The simplest yet flexible form of business, a sole proprietorship can be defined as the business owned and managed by a single individual or a company. No other partner is required for this type of business structure and owner has the full right or authority to run the business in his own way. However, there are some negative points associated with sole-proprietorship, such as:

  • The liability of the owner is unlimited and the owner shall be personally liable for all the debts and losses of the business (if not covered by business’ assets).
  • The business is associated with the owner and has no separate legal identity.
  • The owner can sue or be sued in his own name.
  • Profits of the business are treated as owner’s profits and are to be shown in owner’s personal Income Tax return.
  • Owner’s age must be 18 years or above
  • He/She must be a Singapore citizen, permanent resident or an Entrée Pass holder
  • If the owner is a non-resident; he must engage a country representative on his own behalf.
  • Owner must top up his/her Medisave account with the CPF Board before registration of a new business.
  • Registration needs to be renewed annually or after three years.
  • Owner’s age must be 18 years or above
  • He/She must be a Singapore citizen, permanent resident or an Entrée Pass holder
  • If the owner is a non-resident; he must engage a country representative on his own behalf.
  • Owner must top up his/her Medisave account with the CPF Board before registration of a new business.
  • Registration needs to be renewed annually or after three years.
  • Being a non-resident, you can also engage the services of a professional consultancy firm which can submit the required information on your behalf. A foreigner also needs to establish a representative office here in Singapore for undertaking administrative works. Such representative office shall not have its separate legal identity and would be primarily engaged in non-commercial activities.

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