Setting Up an Arts Business

While you may opt to work as an independent freelancer, if you are considering setting up an arts business, here are some possible considerations and practicalities on how to do so.

Arts Business and the Type of Legal Entity

It is possible to manage your arts projects without a formal legal structure, whereby you exercise your profession under your full name. Without a legal structure you have full flexibility, for example, to not hold meetings in a specific format or pay any registration or annual fees.

When your projects grow larger and more complex, you may consider adopting a legal structure for your arts business. Choosing the most appropriate structure is dependent on the aim of the business, its mission, objectives and priorities. Do keep in mind that certain legal structures limit your liabilities and protect your personal assets, while some government grants and concessions are only available to organisations that exist as formal legal entities.

Selecting a Name for an Arts Business Entity

You are generally free to select any name for your arts business as long as the Accounting and Corporate Regulatory Authority (ACRA) is of opinion that the name is not deemed “undesirable”, i.e. obscene, offensive or vulgar; identical to that of another business; identical to a name already reserved by another business; or a name that the Minister of Finance will not accept, e.g. Temasek.

For more information on how to choose a business name via ACRA, click here.

Registering an Arts Business Entity

Registration of most legal structures is done through the Accounting and Corporate Regulatory Authority (ACRA). You can register through ACRA by submitting an application online via Bizfile and paying the applicable registration fee.

ACRA’s website contains useful know-how on registration of a local business. For registration of a Society, you can refer to the Registry of Societies; for registration of a Charity, you can refer to the Charity Portal; and for registration of a Co-operative, you can refer to the Registry of Co-operative Societies. Alternatively, you may wish to engage the services of a professional firm to submit your online application at a reasonable fee.

Financing an Arts Business Entity

Possible avenues of funding include:

• Applying for a grant

• Getting a loan

• Selling part of your business

• Seeking crowdfunding

If you have a charity as your registered organisation, you can conduct fundraising for donations and sponsorship in cash or in-kind.