The Singapore government presents varied business structures in front of the entrepreneurs who are willing to initiate a business plan in Singapore. The business structures present a lucrative deal to fascinate the aspirants to choose any one of them and get the recognition at global level due to the fantastic location of Singapore. There are four kinds of business structures which are framed in such a way that the businessmen feel confident to pick any one category as per his choice and requirement. The Sole Proprietorshipmeans that there is only one owner and it is only his responsibility to take the critical decisions regarding his business.
Features of sole proprietorship
- Can only be set up by the person above 18 years old
- Controlled by an individual
- Not a separate legal entity from the business owner like that of LLP
- Owner is sole responsible for debts and losses of the company and vice versa
- It can be sue or be sued on the name of owner
- Can be possessed by Singapore citizen, PRs or an Entrepass holder
Conditions for foreigners to opt for sole proprietorship
The myriads of foreigners every year turn up in Singapore with an objective of expanding their business globally. If the foreigners are able to submit their documents to ACRA for the approval of sole proprietorship and get the certification from the assigned authority then it is mandatory for the MNCs to keep one local directorin the company who will track the record of the tax payment and all the important activities pursued in the company.
The foreigners who are already residing in Singapore have to take permission from the Ministry of Manpower before submitting the application for sole proprietorship. The foreigners who are keen to opt for the sole proprietorship should know how to register for the same. If the proper care is being taken while processing the registration then it is easy for the applicant to achieve his/her target. Let’s read in detail how to register for the sole proprietorship:
- The applicants can submit their documents online via BizFile to register for sole proprietorship with the help of their entrepreneur pass which has been issued to them while they made an entry in Singapore to start a new business. To submit the application online, you can seek assistance from the filing agent who will guide you consistently for your benefit.
- There is a specific fee for different kinds of business structure to be submitted at the time of filing the documentation for further procedure to get connected with the international market to spread your wings to fly at a great height.
- After completing all the details and procedures, the processing time is very less. It takes hardly fifteen minutes for the approval of the registration after the fees for the same are deposited. If there is any discrepancy in the documentation or if there is any other necessity to file the papers then it is sent to another ministry for approval which takes approximately two months for the final approval. Therefore, it is better to seek the help of a filing agent for an approval in the first attempt.