Sole proprietorships

A sole proprietorship is a business that can be owned and controlled by an individual, a company or a limited liability partnership.
The business is not a separate legal entity, therefore:

1. It cannot buy properties (The properties are owned by the individual person)
2. Has unlimited liabilities
3. The business debts, losses etc are that of the owner
4. Pay taxes according to personal income tax rates
5. If GST registered, it is the owner that is GST registered and not the business itself.
6. Will cease to exist when the owner dies.

It is the cheapest form of business entity to maintain! It only cost $15 to register the name and $100 for 1 year registration. There is no need to report to your shareholders, your partners, ACRA or IRAS.

Go to http://www.bizfile.gov.sg to register your business.

Need a online guide? Go to http://www.bizfile.gov.sg and click on e-services to see this.

Still having problems and require us to set it up for you?

WhatsApp: +65 9729 5532, Email: info@et-management.com or fill up the contact form!