Start & Register your Sole Proprietorship
You've gone into business for yourself. But that doesn't mean you're all alone.
One place to start, build, and scale an your business.
What are the benefits of starting a Sole Proprietorship?
In a nutshell
What is a Sole Proprietorship?
A sole proprietorship is a business vehicle that is owned by one person or company. The business structure is easy to set up and is suitable for low-risk service providers such as copywriters, designers and small retailers.
Sole proprietorships need not audit their accounts or file annual returns with ACRA. Instead, profits are taxed at personal income tax rates as the sole proprietorship is not considered a legal entity, thus giving the business owner exclusive use of his business profits. This business type is also ease to close.
Who can start a Sole Proprietorship?
Any Singaporean citizen, Permanent Resident (PR) or EntrePass holder who is 18 years old and above is allowed to register for a sole proprietorship.
What is the advantage of a Sole Proprietorship?
The main reason, and advantage entrepreneurs start a Sole Proprietorship instead of a Private Limited Company, or a Limited Liability Partnership (LLP) would be because of the simplicity of registering a Sole Proprietorship.
Since it primarily involves only a sole owner, it is also the least expensive business entity. Unlike the other entities, aside from the usual operating costs of the business, there are no costs associated with compliance, expect for the renewal of the Sole Proprietorship business.
In the event the business needs to be shut down, terminating and shutting down the business is easy and simple as well.
Every Sole Proprietorship Registration service includes
Appoint us in
3 simple steps
Set up & Register a Sole Proprietorship @ $350
Inclusive of all registration fees. No Surprises.
Private Limited Company
A private limited company is the most advanced, flexible, and scalable type of business form in Singapore. It’s also the most preferred type of Singapore business entity for serious entrepreneurs.
A LLP is primarily meant for carrying a profession (e.g. accountants, law firms, architects, etc.) where two or more professionals would like to build a joint practice in a common field, and is not suited for businesses that carry a trade.
Frequently Asked Questions
In order to register your Sole Proprietorship, you would need the following:
Registering a sole proprietorship will require an investor to have the following documents prepared:
- Approval for the proposed name for the intended business.
- Description of the business activities.
- A local address for running the business.
- A copy of the business owner’s Singaporean NRIC.
- The local address of the business owner.
- A compliance declaration and Statement of Non Disqualification.
Upon receipt of all your documentations, and fully understanding your requirement, our incorporation expert would begin the registration process almost immediately.
Usually, it would take no more than 2 hours for your Sole Proprietorship to be registered, and you can begin operations.
This would depend entirely on your business activities.
On the other hand, the associated costs of registering the business in order to commence operations would be typically be less than $500. Leftright Corporate provides registration of your Sole Proprietorship of just $350, inclusive of all relevant fees.
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