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Anonymous

10 Nov 2021

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Career

Should I start a Sole prop or Pte Ltd when launching my new e-commerce business?

Sole prop or Pte Ltd

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Best to incorporate a Private Limited. There's much better liability protection. If you run a sole proprietorship, you have unlimited personal liability for your company's actions, which is not particularly good. Sole props have less compliance/reporting rules to follow than Private Limiteds (e.g. no need to appoint a corporate secretary), but the compliance requirements of Private Limiteds are low enough anyway that it's not a hassle.

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Here's a guide on how to start a Pte Ltd: https://www.providecover.com/best-guide-to-star...

Here's a guide on how to start a Sole Prop: https://www.providecover.com/starting-sole-prop...

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