Everything you need to know about registering a Sole Proprietorship in Singapore
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How to create your Sole Proprietorship 💡
Prepare the required documents
To register your Sole Proprietorship, prepare the following documents:
- Proposed business name
- Description of principal activities
- Proposed business address
- KYC Documents (ID & Proof of Residential Address)
We help you to submit your application
Once we have collected from your the required documents we can then submit the Sole Prop application for you.
Once your Sole Prop has been registered we will share with you your sole prop registration number.
Bank account opening
Once your business has been registered, the next step would be to open a bank account in Singapore.
We have partnered up with top banks who can assist with opening your bank account smoothly. You can find out more information here.
Insurance is mandatory for many industries and highly recommended for everyone!
As being a sole prop means you personally own all the risks it is highly recommended that you consider getting insured!
Check out our affordable insurance plans here.
Hassle-free services with
(with PSG subsidy)
All-inclusive accounting and tax filing support so you can focus on your business!
Our accounting plans are eligible to be subsidised under the Productivity Solutions Grant (PSG). Contact us to find out how you can save up to 80% on your cost!
Tailored to your needs
Plans billed upfront annually and based on applicable financial year for the sole prop entity.
All plans will include the following:
Common add-ons to smaller plans
Ad-hoc tax support
What is considered as an expense?
When considering an “expense”, we categorise it into operating vs. non-operating and fixed vs. variable.
- Operating: Expenses a business incurs through its normal business operations.
- Non-operating: Expenses that are not related to normal business operations.
- Fixed: Expenses that does not change and remain the same every month, even though there may be an increase or decrease in business activity in sales or production.
- Variable: Expenses that keep changing every month depending on the business activity in sales or production.
If you need more information, have a look at our accounting by expense FAQ.
Let's get started!
Focus on growing your business while we handle everything else. Sleek is the partner you need!
A sole proprietorship, also known as a sole trader or proprietorship, is a business owned and controlled by an individual, a company or a limited liability partnership without any partners, with only the sole owner paying personal income tax on the profits earned from the business.
To be eligible, one must be:
- At least 18 years.
- Either a (a) Singapore Citizen (b) Singapore Permanent Resident or (c) an EntrePass Holder.
If you are residing locally, a foreigner must seek approval from the Ministry of Manpower (MOM) which will require a SingPass or CorpPass account and to satisfy additional criteria including having a local sponsor who is Singaporean or PR.
To set up a Sole Proprietorship you can provide to us the following information:
- An approved business name
- Description of principal activities
- Local business address
- Copy of Singapore ID for the owner
- Local residential address of sole-proprietor
- Declaration of compliance and Statement of Non Disqualification
Sleek helps to make your business compliance easier through our streamlined processes and digital platform at no hidden costs! We can help you to register your sole prop today! Feel free to reach out to our team for further information.
Sleek helps to make your business compliance easier through our streamlined processes and digital platform at no hidden costs! Feel free to reach out to our team for further information.
A sole-proprietorship, though a tax resident, is not considered as a company entity; therefore its profit is taxed at the owner’s personal income tax rates. Singapore’s personal income tax rates for resident tax payers are progressive from 0% to a maximum of 22% for income in excess of SGD320,000.
Yes, sole props are also subject to the same rules for GST registration, except that their S$1million threshold is calculated across all of their sole prop businesses.
Sleek can support with both GST registration (S$400) and with the ongoing GST compliance for S$1,200 per year.
Hear what our clients have to say
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Cofounder, Kombynation Co.
“I would highly recommend Sleek to anyone starting a company if they do not want to spend a lot of time on registering their company and instead focus on their product growth.”
“As a first time entrepreneur, there are so many things that we are not familiar with and I think at this juncture I would like to thank Sleek for helping us organise all these messy documents in such a tidy manner.”
Wei Jiang Goh
Cofounder, Craft Health
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