A sole proprietorship business is owned, managed, and controlled by an individual, a company or a limited liability partnership with no partners in the business.
The legal status of a sole proprietorship includes no separate legal entity from the business owner who has unlimited liability and is personally liable for all the debts and losses of the sole proprietorship business.
For setting up a sole proprietorship, you must be at least 18 years of age and either a Singapore Citizen or Singapore Permanent Resident, or an eligible Foreign Identification Number (FIN) holder.
Requirements for a Singapore Sole Proprietorship mandates Self-employed to top up their Medisave account with the CPF Board before registering a sole-proprietorship business or becoming a new owner of an existing business, or renewing business registration.
Once registered, their Medisave contributions must be kept updated with the CPF Board.
The process of Sole Proprietorship Registration is relatively easier compared to other business vehicles and selling off and transfers can be done conveniently without any headache through a name transfer. This company form also has minimal compliance requirements with no need to make changes in business details resulting in reduced administrative costs. The accounting compliance is simple too with only 4-line statements for Sole-Proprietors having revenue less than SGD 500,000.
Formation of a Sole Proprietorship is allowed for the foreigners residing overseas. However, if they wish to register a sole proprietorship, they must appoint at least one local resident authorised representative.
Foreigners willing to manage business operations physically from Singapore must seek approval from the Ministry of Manpower after registering the sole proprietorship business. If they don’t have a Singpass account, they must engage the services of a registered filing agent including a corporate services provider to apply on their behalf.
Choosing a Name
Once you have identified a suitable name in line with your business activity, search BizFile+ to find out the name availability.
Registering a Name
Once a name is chosen, register a business name via BizFile+.
Specifying your Business Activity
You then specify the primary and secondary business activities as per Singapore Standard Industrial Classification (SSIC) code.
Providing Business Address
rovide your business address except for P.O. Box address and for small-scale businesses, you may use your residential address.
All business owners must provide their residential address at the point of registration.
Obtaining Licences and Approvals
Based on your business activity, you may need licences or approvals from other government agencies.
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© 2025 IMC Group. All Rights Reserved.
© 2024 IMC Group. All Rights Reserved.
© 2024 IMC Group. All Rights Reserved.