Sole Proprietorship / Partnership

Sole-Proprietorship

You can get your Singapore sole proprietorship registration done at lowest prices with us. If a license is required, we will assist you with that too. We will submit all your incorporation documents to the Registry of companies, ACRA, who will eventually approve the incorporation.

Every sole proprietorship needs to be registered with ACRA. In addition, changes in the particulars of the proprietor, manager or collaborates also must be notified to ACRA. Sole proprietorships or partnerships are not legal corporate bodies, and the owner carries the onus of the debts and liabilities incurred.

What is a Sole Proprietorship?

Commonly one person owns a sole proprietorship. As defined under the Business Registration Act, Cap. 32, “business” includes every form of trade, commerce, artisanship, calling, profession and any activity carried on, for the purposes of monetary gains but does not include any office, employment or occupation. If two or more people are involved, then it is called a partnership.

How to register a Sole Proprietorship / Partnership?

If you want to start running a business in Singapore, you can get in touch with SingaporeAudit. We will initiate the effort to register your company in Singapore.

How Long Will it Take?

It usually takes 15 minutes for a sole proprietorship to get registered. This totally depends on how fast the clients sign the documents and co-operate with the service provider. However, if by any chance the application needs to be referred to other authorities for approval or review, it may take between 14 days to 2 months.

To give an example, if the sole-proprietor desires to carry out activities which are related to setting up of a school, or a library, then the application will be referred to the Ministry of Education. After their approval, the registration process will be completed.

What needs to be done before Registration?

All those interested in registering a sole-proprietorship or partnership, becoming the new partner of an existing sole-proprietorship or partnership, or renewing their business registration, need to top up their Medisave account with CPF Board. All the interested candidates need to check with CPF (Central Provident Fund) board, for registering an account, to make the monthly contributions.

A Few Facts about Sole Proprietorship / Partnership

1) Any person above 18 years of age can register a sole proprietorship

2) At least one manager, above 21 years of age can needs to be appointed

3) A local Singapore address must be provided as the business address

4) Profits of the sole proprietorship will go to the owner, and therefore it will be subjected to the personal tax rate regime

5) All types of letterheads, invoices, bills or other documents used for the purposes of doing business, should have the registration number listed on them

6) Auditing of accounts or  filing annual returns with ACRA is not required

7) Registration of the sole proprietorship should be renewed annually

Please feel free to contact us on +65 6536 0036 or drop in an email at info@singaporeaudit.com.sg

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