How to Register for Sole Proprietorship in Singapore

Whether you’re an entrepreneur or an aspiring business owner looking to start a small business, registering your business is the first step to legitimising your business in Singapore.

A Sole Proprietorship is the simplest business structure and one of the most popular options that solopreneurs and small businesses tend to consider. This guide takes you through the process of Sole Proprietorship registration in Singapore, helping you to get started fast while covering all your bases.

We'll also mention Wise Business as an alternative business account that could help you save on international payments and conversion fees, which could help your small business cut out unnecessary costs.

Table of contents

What is a sole proprietorship in Singapore? Advantages of a sole proprietorship Disadvantages of a sole proprietorship How to register a sole proprietorship in Singapore? What to do after registering your sole proprietorship in Singapore? Renewal and cessation of sole proprietor registration in Singapore Foreigner's guide to sole proprietorship Frequently Asked Questions on sole proprietor registration in Singapore

What is a sole proprietorship in Singapore?

A Sole Proprietorship is a business that is owned and controlled by an individual or a single Singapore-registered company.¹

Features of a sole proprietorship

Sole proprietorships are owned by a single entity and are not able to take on partners or shareholders. This means that the single owner will have full control over the company’s decisions, operations, and liabilities.

If you’re registering as a sole proprietor in Singapore, you should consider the following advantages and disadvantages.

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Advantages of a sole proprietorship

• Easy and Fast to set up: All you need to do is register a business name via BizFile, and notify ACRA of your business address thereafter.
• Inexpensive: it costs only about SGD 115 to set up a sole proprietorship in Singapore - SGD15 to register your business name, and SGD 100 to register your business with the Accounting and Corporate Regulatory Authority (ACRA)²
• Full control of your business: You do not require signatures or approvals from partners before making any decisions regarding the business.
• Ease of Accounting: While you are required to keep proper accounting records for at least five years, sole proprietors are exempted from annual audits and do not need to file financial statements with ACRA. All you need to submit is a 2-line statement that reflects your Revenue and Adjusted Profit/Loss.³

Disadvantages of a sole proprietorship

• Unlimited Liability: This is a major downside and risk for sole proprietorships in Singapore. The owner bears full, unlimited liability for any debts, obligations, and losses from the business. If your company is being sued, your personal assets can be used to cover any legal claims made against your business.
• Potential higher tax rates: As you will be taxed at the personal income tax levels, you may need to pay higher taxes as you move up the tax bracket.

How to register a sole proprietorship in Singapore?

Sole proprietor registration in Singapore is a simple process. We'll walk you through it in this section.

What you need to prepare before registration

• Business Name: Come up with a business name for your sole proprietor business before registration. It would be good to have at least two, in case your first choice is not available for use.
• Intended Primary and Secondary Business Activity and Description: You will need to specify your Sole Proprietorship’s primary and secondary activities using the Singapore Standard Industrial Classification (SSIC) code when you register the business with ACRA. If you’re not sure, you can use the SSIC code search function within the BizFile platform to generate ideas. Refer to this guide on how to select the right SSIC for your business in Singapore.
• Registered Address: You will need to submit the primary address where your business will be conducted from. If you’re using an HDB home address as an office, you will need to apply for the Home Office Scheme under the Housing Development Board (HDB) that will allow you to run your business with up to two non-resident employees.
• Singapore ID: You may be required to submit a copy of your Singapore ID. This can also be done via SingPass.

Registration process of sole proprietorship in Singapore

Step 1: Business name registration

• Choose a name for your business. While you can register any business name, some guidelines restrict the use of prohibited or offensive words and the use of identical names from existing companies.⁴
• Check if it is available via BizFile
• Register the business name on Bizfile. You will need to pay SGD 15 to register for the business name. It will be reserved for you for 120 days, during which you have to register the business with ACRA.

Step 2: Register the business with ACRA

• Submit the necessary documents and completed application form to ACRA. For a smooth sole proprietor registration process, make sure you have the documents listed in the section above prepared before you proceed.
• Pay registration fee
• Wait for approval of your application.
• Upon approval, you should be able to download a copy of your Business Profile. Keep the copy in a handy location, and take note of your company’s Unique Entity Number (UEN) as it will come in useful.

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What to do after registering your sole proprietorship in Singapore?

Once your sole proprietor business has been registered, you can start running your business and working towards your dream.

But it could turn into a nightmare quickly if your business is not compliant with the laws and regulations set by the related government agencies. Hence, you should ensure that your business conforms to the local laws.

Considerations to take note of

• Licenses and Permits: Do your due diligence to ensure that you have the required permits or licenses to run your business. For example, if you’re running a food business, you may need to attend a food safety course and obtain a food handling certification.
• Corppass Registration: Singapore Corporate Access (Corppass) is a system for businesses to grant access to their employees and third parties to access digital services on their behalf. If you’re hiring someone to help with your CPF submissions or tax declarations, you will require the use of Corppass. This can be easily set up via the Corppass portal using your SingPass credentials and the UEN of your sole proprietorship. You may need to wait one working day before applying for your Corppass. You will need to designate a Corppass administrator and a registered officer during the application. As a sole proprietor, you can assume all roles.⁵
• Registration of Singapore Central Provident Fund (CPF): If you’re planning on hiring employees as a Sole Proprietor, you will need to contribute to your staff’s CPF. To do so, you will need to apply for a CPF Submission Number (CSN).⁶ This can be done easily via the CPF website using your SingPass or the approved Corppass account.
• Open a Corporate Bank Account: While Sole Proprietors can legally operate from a personal bank account, businesses are highly encouraged to open a corporate bank account to keep finances separate. This makes it way easier to account for your finances. Having a corporate bank account also allows your clients to pay you via your UEN through PayNow.

