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Features of Sole Proprietorship

  •   Sole Proprietorship
    Owned by One person
    Legal Status
    • Not a separate legal entity
    • Owner has unlimited liability
    • Can sue or be sued in individual’s own name
    • Can own property if individual has legal capacity
    • Owner personally liable for debts and losses of business
    Registration Requirements
    • Age 18 years or above 
    • Singapore citizen/Singapore permanent resident/ EntrePass holder
    • If the owners are not resident in Singapore, they must appoint an  authorised representative who is resident in Singapore
    • Self-employed persons must top up their Medisave account with the CPF Board before they register a new business, become the owner of an existing business name or renew their business registration 
    Formalities and Expenses
    • Quick and easy to set up
    • Easy to administer and manage
    • Registration cost is low
    • Less administrative duties
    • Must renew registration before the expiry date
    Set Up Fee $115 ($15 name application fee and $100 registration fee) for 1-year registration

    $175 ($15 name application fee and $160 registration fee) for 3-year registration
    Taxes Profits taxed at owner’s personal income tax rates
    Continuity & Transferability Exists as long as the owner is alive and desires to continue the business
    Closing the Business
    • By owner or authorised representative by filing a Notice of Cessation of Business Registration 
    • By Registrar – if the registration has expired and has not been renewed
Copyright © 2018 Accounting and Corporate Regulatory Authority.All Rights Reserved.
Last Updated/ reviewed On 24 Mar 2014