Sole Proprietorship Business Registration

Overview

The basic kind of company structure is a sole proprietorship, which has just one owner who has ultimate authority over all of the company’s assets and obligations.

You can establish a proprietorship if you’re a Singapore Citizen, Singapore Permanent Resident or an eligible FIN holder (subject to approval from MOM/ICA). Foreign persons and businesses are also permitted to register as sole proprietorships, but they must appoint at least one locally resident authorised representative (e.g. Singapore citizens, Permanent residents or holders of EntrePass/ Employment Pass).  The foreign owner(s) must also engage a registered filing agent (e.g. a law firm, accounting firm, or corporate secretarial form) to submit the application via BizFile

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Why should you be a Sole Proprietor?

  1. Quick, simple, and best-value setup
  2. Less bureaucratic work and ongoing reporting requirements
  3. A individual income tax rate will be applied to all company profits
  4. Simple to close
  5. Due to the unbroken dominance and control, it is simple to govern and administer

A Sole Proprietorship’s Characteristics

  1. It lacks a distinct legal entity, for one
  2. The proprietor has unlimited liability
  3. It is unable to own property

What are the setbacks that you face in being a Sole Proprietor?

  1. Because the owner is accountable for all liabilities and losses, the owner’s assets are in jeopardy
  2. Earnings are taxed at individual tax rates without company-provided incentives
  3. Absence of consistency; because the enterprise is associated with the owner, it is not everlasting, it ends with the owner’s passing, and it cannot be divided
  4. Because of sole proprietor dependence, it is difficult to obtain funds through loans from creditors or organizations
  5. You must annually update your CPF account and renew your business registration
  6. The tax breaks and credits offered to corporations do not apply to sole owners

An overview of the conditions needed to set up a sole proprietorship

  1. No fewer than one owner
  2. A registered business location in Singapore
  3. Singapore residency is required for at least one management for overseas persons and businesses

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