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02 February, 2017
Company registration in Singapore encompasses a few steps- one of these steps is to decide the right business structure. It is a critical decision since this choice can impact your tax liability, compliance matters and paperwork loads. So, make sure to pick the best entity for your new venture. Many new entrepreneurs opt to register their business as a sole proprietorship registration in Singapore. It is the most simple and basic form of business registration in the city-state.
In Singapore, out of six important business structures, the private limited company of LLC (Limited Liability Company) and sole-proprietorship are the two popular choices for the small and medium enterprises. Both the structures have their own unique advantages. This article will provide which types of business should consider registering sole- proprietorship in Singapore.
What is Sole-Proprietorship?
A business entity owned and operated by one person or one company is called as sole-proprietorship. There is no concept of partnership in this sort of entity. It does not have any separate legal identity. The owner has the full control over all elements of the company and will be held responsible for all debts, losses, and liabilities incurred by the entity.
A sole proprietorship in Singapore is the easiest form of business structure for small and medium entrepreneurs. All you need to do are 1) business name approval and 2) registration of the entity with government authority. Reiterating, managing this simple business structure is easy, and a very minimal business administration is required. The compliance obligations are also less. Many independent professionals such as freelancer, consultants, and contractors register their businesses in the form of sole proprietorship for ease and convenience.
Take a Glance into the Advantages & Disadvantages of Sole Proprietorship
There are some limitations of this popular choice of business structures which can not be overlooked.
Despite these loopholes, this form of business structure has been accepted by the start-up businesses for its own distinct set of features.
Which sort of Businesses are best suitable for Sole Proprietorship?
There are certain categories of businesses which are best suited for registering as sole-proprietorship in Singapore. The characteristics of those businesses are elaborated hereunder.
If your business type and interest fall under any of the factors mentioned above, you may consider registering your venture as a sole-proprietorship. As the business scales and matures, you may consider converting it to a private limited company by opting the process of company registration Singapore. A private limited has umpteen number of advantages for the growing business. There are many good advisers and mentors available in Singapore who can provide advice and guidance on converting the business.
About us :
SBS Consulting Pte Ltd, a corporate firm in Singapore, has helped many entrepreneurs in fulfilling their dream career. Surprisingly, the firm provides a host of unrivaled company registration Singapore services at competitive rates. This attribute has made the firm popular among the young and vibrant entrepreneur enthusiasts. Apart from this, SBS also specializes in accounting & bookkeeping, XBRL, Payroll, corporate secretarial and many other allied services.
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