. There will be a min. Sum you have to deposit inside and there is no high interest unlike personal account.

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• When will u have no choice. When you cilents required you to be acra registered for easy accounting purposes.

Quite a bit of consideration:

• Company vs Individual tax. Company tax is higher than individual tax.
• However, companies are given grants, assistance - a lot more than individual tax. E.g. during Covid19 businesses are given a portion of salaries they give employees, can get grant for productivity/research/expansion to overseas etc.
• Companies can be used to buy certain assets (property, vehicle) under company name.
• Company need to be clear on accounting, tax, secretarial and adhere to relevant company laws/licences/regulations - these are costs to the company - separate from individual.

There's a lot of other factors but generally, I find if revenue less than 500K - 1mil per year, maybe less feasible to open a company. Of course for SMEs they earn sometimes lesser.