Sole Proprietorship Business Setup Package
As the simplest form of business structure available to potential single business owners, a Sole Proprietor exercises singularly decisive authority and responsibility for all assets and liabilities belonging to the business. A Sole Proprietorship can be registered by all Singapore citizens, Permanent Residents, EP and EntrePass holders.
Why you should start a Sole Proprietorship
- Quick, easy and inexpensive to set up
- Not a separate legal entity from the business owner/proprietor
- Not a perpetual entity
- Sole proprietor is personally accountable for all liabilities incurred for all aspects of business
- Undivided authority and control
- Less administrative duties and compliance requirements
- Annual registration renewal
- Earnings taxed at personal income tax rates
- Not required to audit accounts or file annual returns with ACRA
How AsiaBiz can help you:
All you have to do is to ensure you meet the minimum requirements (listed below) of setting up a Sole Proprietorship. AsiaBiz will facilitate a smooth and hassle-free registration of your business in less than 30 minutes!
What you need to set up a Sole Proprietorship
- Individual owner must be at least 18 years of age, or a Singapore Company/LLP
- Local Manager who is a Singapore Citizen or PR, at least 21 years of age
- Singapore registered office address
- Foreigners residing overseas can partner with a local or resident person or appoint a local manager
- Medisave must be paid up with CPF Board for yearly renewal
- Business name
Ready to start a Sole Proprietorship in Singapore?
We’ve got it all covered. With AsiaBiz, you get a dedicated one-stop solution for your company incorporation, immigration, offshore setup, accounting, taxation, and corporate compliance needs.