Online sellers and SSM registration

The situation

Selling goods or services for profit as a regular activity is carrying on business, including online. Registration is generally required.

The law

• Sec 5, Registration of Businesses Act 1956: Business must be registered with SSM before or within 30 days of starting
• Sec 77, Income Tax Act 1967: Individuals furnish a return each year: Form BE by 30 April, Form B by 30 June

What it means for you

Platforms often ask for SSM registration for payouts or business accounts. Income from online sales is business income and goes into Form B, not Form BE. Registering also lets you open a business bank account to keep records clean.

What to do

1. Register on ezBiz under your name or a trade name.
2. Update your platform seller profile.
3. Open a separate bank account.
4. Keep monthly sales records for Form B.

Related

• Which tax form for a sole proprietor
• Renewing an expired business registration
• Trade name or own name registration
• Who can register a sole proprietorship
• Does an SSM enterprise need e-invoicing
• Partnership with a friend under ROB