Set up a Sole Trader in Singapore
Set up a Sole Trader in Singapore
Updated on Thursday 13th October 2016 Rate this article
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You can also watch the video below for more information on how to establish a sole trader in Singapore:
Characteristics of a sole trader in Singapore
According to the Singaporean legislation, any person above the age of 18 is entitled to open a sole trader. The sole trader also requires a manager, who has to be a natural person with the age of minimum 21, who is a Singaporean citizen or who has received a permanent residency in Singapore.
The sole trader must have a business address, which can also be a residential address; in order to receive the right to conduct businesses from a residential address, the owner of the sole trader should receive approval from the Housing& Development Board or from the Urban Development Authority.
An important aspect is that a sole trader in Singapore has to register after each financial year, as stipulated by the Singaporean legislation.
Registration of a sole trader in Singapore
The registration procedure is very simple and it is comprised of two actions:
• the owner must reserve the business name under which the sole trader will function;
• he then will have to register as a sole trader, a process that will take one day.
The following documents are compulsory when registering a sole trader:
• provide a business name;
• describing the main activity for which the sole trader is registered;
• providing a business address;
• a copy of a Singaporean ID card;
• the residential address of the owner;
• declaration of compliance;
The local authorities, represented by the Accounting and Corporate Regulatory Authority, will inform you when the registration process is finished; Singapore does not issue a hard copy of the registration certificate; the certificate and the registration number will be sent via e-mail.
Persons interested in further details on the steps required to set up a sole trader in Singapore may contact our Singaporean law firm for legal advice.