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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.
Every start up service includes
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Form a Sole Proprietorship @ $350
Inclusive of all registration fees. No Surprises.
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