Rikvin Encourages Entrepreneurs to Register A Sole Proprietor Business in Singapore
In general, a sole proprietorship business is characterized by having one owner who holds all powers andauthority over all business operations. It is also the basic of business structures. Though there are exceptions, anybody or any business enterprise can register a sole proprietorship inSingapore, commences Rikvin on the discussion of its nature, and that can be said of those who holdforeign citizenship.Individuals who are classified as un-discharged bankrupt constitute the exception clause. On the otherhand, for foreign citizens aiming for a sole proprietorship, they must appoint a local manager as part of the conditions in Singapore. To qualify for a local manager appointment, one must either be a Singaporean citizen, a Permanent Resident of Singapore or possessing an Employment Pass, Approval-in-Principal Employment Pass orDependent Pass, continues Rikvin, a business firm based in Singapore for the purpose of providingcorporate solutions to foreign entrepreneurs and business aspirants.Because having a working visa such as the E-Pass accords eligibility for foreign individuals and entitlesthem to work privileges, they, too can be appointed as a local manager.The benefits of registering aSingapore sole proprietorshipbusiness are many.First is the ownership. Only a very few states allow 100% company shareholding among foreigners, Rikvin continued itselaboration, and Singapore is among them, thereby, making the city-state as the easiest place to dobusiness.Second, since the sole ownership is awarded to one person, the discretion of making decisions isreserved solely by the proprietor. Hence, at anytime he deems necessary, he can implement decisionsmade even hastily. Unlike in other business structures, in sole proprietorship, the direction and operationof the enterprise emanates from the owner, and this does not require approval from any other.The same can be said of its profits. No one else will exercise authority over how the profits must bespent. In Singapore, foreigners are allowed to repatriate their earnings, which is also of benefit. Another advantage of a sole proprietorship is the low set up costs. Apart from the cost, the sole proprietorship has the least risk. In Singapore, many small enterprises suchas copywriters, pet groomers, small retailers, and designers started off as a single proprietorship.Rikvins statement about Singapore being the most business-conducive avenue is also evident even in thehumblest part of the city-state, the Chinatown, wherein merchants and craftsmen from Myanmar,Philippines, China, Hong Kong, South Korea, Thailand, Vietnam, Cambodia, and Thailand proliferate inbusiness.Fourth, a sole proprietorship business is neither subjected to account audit nor is it obliged to file annualreturns. The only thing that the business owner is required is to pay his personal income tax. However,even in taxation, a sole proprietorship is of huge advantage. Unlike in corporate business structures, double taxation is not imposed upon a sole proprietorship,Rikvin acknowledged, rather, it is taxed on a personal level.