Business Registration Sole Proprietorship   A sole-proprietorship is a type of business entity registered under the Business Registration Act.   Features of a Sole Proprietorship Easy to register and easy to close. Not a separate legal entity (i.e. it cannot sue or be sued in its own name and it cannot own property). Owners are personally liable for all debts and obligations. Owned by one person or one company. Profits are taxed at personal income tax rates. Registration with ACRA must be renewed annually. Advantages Quick and easy set up No need to audit accounts or file annual returns with ACRA. Simple business structure, the owner is the sole decision maker. Disadvantages Unlimited liability. Owners are personally liable for all debts and obligations and therefore personal assets are at risks. You may want to avoid setting up as a sole-proprietor if your business involves high risks such as offering term payments to clients. ____________________________________________________________________   Sole Proprietorship Registration     Requirements for Registration of Sole Proprietorship One Owner Can be natural person or company Must be 18 years old and above (with effect from 1 March 2009) Owner who is NOT a Singapore Citizen, Singapore Permanent Resident (PR), Employment Pass (EP) holder, Entrepass holder or Dependant Pass holder can appoint a local manager (see below for local manager eligibility) Medisave (Singaporean or PR only) must be paid up with CPF Board Cannot be an undischarged bankrupt or convicted of any offence involving fraud or dishonesty whether in Singapore or elsewhere You must have a business address, Principle Place of Business (Registered Address). P.O. Box address is not allowed. For usage or home office scheme, you will need to apply for prior approval through HDB or URA depending on your residence type (we can provide you the address; which is in Singapore`s Central Business District) The local manager must be above 18 years old and be one of the following: a Singapore Citizen a Singapore Permanent Resident (PR) an Employment Pass (EP) holder a Dependant Pass (DP) holder   ____________________________________________________________________   Sole Proprietorship Registration Package         Home | About WBA | Setup Singapore Company | Work Pass & Visa | Singapore Tax Rates | Services & Fees | Company Registration Packages | Virtual Office Services | Other Corporate Services | FAQ & Useful Links | Contact WBA & Locations