Understanding Singapore Sole Proprietorship
Understanding Singapore Sole Proprietorship
A Sole Proprietorship is a business firm having one owner, who exercises absolute control and authority over its management, assets, profits, liabilities and losses. It is listed as the simplest form of business structure and the easiest one to register. Also referred by many as Single Proprietorship, a business of Sole Proprietorship nature is given merits in any nation it is registered.
Singapore comes fourth in the world's leading financial centers as based on the 2010 report of Ease of Doing Business, a segment of International Finance Corporation owned by World Bank. The same report indicated the island country as a proud host to one of the world's five busiest portsthe port of Singaporeearning the first slot in the world's easiest place to engage in trading across borders.
Businessmen from across the world flock to Singapore to seek for business development or explore business opportunities. Though embarking on an offshore business undertaking seems to be a tremendous concept, registering a Singapore Sole Proprietorship is not a daunting process, however.
In Singapore, a Sole Proprietorship business is regarded as a non-legal entity, and thus, it cannot be sued nor can it principally participate in any lawsuit. All properties and assets procured throughout the existence of the business cannot be owned by the firm itself. Instead, the ownership belongs to the proprietor.
At any rate, the Accounting and Corporate Regulatory Authority or ACRA stipulated the following characteristics of a Singapore Sole Proprietorship:
Any company or anyone of legal age can register for a Sole Proprietorship. Nonetheless, individuals who have incidences of un-discharged bankruptcies are disqualified.
A local address of the Sole Proprietorship business enterprise must be provided upon registration. Residential addresses can be used as a business address under the Home Office Scheme, in which a written consent from Housing and Development Board or Urban Redevelopment Authority to use their homes for office use suffices.
The Singapore Sole Proprietorship enterprise is headed by a manager who must be 21 years old upon appointment and maintains a natural citizenship or Permanent Residence in Singapore. The business proprietor can also be appointed as the local manager provided that he or she is a Singaporean citizen or Singaporean Permanent Resident.
Nevertheless, an issuance of Entrepass, Employment Pass, and Dependent Pass would suffice for individuals who do not have ordinary residence in Singapore and who wish to be act as the local manager of a Singapore Sole Proprietorship enterprise.
The profits earned by Sole Proprietorship enterprises in Singapore are considered as income of the proprietor and hence, are subject to a tax rate at a personal income level. However, since they are taxed as personal income, the proprietors are not obliged to file their annual returns with ACRA nor are they required to have an audit.
As part of business operations, companies use materials such as Letterheads, Invoices, and Bills. In Singapore, it is mandatory that these materials must bear the registration number along with the business name.
Doing business in Singapore is a promising endeavor. It is not a wonder, therefore, why it maintains its renowned reputation among entrepreneurs for many years.
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