Business Set-Up (Sole-Proprietorship/ Partnership)

Types of Business Entities in Singapore 

Sole-Proprietorship

    • A sole-proprietorship is a business owned by an individual or a corporate entity.  The sole-proprietor has full control in the operation of the business.
    • The sole-proprietor is personally accountable for all liabilities incurred during the course of the business.
    • Profits of the sole proprietorship are treated as personal income/ corporate income of the individual/ corporate entity who owns the sole-proprietorship, hence the profits are taxable to a tax rate as that of personal / corporate income.
    • Sole-proprietorships is not required to audit their accounts (unless special circumstances) or file annual returns with ACRA.
  • Registration of Singapore sole-proprietorship has to be renewed annually

Partnership

    • A partnership is a business formed by minimum two to maximum twenty partners. Once the partnership exceeds more than twenty partners, the partnership must be registered as a company under the Companies Act, Cap. 50.
    • The partners are personally accountable for all liabilities incurred during the course of the business.
    • Profits of the partnerships are treated as personal income/ corporate income of the individual/ corporate entity who is part of the partnership, hence the profits are taxable to a tax rate as that of personal / corporate income.
    • Partnership is not required to audit their accounts (unless special circumstances) or file annual returns with ACRA.
  • Registration of Singapore partnership has to be renewed annually

General Requirement

    • Any Singapore registered company or a natural person of at least 18 years of age is eligible to register a sole proprietorship/ partnership.
    • A local Singapore address must be provided as the business address for the sole proprietorship. HDB/ URA address will have to seek written approval from HDB under the Home Office Scheme for usage of residential premises as a business address.
  • All Singapore citizens or PRs sole-proprietor/ partner registering Sole Proprietorship/ Partnership must ensure that their Medisave accounts have sufficient funds and no outstanding amount before proceeding with the registration.

SOLE-PROPRIETORSHIP

FROM S$280 NETT

PARTNERSHIP

FROM S$330 NETT

FEES INCLUSIVE OF:

  • ACRA Name Search & Reservation
  • ACRA Application Fees
  • Set-Up Advisory
  • Bank Account Opening (OCBC/ UOB/ Maybank)

REQUIRED INFORMATION: 

  1. Registered Business Address
  2. Proof of Residency for Foreign partner(s) only
  3. Preferred Bank for Bank Opening (OCBC/ UOB/ Maybank)
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