Asiabiz Services Confers Sole Proprietorship Registration And Assistance In Obtaining Business Permit And License
by Roger Reed Thursday, February 03, 2011
“A sole proprietorship characterizes convenience because the business is not required to be audited. So it is not obliged to maintain financial accounts unless specifically prescribed by ACRA, the governing body of Singapore’s business establishments,” remarks a business specialist of Asiabiz Setup. Founded in 1996, Asiabiz Setup creates business innovations and processes business solutions.
Inscribed on the website of ACRA are the two approaches in registering a sole proprietorship. First, it is initiated by the entrepreneur himself; and using his Singapore Personal Access card or SingPass, he can log in to BizFile, an online electronic filing and information-retrieval system created by ACRA, and where businesses are registered.
For those who cannot access BizFile because they are in not in possession of a SingPass such as foreign nationals, they must engage the services of a professional firm like Asiabiz Setup or a service bureau to spearhead the registration. Asiabiz Setup says that among the documents essential in registration are description of principal activities, registered local business address, copy of Singapore ID of the owner or a Foreigner Identification Number for foreigners, and declaration of compliance and statement of non-disqualification.
In the latest review of Business Registration Act by the Ministry of Manpower, foreigners registering for a sole proprietorship are not issued with an Entrepreneur pass anymore that could consequently enable them to be appointed as the local manager.
Asiabiz elucidates more on this: “A local manager is a requirement if the sole proprietor is a foreign national. Where before, a foreigner can occupy the position of a local manager by virtue of an Entrepreneur pass, at present however, the Ministry issues the Entrepreneur pass only to foreigners seeking to incorporate a company such as a private limited.”
Moreover, even if a foreign sole proprietor qualifies for an Employment pass, a labor pass requiring a Tertiary educational degree as opposed to an Entrepreneur pass, a prior approval from MOM must be first sought if the foreigner intends to fill up the local manager’s position.
Upon successful registration of a sole proprietorship, Asiabiz further confers assistance in securing the necessary business permits and licenses.
About the Publisher:
Asiabizservices offers one-stop business solutions to companies, particularly, those that are managed and owned by foreign investors. Since its inception, Asiabizservices has successfully helped foreign entrepreneurs form a Singapore company. Among its specializations are Singapore company setup, corporate services, accounting services, nominee services, company registration, whether as a sole proprietorship, private limited, limited liability partnership; offshore company formation, incorporation of foreign companies either as a branch or subsidiary office, accounting services including payroll preparation and more.
Asiabizservices is the leading provider of Singapore Company Incorporation services and has successfully helped thousands of both local and foreign entrepreneurs Incorporate a Singapore Company. It also provides chartered secretarial services.
For more information visit:
AsiaBizServices PTE LTD
address: 120 Telok Ayer Street Singapore 068589
Singapore Company Formation Service, We provide company registration,incorporation, immigration, accounting and taxation services to entrepreneurs and businesses worldwide.
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