Set Up a Sole Trader in Singapore
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Set Up a Sole Trader in Singapore A presentation brought to you by Lawyers-Singapore.com 1
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Transcript of Set Up a Sole Trader in Singapore
Set Up a Sole Trader in Singapore
A presentation brought to you by Lawyers-Singapore.com
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What Is a Sole Trader in Singapore?
• The sole proprietorship or sole trader is the simplest form of doing business in Singapore.
• According to the Commercial Code in
Singapore, the sole trader is not considered a distinct legal entity, which is why the owner is fully accountable for the business’ liabilities.
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Why Establish a Sole Proprietorship in Singapore?
• The Singapore sole proprietorship is suitable for small businesses carried out by one owner.
• Our law firm in Singapore can provide you with assistance if you want to establish a sole trader in the city-state.
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Features of the Sole Trader in Singapore >>
• According to the Singapore legislation, any person above the age of 18 is entitled to open a sole trader.
• The sole trader also requires a manager, who has to be a natural person with the age of minimum 21, who is a Singaporean citizen or who has received a permanent residency in Singapore.
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>> Features of the Sole Trader in Singapore
• The sole trader must have a business address, which can also be a residential address.
• In order to receive the right to conduct businesses from a residential address, the sole trader must receive approval from the Housing and Development Board or from the Urban Development Authority.
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How to Register a Singapore Sole Trader
• The sole trader registration procedure is very simple and it is comprised of two actions:
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the owner must reserve the business name under which the sole trader will function;
he then will have to register as a sole trader, a process that will take one day.
Documents For Opening a Sole Trader in Singapore
• The following documents are compulsory when registering a sole trader in Singapore:
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a business name;
describing the main activity for which the sole trader is registered;
providing a business address;
a copy of a Singaporean ID card;
the residential address of the owner;
declaration of compliance.
Other Requirements for Singapore Sole Traders
• Once the registration of the sole proprietorship is complete, ACRA will issue the registration number.
• The sole trader may then open the Singapore corporate bank account.
• Our law firm in Singapore can assist with the business registration and bank account opening procedures.
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Taxation of Sole Traders in Singapore
• In terms of taxation, the sole trader will be taxed on its income as an individual in Singapore.
• Sole traders making any changes to the status of the business must report the changes to the Singapore Companies Register.
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Assistance in Opening a Sole Trader in Singapore
• Our attorneys in Singapore can assist you if you want to set up a sole trader here.
• You can also contact us for guidance on opening other types of companies.
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Thank you for your attention!
For more information, please contact us at:
+ 852 8191 [email protected]
www.lawyers-singapore.com
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