BUSINESS SET-UP FOR SOLE-PROPRIETOR/PARTNERSHIP

Business Introduction

A Sole Proprietor / Partnership is the most simple business entity for entry level entrepreneurs in Singapore. It is easy to setup and owners do not have to worry about the ongoing statutory compliance from government bodies apart from the annual business license renewal.

Given its leverage in low setup cost and maintenance fee compared to other business entities in Singapore, Sole Proprietor / Partnership has its significant disadvantages too. Some of the major concerns pertaining to these business structures are the unlimited liabilities which in some cases will lead to bankruptcy of the owners when they are unable to pay off the business debts. The main reason being so is that it is not considered a separate legal entity in Singapore and the owners are personally accountable for all the liabilities incurred during the course of the business. Thus, it’s not recommended for business with high credit risk nature.

Minimum Requirements

  • At least 1 owner/ 2 partners
  • Owner must be at least 18 years of age
  • Registered Address

Business Set Up Fees

Incorporation of CompanyPrice (SGD$)
1 Owner / 2 Partners$288
Additional Local Partner$30/pax
Additional Foreign Partner
$50/pax

Things to prepare

For Singapore Citizens / Permanent Residents For Foreigners

For Singapore Citizens / Permanent Residents

For Foreigners

For Singapore Citizens / Permanent Residents

For Foreigners