Overview. Package. Process. FAQs.
Sole Proprietorship or partnership
If you prefer a low initial investment and simplicity in running a business, business registration in Singapore as a sole proprietorship or partnership (at least two but less than 20 partners) may be suited to your needs. All profits earned by the business entity that belong to the sole proprietorship or partners, are subject to personal income tax. Sole proprietorship or partnership can be formed by a Singapore citizen or Singapore permanent resident who is a natural person of full capacity, aged 18 years or above.
If the self-employed persons earned a year net trade income of more than S$ 6,000, they are required to pay Medisave contributions based on profits declared with Inland Revenue of Singapore (Medisave contribution rates varies between 4% and 10.5% depending on net trade income and the age of the individual). Individuals must ensure that their Medisave payment statuses are up-to-date before they register a new sole proprietorship or partnership, becoming the owner of an existing sole proprietorship or partnership, or renewing the registration of their sole proprietorship or partnership.
S$ 300 Nett, inclusive of the following:
Business name check and reservation
Business registration fees
Preparation of registration documents
Electronic certificate of registration
Bank account opening assistance
Business rubber stamp
Free 1 month cloud accounting subscription to track business performance and comply with tax and accounting
Step 1: Submit the details below
Let us know that you wish to proceed forward with us by completing the form below and clicking on "Submit" button. Upon receipt of your request, our service partner will follow-up with you to clarify any questions you might have and to advice you of the next steps.
Step 2: Collate your documents
We will check the availability of the proposed business name. We will also send you the relevant forms for you to furnish the required details. Supporting documents will be required to facilitate the due diligence work and preparation of the registration documents accordingly.
Step 3: Make payment
Upon receipt of the completed registration details form and due diligence clearance, we will send you an invoice for our services. We will proceed to register the business once we received your payment for our services. We accept bank transfer and local cheque.
Step 4: Register business
Upon the signing of the registration documents, we will proceed to register the business with Accounting and Corporate Regulatory Authority of Singapore (ACRA). Once the business has been incorporated, you may proceed to open a bank account for your business.
1. What are the documents and information required for registration of a sole proprietorship or partnership?
For each Singapore resident individual:
Copy of Singapore IC; and
Copy of passport if the individual is not a citizen of Singapore
2. What are the information required to register a sole proprietorship or partnership in Singapore?
Proposed business name
Registered address in Singapore
Brief description of the business activities
Business owner's particular (must be age 18 years old or above)
3. How long does it take to register a sole proprietorship or partnership in Singapore?
The actual registration of a sole proprietorship can be accomplished within a day after our due diligence clearance. However, the overall process can take anywhere from one day to few weeks depending on the furnishing and signing of the registration documents required.
4. What are the pros and cons of registering a sole proprietorship or partnership against a private limited company
Quick and easy to set up
Easy to administer and manage
Registration costs is low
Less administrative duties
Disadvantages will be:
Owner or partners are personally liable for debts and losses of the business
Owner or partners can be sued in their own name
Owner or partners have unlimited liability
No tax exemption available to sole proprietorship or partnership, which otherwise is available to that of a company
5. If I have registered a sole proprietorship or partnership, can I convert the business into a Private Limited Company in future?
The sole proprietorship or partnership is a completely separate legal form from a private limited company and Singapore law does not provide any process for conversion from one form to the other. Instead, what needs to be done is:
No objection letter
Incorporate a private limited company
Transfer of assets and business matters from existing business to the private limited company
Terminate the sole proprietorship or partnership