The simplest form of business has its pros and cons.
Only a personal number is required for establishment.
Setting up the business is limited to submitting the appropriate registration form.
No fees for starting the business.
Unlimited personal liability, no separation between personal assets and business property.
Property of the individual, i.e., operated at one's own cost and risk.
The owner cannot be employed in his own sole proprietorship (but can have employees).
It's not a separate legal entity.
Not very investor-friendly.
Income tax at 22%.
Insurance contributions at 11.4%.
Income tax advances payable 4 times a year.
User-friendly form of accounting.
Possibility to freely use funds in the bank account.