Freedom, flexibility and financial control. These are three common reasons why people want to ditch their full-time jobs and become freelancers.
In Singapore, the freelancing and self-employed community is slowly but steadily increasing. As of 2017, there are between 180,000 to 200,000 freelance and self-employed workers in the country, forming almost 10 percent of the workforce.
Singaporeans, particularly millennials, find freelancing an attractive career option for the same reasons as freelancers from other countries. Being self-employed means you work on your own terms, allowing for work-life balance. You can also work for multiple employers instead of one, increasing your income.
Starting a Freelancing Gig
The basic essence of freelancing is that you have a valuable skill, an audience willing to pay for it, a method of reaching your target audience and repeat clients. You can either make this business a full-time gig or use it to earn supplementary income.
You usually don’t need a license to freelance in Singapore, if you’re offering creative and development services. Usually, clients will only request to view a portfolio of your existing work. More specialised jobs such as real estate and insurance require you to apply for a license, which involves attending a mandatory course and passing a written examination.
Freelancing also involves putting your marketing and networking skills to the test. Ensure that your online profile is detailed – it should show your skills, achievements and portfolio. Go to your prospective clients and pitch to them your work and what sets you apart from other companies and freelancers. Make sure you deliver the work on time and ask clients for testimonials.
Income from freelance work is taxable under the Inland Revenue Authority of Singapore. You’re expected to pay your taxes in a lump sum for a 12-month given accounting period. Like regular businesses, you’re required file your taxes on April 15, and you have the option to file them in person or through the IRA’s official website.
Unlike when you’re under regular employment, freelancing involves handling employee benefits on your own. You have to continually contribute to your Medishield to cover medical treatment and hospitalisation expenses.
It’s tempting to become your own boss instead of being confined to a 9-to-5 job. However, freelancing has its challenges as well. Once you’re familiar with the fundamentals of creating your own business, you can focus on developing your skills and widening your network.
Give Your Freelancing Gig a Jump Start
Working on your own terms and being your own boss can be appealing, but being a freelancer comes with its own challenges. How can you start a gig when you need money for equipment, marketing and rent?
Capital Funds Investments provides you with urgent cash resources to give your freelancing job a head start. We firmly believe that no one should be restrained from starting their business because of a lack of opportunity to raise capital.
We are a licensed moneylender that provides a variety of easy and flexible loans to a large number of clients in Singapore. To apply for a loan, simply fill out our form and submit the necessary requirements. Our personal finance specialists will get in touch with you and find the right loan based on your needs.
We’ll take care of your financial needs. If you need assistance, send us an email on email@example.com.