Yes, it is similar. If you are an independent contractor, you are self-employed, and you are a business. Many people become self-employed as independent contractors when they are hired to perform specific tasks for a company that does not wish to place them on payroll as an employee. Instead, you are paid as either a sole proprietor or incorporated company and you become responsible for remitting your own taxes and tracking your own expenses. To learn more about independent contracting/self-employment visit our page on structuring and registering your business.