A sole-proprietorship is not a separate legal entity and is directly associated with the owner. The owner is personally entitled and liable to all profits, losses, debts and obligations incurred by the business.
It is the easiest business entity to set up and usually the preferred choice of most first time entrepreneurs.
Some details of a Sole Proprietorship:
Legal Entity: A sole proprietorship is not a separate legal entity on its own. It cannot sue or be sued in its own entity name and cannot own property.
Registration Renewal: A sole proprietorship registration is valid for a period of one or three years and has to be renewed before expiry of registration validity.
Eligibility: A Singapore Citizen, Singapore Permanent Resident, or an EntrePass Holder of at least 18 years.
Foreigner Eligibility: Yes, foreigners can apply for a sole proprietorship. Foreigners residing overseas must appoint at least one locally resident authorised representative (we can perform this) AND must also engage a registered filing agent to submit the application (we can perform this). Foreigners who are currently residing in Singapore must seek approval from the Ministry of Manpower before registering a sole proprietorship. If any of the proposed partners do not have a SingPass account, the applicants must engage the services of a registered filing agent (we can perform this) to submit the application on their behalf.
Business Address: A sole proprietorship has to use a local Singapore physical address. A residential address can be used (HDB or private property) after getting approval from HDB or URA respectively. Otherwise you can use our registered business address service option. A P.O. Box address cannot be used as the business address.
Business Tax: A sole proprietorship abides by personal income tax rates.
Documents and Information required:
- Proposed business name
- Copy of NRIC and Passport
For almost all cases we have conducted, the sole proprietorship the registration takes less than one day for most people. However it is reported on ACRA that there have been instances where it can take up to 2 months due to certain complications.
What Will You Receive:
- ACRA Business Profile
- UEN (Unique entity number)
- Digital and hard copy documents
- Bank account opening and Welcome pack
How Much Will it Cost:
- Our fees are the lowest in Singapore – SGD $350
- Includes ACRA business registration and name application fee
To register a sole proprietorship or ask some questions with a specialist – Contact us here for a free consultation