Singapore Sole Proprietor: Company Registration For Sole Proprietorship

By Author: Lenard Goward
Total Articles: 1
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The simplest form of business structure in Singapore is a Sole Proprietorship.One can register a Sole Proprietorship if one is a citizen in Singapore or a permanent resident; Employment Pass, EntrePass or Dependant's Pass holder. For those foreign individuals and companies who don't want to reside in Singapore will still be able to register for a Sole Proprietorship if only he/she appoints a manager who is a resident in Singapore.However, a sole proprietorship doesn't have limited liability protection unlike in a private limited liability company wherein ones personal assets are protected from business risks.

The person who takes full control, administration and responsibility for a sole proprietorship business is called a Singapore Sole Proprietor. It is helpful to have a quick look of sole proprietorship's benefits before moving on with the basic registration information.

No annual returns filing required of a Sole Proprietorship as income is taxed at personal income tax rate.

There are little compliance and written documentation requirements

There is flexibility in the business itself. Since there ...
... is only one person making appropriate choices any decisions and changes are easily implemented.

The Sole Proprietor will possess all the profits generated by the business.

The Sole Proprietor is the only one who owns his business in effect , he/she will have all the rights to sell or transfer his business as he wants.

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

Basic Requirements for Singapore Residents:Singapore Residents' Basic Requirements:

A natural person of at least 18 years of age or Any Singapore-registered company

There are only a few people who are not eligible to register, they are the ones who are undischarged bankrupt and those who were not qualified for some reasons under certain clauses.

Before moving on with the registration, Singapore citizens or PRs must ensure there are enough funds in their Medisave accounts.

Foreign Individuals and Companies's Basic Requirements

All foreign individuals and companies can register for Sole Proprietorship as long as they appoint a Singapore manager

The basic requirements for one to be appointed as a manager is as follows; natural person of at least 21 years of age, and a holder of either a Singapore Citizen, Permanent Resident, EP, EntrePass, or Dependent Pass

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

For a quick approval of name during registration, make sure that your name choice is not the same with the names of any current local company or business.In addition, choosing a name that is not obscene or vulgar, not already reserved, and not infringe on any trademarks or copyright will also facilitate a quick process for name approval during registration.

Resource Box:
Rikvin is the leading Company Registration Services Specialists. It has successfully helped foreign entrepreneurs form a Singapore Sole Proprietor. Our office is located at Raffles Place, in the heart of the Singapore business district. ("CBD") If you're in our neighborhood and want to discuss any aspect of our service then feel free to come in to our offices during business hours for advise and consult.