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Company Incorporation & Registration Services: Sole Proprietorship
Overview
Almost anyone or any company can register a sole proprietorship in
Singapore with some exceptions, for instance, undischarged bankrupts may
not be allowed to register such entities in Singapore. Foreign
entrepreneurs should
incorporate a
private limited company in Singapore.
Facts at a Glance
- You must first register your business name and get it approved.
You will be issued with a business registration number.
- You must appoint a local manager if none of the owners
registering is “ordinarily resident” in Singapore.
- Depending upon on the type of business, you may require a
business license for your business.
- Business must be carried out under the registered business name
in Singapore.
You cannot use any other name.
- You must print your registration number on all letterheads,
invoices, bills or other documents used for the purposes of the
business.
- You must renew your business registration on time.
- You must notify Singapore Accounting and Corporate Regulatory Authority (ACRA)
immediately if there is a change of business particulars, such as a
change of address, business activity, etc.
- You must notify ACRA when you decide to end your sole
proprietorship business in Singapore.
Additional Information
A sole proprietorship is a form of business organization. It is the
simplest form of business to start, but in many ways, the most
risky.
A sole proprietorship essentially means a person does business in
their own name and there is only one owner. Since the business is
really just an extension of that person and not a new entity (like a
company), any business debts are also personal debts. If the
business were to get a judgement filed against it, it would be a
problem for the owner.
As a sole proprietorship is not a company, it does not pay
corporate taxes, but rather the person who organized the business
pays personal income taxes on the profits made, making accounting
much simpler. A sole proprietorship need not worry about double
taxation like a corporation would have to.
A business organized as a sole proprietorship will likely have a
hard time raising capital since shares of the business cannot be
sold, and there is a smaller sense of legitimacy relative to a
business organized as a company or limited liability partnership.
Hiring employees may also be difficult. This form of business will
have unlimited liability, therefore, if the business is sued, it is
the owner's problem.
Selling part of your business might also be difficult if you are
a sole proprietor.
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