This showcases a brief overview of a Singapore Sole Proprietor as explained by Rikvin.
Sole Proprietorship is a basic form of business entity available in Singapore with only one owner who has a full authority and responsibility for all assets and liabilities belonging to his business. Almost every entrepreneur in Singapore can be a Singapore Sole Proprietor.
“Singapore citizens or permanent residents; holders of Employment Pass, EntrePass or Dependant’s Pass may register a Sole Proprietorship. Foreigner individuals and companies may also register Sole Proprietorship but must appoint a local resident manager,” Rikvin said.
Sole Proprietors does not have a separate legal identity, has unlimited liability and cannot own property. However, being a Singapore sole proprietor also provides various advantages.
According to Rikvin, sole proprietorship is taxed at personal income tax rate thus they are not required to file annual returns. They also have very few compliance requirements and written documentation. The business itself is flexible. Any decisions and changes can be made easily as there is only one person to make the relevant choices.
Moreover, all the profits generated by the business will belong to the Sole Proprietor. Sole Proprietor owns his business and so are able to sell or transfer it as he wishes.
After giving an overview on sole proprietorship, Rikvin discussed the incorporation requirements and provided a document checklist for registration of sole proprietorship. The document checklist includes the proposed Sole Proprietorship name, copies of NRIC and/or Passport information of the business owner, brief description of business activities and registered office address for business operation.
Rikvin concluded the presentation with an assurance that they promote world-class service and quality assistance to registration of a sole proprietorship with ACRA and other available business formats.
About the Publisher:
Rikvin has successfully provided company registration services both for foreign and local entrepreneurs. The firm provides a complete corporate solution under one roof for which includes incorporation, opening of corporate accounts, business registration, tax, immigration related to work passes visa, assistance to various types of entrepreneurs like Singapore Sole Proprietor and compliance services in Singapore. The firm has also helped encourage foreigners to register a Singapore company.
Our office is located at Raffles Place, in the heart of the Singapore business district. ("CBD") If you are in our neighborhood and want to discuss any aspect of our service then feel free to come in to our offices during business hours. Appointments are welcome but definitely not necessary.