A Sole Proprietorship is the most straight forward form of business. It has only one owner. This person is wholly and solely responsible for all assets and liabilities of the business. In any Sole Proprietorship, only the owner has the right to make any important decisions about the business as well as belongings. It does not have a separate legal entity, and the owner of the company has unlimited liability. Unlike Private Limited Company, a Sole Proprietorship cannot own any properties. However, it will surely get a Singapore registered office address.
If one wants to incorporate a Sole Proprietorship, then the person must fulfill the following criteria.
He/She must be 18 years old or more. He/she must be a citizen or permanent resident of Singapore. He/she must be a holder of an Employment Pass. He/She must have an EntrePass or Dependent's Pass.
The best part of Sole Proprietorship in Singapore is that even the individuals of foreign countries can also register if they have a local resident partner or appoint a Singapore Resident as the manager of the company. Apart from that, any Singapore company or Limited Liability Partnership (LLP) can register a business. Paradigm360 helps in understanding all rules and regulations related to the incorporation.