v 3G Accounting

Sole Proprietorship

Register of a sole-proprietorship

A sole-proprietorship is a business owned by one person or one company. There are no partners. The sole-proprietor has absolute say in the running of the business.

The features of Sole Proprietorship are as follows:

A local business address is required when registering a Singapore company. This address will be the official corporate address for all official communications pertaining to the business. We offer registered office address service with mail forwarding on a weekly, bi-weekly, or monthly basis, depending upon your needs .This address can be used on your business cards, letterheads and corporate collaterals.

Not a separate legal entity
Owner has unlimited liability
Can sue or be sued in individual’s own name
Can own property if individual has legal capacity
Owner personally liable for debts and losses of business
Self-employed persons must top up their Medisave account with the CPF Board before they register a new business, become the owner of an existing business name or renew their business registration
Must renew registration before the expiry date
Profits taxed at owner’s personal income tax rates