Sole Proprietor is the better option compare with Pte Ltd ?
Do you agreed with above statement ?
Public always have impression that sole proprietor is great choice to start entrepreneurship compare with Pte Ltd due to the following 2 major reason :
- compliance cost and
- complicated incorporation requirement
But asked yourself is Separate legal entity concept carry by PTE LTD good enough to change your mind ?
Separate Legal entity means that your personal asset will be protected if anything happen to your business example company been sued ,
Sole proprietorship NOT able to provide above protection.
If sole proprietorship still your choice, you need to take note of the following:
- Is the business type consider high risk ? Example business transaction involved with huge amount of cash
- Is the business compliance level is high example you need to comply with different country regulations
- Is the business involve with high risk country example is listed as FATF watch list