Wednesday, March 16, 2011

Singapore Sole Proprietor: Registration For Sole Proprietorship

Sole Proprietorship is the simplest form of business structure in Singapore. Singapore citizens or permanent residents; holders of Employment Pass, EntrePass or Dependants Pass may register a Sole Proprietorship. Foreigner individuals and companies may also register Sole Proprietorship but must appoint a Singapore resident manager. Unlike a private limited liability company, a sole proprietorship does not provide limited liability protection and your personal assets are not protected from business risks.

Singapore Sole Proprietor is the one who takes full control, administration and responsibility for a sole proprietorship business. Before we proceed with the basic registration information, let us have a quick look of sole proprietorships advantages.
No annual returns filing required of a Sole Proprietorship as income is taxed at personal income tax rate.
Very few compliance requirements and written documentation
The business itself is flexible.

Any decisions and changes can be made easily as there is only one person to make the relevant choices.
All the profits generated by the business will belong to the Sole Proprietor.
Sole Proprietor owns his business and so are able to sell or transfer it as he wishes.

Below is the basic guide on business registration if you wish to be one of Singapore Sole Proprietors.

Basic Requirements 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

Basic Requirements 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 order to register a sole proprietorship business in Singapore, the following documents/information are required:
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

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.

Rikvin can help you register Sole Proprietorship with ACRA within one hour provided all required documents are in place. Once approved, ACRA sends out a confirmation of registration via email. The registration is valid for one year and subject to an annual renewal.

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