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.
Be your own boss and call the shots today!
If your dream is to be your own boss, and enjoy the rewards of your hard work without complicated financial procedures, you’ve come to the right page. AsiaBiz can help you set up a Sole Proprietorship as your very own business!
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 your own Sole Proprietorship business?
AsiaBiz has provided fast incorporation services to over thousands of corporate clients in Singapore. Our incorporation specialists would be happy to assist you on your incorporation needs.