Step 1: Choose a business name

The first step in registering a sole proprietorship in Singapore is choosing a unique business name. The business name must not be similar to any existing business names or infringe on any trademarks. It should also comply with the guidelines set by the Accounting and Corporate Regulatory Authority (ACRA), Singapore's regulatory body for business entities. Once you have chosen a business name, you can proceed to the next step.

Step 2: Select a company address

This is one of the important steps when you find out how to set up a sole proprietorship in Singapore. The registered business address must be in Singapore and cannot be a post office box. You are permitted to register using your home address. If this is the case, you must first apply to the Housing and Development Board (HDB) for the Home Office Scheme: https://bbcincorp.com/sg/articles/guide-to-sole-proprietorship-in-singapore

Step 3: Designate an authorized representative (if necessary)

If you are an expat living abroad, you will need to find someone to act as your authorized representative. This post is open to anyone who meets the following requirements:

• Is a legal entity

• At least 18 years old and capable of exercising full legal capacity

• Is typically a Singapore resident (has a Singapore residential address)

Step 4: Register the Sole Proprietorship

You are only a few clicks away from establishing your sole proprietorship with the assistance of BizFile. If you do not have a SingPass, you can hire a licensed filing agent to apply on your behalf and avoid all the problems. Once you have paid the registration cost, you should receive approval within 15 minutes. If your application must be forwarded to additional government agencies for approval, it may take up to 14 days or 60 days. This delay is frequently caused by the nature of your organization, i.e. your business provides services to exceptional industries that demand referral, such as finance and banking, media, and entertainment.

Conclusion

By following the guide on how to register a sole proprietorship in Singapore, you can successfully register your sole proprietorship and fulfill your legal and tax obligations. It is important to ensure that you comply with all the relevant regulations and keep proper records to avoid any penalties or legal issues in the future. If you are unsure about any aspect of the registration process, it is recommended to seek professional advice from a qualified accountant, lawyer, or business consultant. With proper planning and compliance, registering a sole proprietorship can be a smooth and rewarding experience for aspiring entrepreneurs in Singapore.

If you are seeking further information regarding a sole proprietorship, get in touch with BBCIncorp and take advantage of our expertise and knowledge on the subject. Feel free to contact us and discover more about this important aspect of Singapore business.

BBCIncorp Pte. Ltd

Email: service@bbcincorp.com

Phone: +65 6011 8200

Address: 9 RAFFLES PLACE, #29-05 REPUBLIC PLAZA, SINGAPORE (048619)