A Singapore Sole Proprietor a type of entrepreneur who manages business on his own. He is the one who has the decisive authority and responsibility for all assets and liabilities belonging to the business. Singapore citizens or permanent residents; holders of Employment Pass, EntrePass or Dependant’s Pass may register a Sole Proprietorship. Foreigner individuals and companies may also register Sole Proprietorship but must appoint a Singapore resident manager.
Some of the features of Sole proprietorship include the following: unlimited liability of the owner, it does not have a separate legal entity and it cannot own property. Singapore Sole Proprietorship, though a tax resident, is not considered as a company entity; therefore its profit is taxed at personal income rate.
The following are the basic registration requirements for Sole Proprietors who wish to form a Singapore company:
Owner must be at least 18 years of age
Singapore Citizen/PR/EntrePass Holder/Dependant Pass Holder
Singapore Company/LLP can also register a business.
Singapore registered office address
Foreigner residing overseas can partner with locally resident person or Appoint local manager
Medisave must be paid up with CPF Board for yearly renewal
Business Name: The business name must be approved by ACRA before the Singapore Company can be incorporated.
Managers: Appointment of a manager for Singapore Sole Proprietorship is required only if it is registered by a foreign individual or company. The manager must be an “ordinarily” resident in Singapore, which means a Singapore citizen, a Singapore permanent resident; a person who holds an Employment Pass, Entrepass or a Dependants’ Pass.
Registered Address: Every business registered in Singapore is required to have a registered office address. The registered address must be a physical address and cannot be a PO Box. Use of residential address is allowed for certain types of business.
Opening of a Corporate Bank Account: Once the Sole Proprietorship has been registered, you may open a corporate bank account with any of the local or international banks based in Singapore.
Rikvin has been assisting clients from all over the globe form a Singapore company. Our success rate is phenomenal, and almost all of our enterprise clients have entrusted us, with the routine management tasks such as bookkeeping and secretarial services and we continue to impress them beyond our promise.