Registering a sole proprietorship in Singapore is a relatively straightforward process. Below is a breakdown of the steps involved.
Sole Proprietorship Checklist
- Choose a Business Name: Ensure your desired name isn’t already registered with the Accounting and Corporate Regulatory Authority (ACRA) using their free e-Service https://www.acra.gov.sg/.
- Medisave Contribution: If you’re a Singapore Citizen or Permanent Resident, make sure you’ve topped up your Medisave account with the Central Provident Fund Board (CPFB). This isn’t a registration requirement, but applies to self-employed individuals.
Sole Proprietorship Registration Process
1. Online Registration
Head to ACRA’s BizFile+ portal https://www.bizfile.gov.sg/ and log in using your SingPass.
2. Endorsement
Review and endorse the application electronically. If you don’t have a SingPass, you’ll need to appoint a registered filing agent (like a law or accounting firm) to submit the application on your behalf.
3. Business Details
Provide your chosen business name, a description of your primary activities, and a local business address.
4. Proprietor Information
Submit a copy of your Singapore ID and your local residential address.
5. Declarations
You’ll need to make a Declaration of Compliance and a Statement of Non-Disqualification.
6. Payment
Make payment for the name application fee and registration fee. It’s S$15 for name application and S$100 for one year of registration. Renewal fees are S$30 annually thereafter.
After Registration
Business Registration Number (BRN)
Upon successful registration, ACRA will issue a Business Registration Number (BRN). This acts as your unique business identifier.
Getting Started
With your BRN, you can open a business bank account, apply for licenses (if necessary), and officially commence operations!
Summary
In short, this is a general guideline for sole proprietorship. It’s always wise to refer to ACRA‘s official website for the latest information and any specific requirements that may apply to your business. If you are looking for company incorporation in Singapore, feel free to contact us!