Sole Proprietorship

Be your own boss and call the shots today!

If your dream is to be your own boss, and enjoy the rewards of your hard work without complicated financial procedures, you’ve come to the right page. AsiaBiz can help you set up a Sole Proprietorship as your very own business!

Why you should start a Sole Proprietorship

• Quick, easy and inexpensive to set up
• Not a separate legal entity from the business owner/proprietor
• Not a perpetual entity
• Sole proprietor is personally accountable for all liabilities incurred for all aspects of business
• Undivided authority and control
• Less administrative duties and compliance requirements
• Annual registration renewal
• Earnings taxed at personal income tax rates
• Not required to audit accounts or file annual returns with ACRA

As the simplest form of business structure available to potential single business owners, a Sole Proprietor exercises singularly decisive authority and responsibility for all assets and liabilities belonging to the business. A Sole Proprietorship can be registered by all Singapore citizens, Permanent Residents, EP, EntrePass and Dependent pass holders.

How AsiaBiz can help you: All you have to do is to ensure you meet the minimum requirements (listed below) of setting up a Sole Proprietorship. AsiaBiz will facilitate a smooth and hassle-free registration of your business in less than 30 minutes!

What you need to set up a Sole Proprietorship

• 1 Singaporean citizen or permanent resident of at least 18 years of age, or 1 Singapore registered company
• 1 manager (usually the sole proprietor) who is either a Singapore citizen, Permanent Resident, EP, EntrePass, or Dependent pass holder
• 1 Singapore-based manager for foreign individuals and companies
• Proposed business name
• Local business address