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What is a Sole Proprietorship?

Sole-Proprietorship-singapore

Do you want to get your Singapore sole proprietorship registered? Engage us, and you will get the highest quality services at the lowest possible rates. Our services comprise of submission of all the documents to the Registry of Companies, ACRA. Keep reading to know more!

Any individual continuously engaged in business activities resulting in monetary gains for him / her must approach authorities and start a company. In Singapore, the basic business structure that an entrepreneur can opt for is the sole-proprietorship.

A sole proprietorship is a simple business structure in the sense that it is owned by a single individual or a Singapore registered company. There are no partners or shareholders in case of a sole proprietorship. The owner of the business runs or controls it like a one-man-show. Owner’s decisions about the company’s business activities are final.

Facts about Sole-Proprietorship

  •  A sole-proprietorship is not a legal person and does not have a separate existence from that of its proprietor. The owner of the sole-proprietorship carries all the responsibility for the losses or debts incurred by his company. This puts his personal assets at risk.
  •  Proprietor gets taxed for his company’s income.
  •  Any Singapore resident above 18 years of age or a Singapore registered company can start a sole-proprietorship company.
  •  The owner needs to appoint a manager. The individual must not be less than 21 years in age and he or she must be a citizen or a permanent resident of Singapore
  •  All the official documents of the Sole-proprietorship must carry its registration number on them.
  •  For a sole-proprietorship, raising funds to expand business activities is difficult.

Registering a Sole-Proprietorship / Partnership

The Business Registration Act of Singapore, Cap. 32, defines ‘business’ as an umbrella term encompassing every type of trade, craftsmanship, calling, commerce, profession and all those activities performed with the intention of gaining monetary benefits. The definition specifically, excludes terms like employment, occupation and office.

In order to register your company as a sole-proprietorship, you can get in contact with Singapore Accounts which will get the ball rolling to register it.

Processing Time

Ideally, an entrepreneur needs only 15 minutes to get his or her sol-proprietorship registered, after he or she has paid the registration fees and has submitted the application form to the concerned authorities.

In some cases, the entrepreneurs need to wait for more than 14 days. The waiting period can extend as far as 2 months. The reason for delay in such a case is that the application needs reviews, appeals or the approvals from different departments of the Singapore government.

The classical example for such a situation is that of an entrepreneur wishing to establish a sole-proprietorship, in order to start a private school. The application for the registration of such a sole-proprietorship will definitely get referred to the Minister of Education.

What does a Sole-Proprietor Need to Do Before the Registration?

It is advisable for all the self-employed individuals working in Singapore that they must top up their Medisave account with the CPF Board, if they want to register a sole-proprietorship. The move is made mandatory by the Accounting and Corporate Regulatory Authority (ACRA) of Singapore, since 1 January 1994.

The advice is also valid for those who want to renew registrations of their businesses. This ACRA dictate is applicable only to the Singaporean Citizens and Permanent residents. Entrepreneurs must start by contacting Board for Central Provident Fund (CPF) and by enquiring about the registration of their Medisave account and monthly CPF contributions they will require to deposit.

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

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