Entrepreneurship Quiz

It is mandatory to register your business under ACRA as long as you undertake a commercial transaction.

• True

• False

What is the minimum investment to register a Sole Proprietorship in Singapore?

• $0

• $100

• $50,000

• $1

What is the minimum age to incorporate a business in Singapore?

• 13

• 21

• 18

• 16

The first step in Singapore company registration process is...

• ... registering the company under ACRA

• ... reserving the desired name for the company

Select the characteristics of a sole proprietorship (click all that may apply)

• Only Singapore citizens, Singapore permanent residents or EntrePass holders are allowed to register a sole­ proprietorship.

• The personal assets of the owner are protected from the liabilities and business risks of the company. The owner has limited liability.

• Profits are taxed at personal income tax rates without access to tax incentives.

• Harder to attract outside investment, hire staff and scale globally.

Select the characteristics of a private limited company (click all that may apply)

• Anyone is allowed to register a private limited company.

• The personal assets of the owner are protected from the liabilities and business risks of the company. The owner has limited liability.

• No perpetual succession and non-transferrable ownership to another person

• A private limited entity is the most scalable, the most advanced, and the most flexible.

Business Registration needs to be renewed every 5 years.

• Yes

• No

HDB home addresses cannot be used as Business Registration addresses.

• True

• False