➡️ Not sure which corporate bank account is suitable for you? Save time on research by reading our article on the best bank account for Singapore-based Sole Proprietorships.

• Singapore Goods and Services Tax Registration: In Singapore, businesses with taxable turnovers of more than SGD 1 million are required to register for Goods and Services Tax (GST). You may also choose to register for GST voluntarily if it makes sense for your business. Only GST-registered businesses can charge and claim GST. You may find it useful to register as a GST business to claim GST if it makes up a big chunk of your expenses.

➡️Further reading: Check out our guide on how to register GST for companies in Singapore.

• Keep proper records: Be sure to maintain proper records of your business. Take note that you should keep records and accounts of your income and expenses for 5 years. Should there be a need, you must be able to provide supporting documents such as invoices, receipts, and vouchers to prove your past transactions.
• Tax on Singapore Sole Proprietorship: As mentioned above, Sole Proprietors will be taxed at personal income tax rates. While Sole Proprietors do not need to submit their financial statements nor require complex accounting processes, you should track your finances clearly, as you will be required to submit a 2-line statement that reflects your Revenue and Adjusted Profit/Loss to IRAS.³

➡️ To learn more about taxes and how to calculate taxable income, read our guide on Sole Proprietor Tax in Singapore.

• Customs Registration: If you plan to import or export goods as part of your Sole Proprietor business in Singapore, you will need to apply for relevant licenses. To do so, you will need to activate an account with the Singapore Customs using your UEN.

➡️ Read our guide on Import and Export Licenses in Singapore and ensure that you are aware of the regulations and processes required.

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Renewal of sole proprietor registration in Singapore

A valid sole proprietor registration in Singapore does not last forever. You will need to renew your business registration regularly.

You will receive reminders of upcoming expiry, and you must renew your business registration before the expiry date if you wish to continue running the business. A late penalty may be imposed for late renewals.

In order to renew your business registration, you must ensure that your Medisave contributions are up-to-date. You will need to pay SGD 30 for a one-year renewal or SGD 90 for a three-year renewal. Payment can be done via credit card or online payment methods.⁷

Cessation of sole proprietorship business

Should you wish to close your sole proprietorship business, you will be required to notify ACRA by filing a Cessation or Dissolution of business entity via the BizFile platform.⁷

If your company is GST registered, you will be required to cancel your GST registration with IRAS.⁸

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Foreigner's guide to sole proprietorship

Sole Proprietorship is not limited to Singapore citizens. If you’re a foreigner, you can register as a sole proprietor, as long as you can fulfil these additional requirements.

Registering a business in Singapore as a foreign citizen

Sole proprietor registrations in Singapore are open to foreigners as well. However, foreign citizens must appoint a local authorised representative (any Singaporean citizen, PR or Employment Pass / EntrePass holder who is currently residing in Singapore).

Foreigners who are residing in Singapore and wish to set up a sole proprietorship must seek approval from the Ministry of Manpower.

SingPass will be required to submit applications via BizFile and to process CPF payments. Foreigners who do not have a SingPass account must engage a corporate service provider to help submit their applications and submissions.

➡️ Further reading: How to start a business in Singapore as a foreigner: Ultimate guide ⬅️

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Frequently Asked Questions on sole proprietor registration in Singapore

How long does it take to register a Sole Proprietorship in Singapore?

Most applications should be done within minutes after you pay the registration fee to ACRA. However, if your application requires review and approval from other government agencies, your registration may take 14 to 60 days to process.

How much does it cost to register a sole proprietorship in Singapore?

It costs SGD 115 to set up a sole proprietorship in Singapore. The cost includes:

• SGD 15 for Business name application under BizFile
• SGD 100 to register your business with the Accounting and Corporate Regulatory Authority (ACRA)²

Does a sole proprietor in Singapore have a registration number?

Yes, all registered business entities in Singapore are given a Unique Entity Number (UEN). It is a 9 or 10-digit identification number that serves as a companion’s registration number. You will receive a UEN upon the successful registration of your sole proprietorship.

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Conclusion

A Sole Proprietorship is the simplest business structure in Singapore. As a new business owner, you can carry out your own Sole Proprietor registration easily, within minutes.

However, registering your Sole Proprietorship in Singapore is just the first step to fulfilling your dreams. As a business owner, you will need to find clients, hire staff to help you, improve your operations, optimise your costs and margins, and so much more.

And the key factor that makes or breaks a new business isn’t about the business structure. It's about how you manage your costs.

Choosing the right partners can help you lower costs and improve your margins, allowing your business to grow faster.

💡Need to pay or get paid in foreign currencies? Wise Business could be a better alternative business account as you can hold, send, receive and exchange 40+ currencies all in one place. You’ll always get the mid-market rate with low, transparent fees. Even better, you can connect Wise Business cards to your account to control team spending in real time and reduce admin.

• Hold and manage 40+ currencies for all your international transactions.
• Pay foreign currency bills and ad-hoc business travel expenses using the Wise Business card without hefty foreign transaction fees.
• Get your first Wise Business card for free when you open a Wise Business account.
• Always get the mid-market rate with transparent conversion fees starting from 0.26%.
• Seamless integrations with popular accounting software.

➡️Get started with Wise Business today

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Sources

1. What is a sole proprietorship? | ACRA
2. Sole-Proprietor Fees | ACRA
3. Calculating Business Income | IRAS
4. Choosing a Company Name | ACRA
5. How do I register for an account in Corppass | Askgov.sg
6. Applying for CPF Submission Number | CPF
7. Renewing registration of sole proprietorships | ACRA
8. Closing a Sole Proprietorship | ACRA
9. Who can set up a sole proprietorship in Singapore | ACRA

Sources checked on 24th July 2025