Singapore Sole Proprietor: Guide To Sole Proprietorship Registration
By: Shayne | Posted: 19th November 2010
Singapore Sole Proprietor is the simplest type of businessmen who takes full control, authority and responsibility for all his business assets and liabilities. Singapore citizens or permanent residents; holders of Employment Pass, EntrePass or Dependant’s Pass can be a sole proprietor. Foreigner individuals and companies can also be a sole proprietor but must appoint a local resident manager.
A sole proprietor is under the business structure sole proprietorship. This business structure is observed to be effective for small businesses. The business is not separate from the owner. This means that the sole proprietor is not only the singular decisive authority of the business, but also fully responsible for all assets and liabilities of the sole proprietorship.
Taxes for sole proprietorship are computed at personal income rate since a sole proprietorship is not considered as a company entity. Sole Proprietorship also do not enjoy tax incentives and exemptions given to Private Limited Company.
Below is the basic guide on registration for Singapore Sole Proprietor.
Sole Proprietorship for Singapore Residents
• Any Singapore-registered company or a natural person of at least 18 years of age
• Bankrupts who are not discharged and persons disqualified under specific clauses are not eligible to register
• Singapore citizens or PRs must ensure there are sufficient funds in their Medisave accounts before proceeding with the registration
Sole Proprietorship for Foreign Individuals and Companies
• All foreign individuals and companies can register for Sole Proprietorship as long as they appoint a Singapore manager
• The appointed manager must be a natural person of at least 21 years of age, and either a Singapore Citizen, Permanent Resident, EP, EntrePass, or Dependent Pass holder
In addition, we are providing you the basic considerations if you wish to be a sole proprietor. Please take note of the following:
• Description of principal activities
• Proposed business name
• Local business address for the proposed business
• Copy of Singapore ID for the owner
• Local residential address of Sole Proprietor
• Declaration of compliance and Statement of Non-Disqualification
Note also that registration may take more time in the event that your business name or nature requires referral to another authority. To ensure a speedy name approval during registration, ensure that your choice of name is not identical or similar to the names of any existing local company or business. Your choice of name must not be obscene or vulgar, already reserved, and infringe on any trademarks or copyright.
The Rikvin team consists of a group of professionals who have extensive experience with Singapore’s legal, financial, tax, corporate and regulatory frameworks. Our executive team has over 20 years of relevant professional experience. They are well experienced in their area of practice. Rikvin has been assisting clients from all over the globe in their Singapore immigration and company incorporation matters. Rikvin continues to assist various types of businessmen like a Singapore Sole Proprietor. Our success rate is phenomenal, and all most all of our enterprise clients have entrusted us, with the routine management tasks such as book keeping and secretarial services and we continue to impress them beyond our promise.This article is free for republishing
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Tags: sole proprietor, business structure, assets and liabilities, sole proprietorship, tax incentives, permanent residents, business assets, private limited company, employment pass