ACRA Sole Proprietorship
ACRA Sole Proprietorship
A sole proprietorship in Singapore is a business owned and controlled by an individual. It is the simplest and most common form of business structure in Singapore. There is no separate legal entity between the business and the owner, so the owner has unlimited liability for all debts and losses of the business.
To register a sole proprietorship with the Accounting and Corporate Regulatory Authority (ACRA), you will need to:
Reserve a business name (unless you are using your own name)
Create a SingPass account
Complete the online registration form on ACRA's website
Pay the registration fee of S$100
Once your registration is approved, you will receive a Business Registration Certificate (BRC) from ACRA. Your business will then be registered with ACRA and you can start operating immediately.
There are a few things to keep in mind when running a sole proprietorship:
You will need to keep separate business and personal accounts. This will help you to track your business income and expenses, and to file your income tax returns accurately.
You will be personally liable for all debts and losses of the business. This means that if your business cannot pay its debts, your personal assets may be used to settle the debts.
You will need to register for GST if your annual turnover is S$1 million or more.
If you are considering starting a sole proprietorship, you should carefully weigh the pros and cons of this business structure. It is important to understand the unlimited liability risks involved.
Here are some additional benefits and drawbacks of sole proprietorship:
Easy and inexpensive to set up and maintain
Full control over the business
Keep all profits after taxes
No access to external funding
Difficult to grow the business
Overall, a sole proprietorship is a good option for small businesses with limited liability risks and a low budget. However, if you are planning to grow your business significantly or have high liability risks, you may want to consider a different business structure, such as a limited company.
How Bestar can Help
Bestar is a Singapore-based company that provides a variety of accounting and corporate services, including help with ACRA sole proprietorship.
Here are some of the ways that Bestar can help you with your ACRA sole proprietorship:
Registration: Bestar can help you to register your sole proprietorship with ACRA. This includes checking the availability of your business name, completing the online registration form, and paying the registration fee.
Accounting and tax compliance: Bestar can help you to keep your business accounts in order and to file your income tax returns accurately. This includes tracking your business income and expenses, preparing your financial statements, and calculating your tax liability.
Corporate secretarial services: Bestar can provide you with a range of corporate secretarial services, such as maintaining your business records, preparing and filing annual returns, and managing shareholder meetings.
Advisory services: Bestar can also provide you with advisory services on a range of business matters, such as choosing the right business structure, managing your finances, and growing your business.
If you are considering starting a sole proprietorship in Singapore, or if you are already running a sole proprietorship and need help with accounting, tax compliance, or corporate secretarial services, Bestar can be a valuable resource.
Here are some of the benefits of working with Bestar:
Expertise: Bestar has a team of experienced accountants and corporate secretaries who can provide you with expert advice and assistance on all aspects of your ACRA sole proprietorship.
Convenience: Bestar can provide you with a one-stop shop for all of your accounting and corporate secretarial needs. This can save you time and hassle.
Peace of mind: Working with Bestar can give you the peace of mind knowing that your business is in good hands.