Step 1: Choose a Business Name
The first step on how to set up a sole proprietorship in Singapore is choosing a suitable business name. It's essential to select a unique name that is not too similar to any existing businesses registered in Singapore. To check the availability of your desired name, you can use the Accounting and Corporate Regulatory Authority's (ACRA) online directory.
Step 2: Register Your Business with ACRA
After finalizing your business name, the next step is registering your business with ACRA. You can do this online via ACRA's BizFile+ portal. When registering, you'll need to provide the following information:
Registration can be completed within a few minutes if your application is in order and your proposed business name is available: https://bbcincorp.com/sg/articles/guide-to-sole-proprietorship-in-singapore
Step 3: Obtain the Necessary Licenses and Permits
Depending on your business activities, you may need to obtain additional licenses or permits. For example, if you're opening a food establishment, you'll need to secure a Food Shop License. Ensure you research and apply for all the required licenses and permits before commencing your business operations.
Step 4: Open a Business Bank Account
While it's not mandatory to have a separate bank account for your sole proprietorship, it's highly recommended. Opening a business bank account allows you to keep your personal and business finances separate, making it easier to manage your accounts and track your business expenses.
Step 5: Stay Compliant
As a sole proprietor, you are required to maintain proper accounting records and file taxes annually. Ensure you stay compliant with all legal and tax requirements to avoid fines and penalties.
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