# Starting business



## mriel (May 9, 2014)

i am a gainfully employed SPR, can i start my own business?


----------



## beppi (Jun 10, 2013)

Yes.


----------



## mriel (May 9, 2014)

beppi said:


> Yes.


great! do I need to report to IRAS as well?


----------



## beppi (Jun 10, 2013)

Of course you have to report (and pay tax on) income from business.
If your business needs to charge GST, you need to register it for that.
Other reporting and taxation needs depend on the kind of business.
Ask IRAS!


----------



## BBCWatcher (Dec 28, 2012)

The business also has to be registered, and depending on the nature of the business there may be requirements such as minimum capitalization, licensing, corporate management structure, and so on.


----------



## beppi (Jun 10, 2013)

BBCWatcher said:


> The business also has to be registered, and depending on the nature of the business there may be requirements such as minimum capitalization, licensing, corporate management structure, and so on.


He only asked about registration with IRAS (the Singapore tax authority).
Of course any business needs to be registered with ACRA (the Singapore company registry) and fulfill all other legal requirements, but this has nothing to do with IRAS.


----------



## BBCWatcher (Dec 28, 2012)

Hence the word "also."


----------

