Sole Proprietor and Partnership

Sole Proprietor and Partnerships

If you are considering to set up a business without much capital, has very low business risks, and will generate income which will not significantly affect your personal tax exposure, registering for a business vehicle other than a Private Limited Company may be an alternate choice for your business startup.

You may register for a sole proprietorship if you are a single owner, or decide on one of the 3 forms of partnerships (General Partnership, Limited Partnership and Limited Liability Partnership) if you are starting a business that involves 2 or more partners.

The key differences between a company and a sole proprietorship/partnership are

  • Taxable income for a company is taxed under the corporate tax system whereas taxable income for a sole proprietorship/partnership is taxed under the personal income tax system.
  • Shareholders of a company have limited liabilities (to the extent of their capital contributed into the company), whereas owners of a sole proprietorship/partnership are exposed to business liabilities in varying degree (from unlimited liabilities to limited liabilities).
  • A Private Limited Company and a Limited Liability Partnership can own properties, whereas a sole proprietor, general partnership or limited partnership cannot own properties under their own name.
  • Profits generated from Sole Proprietorship and Partnerships are subjected to CPF Medisave Contributions. You will be required to make Medisave contributions to your own CPF account if your share of trade income is more than $6,000 for the year.
  • Click here to review the comparison chart across the forms of business organisations available to an entrepreneur.
Fees for Sole Proprietorship and Partnerships Registration

$288

Sole Proprietorship (SP) Formation

$328

General Partnership (GP) Formation

$328

Limited Partnership (LP) Formation

$468

Limited Liability Partnership (LLP) Formation

$120

Annual Renewal / Declaration Service

$107

Additional fee for each corporate owner/partner

$25

Additional fee for each additional partner from the 5th partner (inclusive) onwards

# All fees listed are inclusive of government fees and includes a copy of your business instant information document.

Before You Register

If you are intending to form a sole proprietorship or partnership, you have to ensure that your Medisave contributions relating to any past trade income are fully settled or under an existing payment arrangement with the CPF Board. Likewise, your Medisave account needs to be properly arranged for when you wish to renew the registration for the sole proprietorship or partnerships.

You are eligible to form a sole proprietor or a general partnership if you are

  • a Singapore citizen / Singapore Permanent Resident / Employment Pass Holder or Dependent Pass Holder; and
  • above the age of 18

You are eligible to form a Limited Partnership or Limited Liability Partnership if you are

  • a Singapore citizen / Singapore Permanent Resident / Employment Pass Holder or Dependent Pass Holder; and
  • above the age of 18; or
  • a body corporate (Private Limited Companies, Limited Liability Partnership)
The Entire Registration Process

The entire registration process takes approximately 15 – 45 minutes if all information and documentation are in place. However, the registration may be delayed for up to two weeks if the name application of your business is referred for further checks by the Authorities.

In our capacity as an agent for the business formation, we will need you, together with your partners (if any), to be present at our office for witnessing purpose.

You may wish to complete the relevant Business Registration Forms and email to us at [email protected] for us to kick off the registration process.

Alternatively, give us a call at 6333 0633, SMS or WhatsApp us at 8666 3633 or simply send us a message through the contact us form on this page to make an appointment and we will do all the paper work for you!

  • Let us know the general status of your Company as well as some essential information about your company and we will contact you within one working day.