The New Sole-Proprietorship and Partnership Start-Up Kit is for you! It provides you with customised information on your tax obligations as an owner and employer of the business and to prepare you for tax filing. You will need your business’s Unique Entity Number to access the kit. Within 5 minutes, you will receive a tailored timeline for important filing due dates with IRAS and ACRA. The kit will also provide:
More than 13,000 newly ACRA registered Sole-Proprietorships and Partnerships have benefitted from this kit. You can be one of them too! As this is a self-help kit, any information provided will not be updated in IRAS’ or ACRA’s records. New! Learn more about business registration requirements, tax obligations, CPF matters, government grants and loans, and how to protect your customers’ data with ACRA’s online course for new business owners. FAQs
What do I expect after accessing the Start-Up Kit?An email will be sent to you within 1
month prior to filing start date in Mar (for Sole-Proprietor) and in Feb (for Partnership) if you are one of the invited business owners to access the Start-Up Kit. Legal Status of a sole-proprietorshipA sole-proprietorship does not constitute a separate legal entity and therefore is not distinct from the owner/proprietor. The owner is personally liable for all liabilities incurred during the course of business and must sue or be sued in their own own name. Taxation of a sole-proprietorshipA sole-proprietorship, though a tax resident, is not considered as a company entity; therefore its profit is taxed at the owner’s personal income tax rates. Singapore’s personal income tax rates for resident tax payers are progressive from 0% to a maximum of 22% % for income in excess of SGD320,000. The maximum corporate tax rate in Singapore is 17%. Generally sole-proprietors registered with the Accounting and Corporate Regulatory Authority of Singapore (ACRA) are self-employed. A person is considered self-employed when they earn a living by carrying a trade, business, profession or vocation. All self-employed persons must report the income earned from their business operations as business income, not salary, which forms part of their total personal income. Formation of a sole-proprietorshipAn individual proprietor must be at least 18 years old and either a citizen or Permanent Resident of Singapore or a Singapore EntrePass holder. Where an individual proprietor is a foreigner or does not reside in Singapore, they must appoint at least one authorised representative who is at least 18 years of age, of full legal capacity and ordinarily resident in Singapore. Registration requirements for a sole-proprietorshipA sole-proprietorship must be registered with ACRA. Before a self-employed person can register a sole-proprietorship, become the owner of an existing business name or renew a business registration, they must top up their Medisave account with the Central Provident Fund (CPF) Board. The registration process in Singapore comprises name reservation and registration of the entity. The following information and/or documentation will be required: Step 4: Register your business How to register a businessRegistering a business involves two transactions: applying for a business name followed by business registration. Go to Step 3 (Reserve your business name) to find out how to apply for a business name. Once the name has been approved, you can proceed with business registration. There are three ways to register your business: For Sole Proprietorship/Partnership:
For all types of business structures:
The pre-requisites, information and supporting documents needed for the application to register the business will vary, depending on the business structure type. Click on the respective business structure to find out more.
Unique Entity Number (UEN) and Business ProfileUpon successful registration of your new business, your business will be issued a Unique Entity Number (UEN). The UEN is your business’ unique identification number that will be used in all transactions with government agencies. A free copy of Business Profile for your business will be emailed to the person filing the application. What qualifies you as a sole proprietor?A sole proprietor is someone who owns an unincorporated business by himself or herself. However, if you are the sole member of a domestic limited liability company (LLC), you are not a sole proprietor if you elect to treat the LLC as a corporation.
How do I register a sole proprietorship in PA?To establish a sole proprietorship in Pennsylvania, here's everything you need to know.. Choose a business name.. File a fictitious business name with the Department of State.. Obtain licenses, permits, and zoning clearance.. Obtain an Employer Identification Number.. How much does it cost to start a sole proprietorship in Georgia?The filing fee varies depending on the county but expect to pay around $160.
Is a sole proprietorship easy to start up?A sole proprietorship is easy to establish. You don't need to take any legal steps to form this type of business. If you are the only owner and begin conducting business, you automatically become a sole proprietorship.
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How do i become a sole proprietor
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