Sole Proprietorship Business Setup Package

Overview

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 (PR), Employment Pass (EP) and Entrepreneur Pass (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 Central Provident Fund (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.

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