Everything you need to know about registering a Sole Proprietorship in Singapore

We can help with the annual requirements that are needed for your Sole Proprietorship.
  • Manage your accounting and bookkeeping digitally
  • Fast and efficient customer service
  • Transparent pricing with one off payment
  • A free & unlimited e-signature tool to close deals faster

 

Let’s talk

We can help you get started fast. Talk to us!

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

Get Covered!

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
transparent prices

1-Year Sole Proprietor Registration

s$150

Let us help you register your sole prop so you can get started on launching your business!

  • Checking and reserving of company name
  • Preparing all registration forms and filing with ACRA
  • All government fees
  • Renewable at S$50 yearly

Registered Address & Digital Mailroom

s$300/year

 

Use Sleek to fulfil your requirement to have a registered address in Singapore. 

  • A prestigious CBD Singapore registered address for your company
  • A digital mailroom where your mail is scanned and uploaded for your review
  • Securely store your mail and easily access it from any where and any time

Accounting

From s$900/year 

or

s$242/year
(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!

Pricing

Tailored to your needs

Price per Month

Price per Year

Plans billed upfront annually and based on applicable financial year for the sole prop entity.

All plans will include the following: 

  • Set up & onboarding
  • Monthly bookkeeping
  • Preparation of AIS Financial report
  • Xero (Single currency) & digital receipt capture software

Common add-ons to smaller plans

  • Multi-currency Upgrade: s$200/financial year
  • GST Compliance: s$300/quarter or s$1,200/financial year

Ad-hoc tax support

  • Income Tax Return for Sole Proprietor: s$500/year

    Sleek will prepare the income tax returns submission for your sole proprietorship income to IRAS through the AIS (Auto-inclusion Scheme).

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!

FAQ

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:

  1. At least 18 years.
  2. 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:

  1. An approved business name
  2. Description of principal activities
  3. Local business address 
  4. Copy of Singapore ID for the owner
  5. Local residential address of sole-proprietor
  6. 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

“We have been most impressed by how Sleek has been very tech savvy. Sleek stood out to us because of the prompt replies that they gave whenever we needed help and of course the confidence that they gave in helping us close our accounts.”

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Mareen Liang
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.”

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Aaron Lim
Cofounder, Privyr

“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.”

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Wei Jiang Goh
Cofounder, Craft Health

62 
Net Promoter Score (NPS)

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4.6/5 
Out of 100+ reviews on Google

About Sleek

Sleek makes the lives of entrepreneurs, investors and SMEs easier! 

We provide a 100% online platform for effortlessly incorporating and managing the regulatory,
tax and accounting requirements for companies in Singapore and Hong Kong. 
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Register from anywhere

No need to fly to Singapore to set up the company - set up and maintain a company in Singapore without needing to book a ticket.
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Register from anywhere

No need to fly to Singapore to set up the company - set up and maintain a company in Singapore without needing to book a ticket.
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Streamlined processes

We’ve streamlined the process to make it quick and easy to get your private limited company off the ground.
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Streamlined processes

We’ve streamlined the process to make it quick and easy to get your private limited company off the ground.
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Safe and secure storage

No more dog-eared documents. Store all your most important things on the cloud and access it from anywhere.
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Safe and secure storage

No more dog-eared documents. Store all your most important things on the cloud and access it from anywhere.
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Transparent pricing

We won’t sting you with hidden fees. It’s one cost to get your business up and running.
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Transparent pricing

We won’t sting you with hidden fees. It’s one cost to get your business up and running.
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Simple digital signatures

No more courier fees and snail mail for your business needs. Get signatures in seconds.
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Simple digital signatures

No more courier fees and snail mail for your business needs. Get signatures in seconds.
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More than s$30,000 in perks

Access more than s$30,000 in perks as a Sleek customers from our partnership ecosystem.
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More than s$30,000 in perks

Access more than s$30,000 in perks as a Sleek customers from our partnership ecosystem.

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