BUSINESS
Sole Proprietorship
A sole proprietorship is the simplest business structure in Singapore. It is owned and operated by a single individual. Unlike a company, there is no legal distinction between the sole proprietor and the business. This means that the owner is personally liable for all business debts and obligations. As a sole proprietor, you will also need to file a personal income tax return, declaring your business income and expenses. While not mandatory, maintaining proper financial records is crucial for tax purposes and business management.
Conditions and specificities
To set up a sole proprietorship, you must:
Be at least 18 years old.
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Be a Singapore Citizen, Permanent Resident, or hold an eligible FIN.
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Appoint an authorized representative: This person must be at least 18 years old, of full legal capacity, and locally resident in Singapore.
The process of setting up a sole proprietorship is relatively straightforward:
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Choose a business name
The name cannot be similar to an existing registered business.
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Register with ACRA
Submit the required information and pay a registration fee of SGD 100. The registration process usually takes about 15 minutes.
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Obtain necessary licenses and permits
Depending on your business activities, you may need additional licenses or permits.
Book your consultation
Book your legal consultation online with English-speaking lawyers and immigration specialists! We are located within the law firm KGP Legal on the 10 Anson Road #03-27 International Plaza Singapore 079903. Our consultation can be made on Zoom or in our Office for a competitive fee of SGD 500 excl GST.
