Sole Proprietorship for Singapore Residents
This structure is ideal for very small businesses. A sole proprietorship is a business entity where an individual person owns and carries on a business without the use of a separate and distinct business form. A sole proprietor is solely and legally responsible for all the contracts relating to the business, owns its assets, and is personally liable for all its debts. Basic Setup Requirements for a Sole Proprietorship
- At least one owner
- It should have a Singapore registered office address
If you are a Singapore resident who is looking at setting up Sole Proprietorship, Inctro can provide assistance to the incorporation of your Sole Proprietorship with ACRA.
Package Includes:
- Incorporation of Sole Proprietorship
- Registered Address (if you want to use our prestigious address)
FAQ's
- The sole proprietor has unlimited liability and can be sued in his or her name, or the business name.
- A sole proprietorship is not considered a separate legal entity.
- The profits of a sole proprietorship are taxed based on the personal income tax rate.