Singapore Company Incorporation & Registration Services: Sole Proprietorship

Almost anyone or any company can register a sole proprietorship in Singapore with some exceptions, for instance, undischarged bankrupts may not be allowed to register such entities in Singapore.

Facts at a Glance

You must first register your business name and get it approved. You will be issued with a business registration number.
You must appoint a local manager if none of the owners registering is “ordinarily resident” in Singapore.
Depending upon on the type of business, you may require a business license for your business.
Business must be carried out under the registered business name in Singapore. You cannot use any other name.
You must print your registration number on all letterheads, invoices, bills or other documents used for the purposes of the business.
You must renew your business registration on time.
You must notify Singapore Accounting and Corporate Regulatory Authority (ACRA) immediately if there is a change of business particulars, such as a change of address, business activity, etc.
You must notify ACRA when you decide to end your sole proprietorship business in Singapore.
Additional Information

A sole proprietorship is a form of business organization. It is the simplest form of business to start, but in many ways, the most risky.

A sole proprietorship essentially means a person does business in their own name and there is only one owner. Since the business is really just an extension of that person and not a new entity (like a company), any business debts are also personal debts. If the business were to get a judgement filed against it, it would be a problem for the owner.

As a sole proprietorship is not a company, it does not pay corporate taxes, but rather the person who organized the business pays personal income taxes on the profits made, making accounting much simpler. A sole proprietorship need not worry about double taxation like a corporation would have to.

A business organized as a sole proprietorship will likely have a hard time raising capital since shares of the business cannot be sold, and there is a smaller sense of legitimacy relative to a business organized as a company or limited liability partnership. Hiring employees may also be difficult. This form of business will have unlimited liability, therefore, if the business is sued, it is the owner's problem.

Selling part of your business might also be difficult if you are a sole proprietor.

More detail, please refer to the http://www.asiabizsetup.com/singapore-sole-proprietorship.aspx