Establishing a Sole Trader in Singapore

A presentation brought to youby OpenCompanySingapore.com

1

2

What Is a Sole Trader in Singapore?

• The sole proprietorship or sole trader is the simplest form of doing business in Singapore.

• The Singapore sole proprietorship is suitable for small businesses carried out by one owner. 

3

Requirements for Opening a Singapore Sole Trader >>

• The sole trader in Singapore is not considered a distinct legal entity, which is why the owner is fully accountable for the business’ liabilities.  

• A sole trader requires at least one manager that must be a Singapore resident and must also have a registered address.

4

>> Requirements for Opening a Singapore Sole Trader

• It is also important for citizens or holders of a Singapore residence permit to have enough money before going forward with the registration as a sole trader.

• In terms of taxation, the sole trader will be taxed on its income as an individual in Singapore. 

5

Other Details about Sole Proprietorships in Singapore

• Sole traders making any changes to the status of the business must report the changes to the Singapore Companies Register.

• Also, the registration of a Singapore sole proprietorship is subject to renewal on an annual basis.

6

Registering a Sole Trader in Singapore >>• In order to 

register a sole trader in Singapore, the following documents must be provided: the business name; a description of the activities to be carried

out; the business address of the sole

proprietorship; a copy after the owner’s identification

papers; the residential address of the Singapore

sole trader; a declaration of compliance and

statement of non-disqualification.

7

>> Registering a Sole Trader in Singapore

• The first step of the registration procedure is the approval of the business name followed by the registration of the sole trader.

• The procedure is quite simple, requiring only a day to be completed if all documents are correct.

8

After Registration Steps in Singapore

• Once the registration of the sole proprietorship is complete, the Accounting and Corporate Regulatory Authority will issue the registration number.

• Based on the registration number, the sole trader may open the Singapore corporate bank account and obtain an office lease if necessary.

9

Business Consultancy in Singapore

• Our team of company formation experts in Singapore has an extensive experience in helping foreign and local businessmen set up companies in this city-state.

• For information about the advantages of setting up a sole trader you can contact our specialists in company incorporation in Singapore.

Thank you for your attention!

• Please contact us for more information at:

  + 852 8191 3385

office@lawyers-singapore.com

http://www.opencompanysingapore.com/10