A sole-proprietorship is a business firm with only one owner. It is the simplest and most flexible business structure. All sole-proprietorships must be registered with the Accounting and Corporate Regulatory Authority (ACRA).
The simplest form of business is the sole proprietorship, a business owned and operated by one individual. You can operate a sole proprietorship under your own name, or under another name you’ve chosen (as long as you don’t add any of the legal designations of other forms of business, such as Ltd. or Inc.)
Features of a Sole Proprietorship
• It does not have a separate legal entity
• The owner has unlimited liability
• It cannot own property
Summary of Setup Requirements for a Sole Proprietorship
• Minimum one owner
• A Singapore registered office address
• For foreign individuals and companies only: minimum one manager who must be a Singapore resident
Taxation of Singapore Sole Proprietorship
Singapore Sole Proprietorship, though a tax resident, is not considered as a company entity; therefore its profit is taxed at personal income rate.
If you are a Singapore resident and you want to set up a Sole Proprietorship, you will need to do the following:
• Visit our office with your identification papers. Sole Proprietorship business registration can be done within 10 minutes.
• See the Process for documents required for registration of a Sole Proprietorship.
Setting up your proprietorship often does not require registration of the business.
If you are planning to use another name or business name to operate your company, state laws will require a trade name registration or filing of your company name.
Choosing the best business structure for your business will depend on a host of individual factors including your type of business, tax situation, industry liability, among others. Your choice of business structure will have legal and personal implications. Work with your business professional team of a lawyer and an accountant to determine the type of business structure best for you.
Rikvin is a leading corporate services firm that assists entrepreneurs and investors with the processes required to form a Singapore company, along with a range of other corporate services. Rikvin caters to the needs of foreign investments in terms of Singapore company registration, processing of work visas, and post-incorporation considerations including obtaining business license and permit and compliance matters.
“Our phones are answered during business hours by specialists and not by an answering machine. We appreciate the value of your time and understand that a person cannot be replaced by technology. This is especially true when it comes to making important business decisions.” If you are interested in learning more about Rikvin’s Services kindly email us at info@rikvin.com or give us a call at +65 64838887