Benefits of sole proprietorship
Singapore has a booming economy. Every business runs well in this country. Sole proprietorship is one of the most common businesses that you will find in all regions of this country in Singapore. It is preferred because of its many benefits. For instance, it requires small amount of capital, does not require employees and you can operate it individually, no sharing of profits. Other benefits of operating this kind of enterprise include reduced taxation, and minimal requirements and statutory obligations.
How to start a business in Singapore – Sole proprietorship requirements
You must be approved by ACRA (Accounting and Corporate Regulatory Authority). The authority will require certain documents and information from you.
- The business name – This should not resemble any other that is existing
- Your particulars as they appear on your national identity card or passport for foreigners
- The registered address of the business
- Your residential address is also required
- A brief description of your business
Singapore is a great place to establish any type of business. It welcomes even foreigners to invest in its land. However, incorporating a company is the most suitable option for foreigners who want to benefit from the wonderful business environment. All businesses in this country are registered by one body; ACRA. It is a prerequisite for foreigners to hire a professional firm to complete the registration process for them. Lastly, licenses are obtained from the relevant authorities depending on the nature of your business, after which you are allowed to start your operations.
Reminder for sole proprietorship business
J Accounting Services would like to remind everyone that to start a sole proprietorship company, all documents and information must first be ready in your hands. If you need help in starting a sole proprietor firm, professional accounting firm like J Accounting Services do offer such a service. Once you had started your firm, you need to be in compliance and do the necessary submissions to the authorities of Singapore. You will be glad to know that J Accounting Services do offer such compliance packages for sole proprietorship companies.
