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