It’s the same thing as a sole trader and it’s the simplest way to form a company and start trading. There are a lot of advantages but also some disadvantages. For example, a sole trader does not require capital contribution or any costs to form a company (compared to an LLC etc). It’s simple in both the tax and the accounting treatment. The paperwork is as straightforward as it can get.
However, a sole trader is 100% responsible for the debt of his company. There is no corporate veil so if the company fails, the sole trader will pay for the debt left (from own assets). In addition, the tax rates are higher for individual when compared to the corporate tax rates.