Singapore Sole Proprietor: Incorporation Requirements
By: Shayne | Posted: 17th November 2010
Singapore Sole Proprietor is a type of businessmen where he has the full authority and control for all assets and liabilities belonging to the business. Local residents of Singapore, Employment Pass holder, EntrePass holder and Dependants pass holder can be sole proprietors. A local resident manager is needed for foreign individuals and companies who wish to be a sole proprietor.
This is the basic setup for Sole Proprietorship:
One owner
A Singapore registered office address
For foreign individuals and companies only: minimum one manager who must be a Singapore resident
Before proceeding to the information for registration, we would like to provide you the advantages of being a sole proprietor:
No annual returns filing required of Sole Proprietorship as income is taxed at personal income tax rate.
Very few compliance requirements and written documentation
The business itself is flexible. Any decisions and changes can be made easily as there is only one person to make the relevant choices.
All the profits generated by the business will belong to the Sole Proprietor.
Sole Proprietor owns his business and so are able to sell or transfer it as he wishes.
The following should be considered in registration:
Business Name: The business name must be approved by ACRA before the Singapore Company can be incorporated.
Owner: Only one owner is required. The owner is to be held accountable for any debts and losses of the Sole Proprietorship.
Managers: Appointment of a manager for Singapore Sole Proprietorship is required only if it is registered by a foreign individual or company. The manager must be an "ordinarily" resident in Singapore, which means a Singapore citizen, a Singapore permanent resident; a person who holds an Employment Pass, Entrepass or a Dependants' Pass.
Registered Address: Every business registered in Singapore is required to have a registered office address. The registered address must be a physical address and cannot be a PO Box. Use of residential address is allowed for certain types of business.
Rikvin can help you register Sole Proprietorship with ACRA within one hour provided all required documents are in place. Once approved, ACRA sends out a confirmation of registration via email. The registration is valid for one year and subject to an annual renewal.
Rikvin provides a complete corporate solution under one roof for Singapore incorporation company registration of private limited companies, formation of offshore companies with opening of corporate accounts, business registration including accounting, tax, assistance to Singapore Sole Proprietor, immigration related to work passes visa and compliance services in Singapore.This article is free for republishing
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Tags: sole proprietor, physical address, office address, personal income tax, assets and liabilities, sole proprietorship, dependants, sole proprietors, income tax rate, compliance requirements, singapore company, employment pass