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Foreigners are not permitted to operate as sole owners. In contrast, foreign business professionals should form a private limited corporation. Refer to the Singapore company registration handbook for further information about private limited businesses.
Sole-Proprietorship
An individual, a business, or a limited liability partnership can all own and manage a sole proprietorship. There are no partners in the business. The legal status of a sole proprietorship can be defined as follows:
-It is not a separate legal entity from the business owner
-The business owner has unlimited liability (i.e., the business owner is personally liable for all the debts and losses of the sole proprietorship)
-It can sue or be sued in the owner’s name
Partnership
A partnership is a company that has two or more partners. A person, business, or limited liability partnership can be the partner. A general partnership can have a maximum of 20 partners. The legal status of a partnership can be defined as follows:
-It is not a separate legal entity from the business owner(s)
-The partners are personally liable for all the debts and losses of the partnership
-It can sue or be sued in the partners’ names
Singapore Company Incorporation / Registration | ||
Singapore Sole-Proprietorship | Singapore Partnership Registration | |
Requirements | — Registered by a Singapore Citizen, Singapore Permanent Resident, or an eligible FIN holder who is at least 18 years old with local residential address — Registration must be renewed annually | |
Benefits | — It is the easiest to set up. — Minimal compliance requirements, such as the absence of yearly return filing or the need to audit your finances. — Easy to manage and operate | |
— There is no profit sharing (you have no shareholders) — You can easily terminate your sole proprietorship. | — Partnerships face fewer statutory controls than companies — A business partner can help fund the business and provide an important injection of cash into the organization. | |
Information Required | — Name of the Company — Brief Description of Business Activity(s) — Details of Director(s), includes email, address, contact number — Registered Address (Local) — Declaration of compliance and Statement of Non-Disqualification | |
Documents Required | — A copy of your NRIC | |
Neme：Alice Li
Email：alice.li@corpnergy.com
corpnergy2017@outlook.com
Singapore Contact：+65 81892283
Domestic Contact：18822867201
