Key regulatory requirements for sole proprietorships/partnership (SP/P)
Key regulatory requirements for sole proprietorships/partnership (SP/P)
This guide provides an overview of the key regulatory requirements that sole proprietorships and partnerships need to comply with.
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Requirements during business registration
When registering your business:
Before registering your business, determine your business activities (SSIC code), business structure and address.
Reserve your business name and register your business on GoBusiness (“Login as individual user” required)
After registering your business:
After you have received your UEN, register for a Corppass admin account to gain access to all the government services.
Before you hire your first employee:
Employers will require a CPF Submission Number (CSN) to submit CPF contributions for their local and Singapore Permanent Resident employees.
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Ad hoc requirements
Register for GST if taxable turnover has:- exceeded $1 million at the end of the calendar year or
- you expect taxable turnover to exceed $1 million in the next 12 months.
Submit an incident report with Ministry of Manpower’s WSH Incident Reporting system, if a work-related accident has happened within 10 days of the incident.
For fatal accidents or dangerous occurrences, notify MOM immediately at mom_oshd@mom.gov.sg.
Update ACRA if there has been any change in company information or appointments and changes in personal particulars of business owners and authorised representatives within 14 business days.
Update MOM when your staff, who are work pass holders, change their residential address within 5 days of any change. -
Monthly requirements
If your business hires foreign workers:
View your MOM Foreign Worker Levy bill by the 6th of every month.
Payment for the Foreign Worker Levy will be made via Giro by the 17th of each month.
If your business hires Singapore Citizens and Permanent Residents (SPR):
Make employee CPF monthly contribution and Skills Development Levy (SDL) payment by the last day of each month. Action will be taken against employers who fail to pay by the 14th of the following month.
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Quarterly requirements
Update MOM's Occupational Employment Dataset (OED)
By the 14th day after the end of each quarter, remember to update the OED on changes to the occupational and employment details of your employees.
To allow MOM to shape manpower policies, businesses are required to provide MOM with updated details of your workforce’s occupational and employment details via the OED portal every quarter. Read more about OED.File and Pay your GST
If your company is GST-registered, e-file your GST F5 via IRAS’ Seamless-Filing-From-Software (#SFFS) or myTax Portal within 1 month from the end of the GST accounting period.
Most GST-registered businesses file GST returns on a quarterly basis. The start and end of each quarterly period is dependent on your Financial Year End (FYE).
For example:
Business A
Financial Year ends in December- For the quarterly GST accounting period of 1 Jul - 30 Sep, they would have to e-file their GST F5 and make payment by 31 Oct if they are not on GIRO.
- Alternately, if the business has a GIRO arrangement with IRAS, e-file by 31 Oct and payment deduction will take place on 15 Nov.
- For the quarterly GST accounting period of 1 Jul - 30 Sep, they would have to e-file their GST F5 and make payment by 31 Oct if they are not on GIRO.
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Yearly requirements
From your first year
Renew your business registration
Renew your business registration before the expiry date. You can choose to renew your business for 1 or 3 years.
From your second financial year
Submit employees income information
By the 1st Mar of your 2nd year, submit employees income information electronically to IRAS if on Auto-Inclusion Scheme (AIS) for Employment Income. Otherwise, provide Form IR8A and appendices (where applicable) to employees.
Estimated Chargeable Income (ECI)
For sole proprietors For partnerships* File your Estimated Chargeable Income (ECI) within 3 months of your Financial Year End (FYE) if business receives notification to file.
Receive Notice of Assessment (NOA) within 7 days after ECI filing. No NOA will be issued when a NIL ECI is filed.
Pay tax bill within 1 month from the date of the Notice of Assessment (NOA).Your partnership entity should file your Estimated Chargeable Income within 3 months of your Financial Year End (FYE) if business receives notification to file.
Receive Allocation of Estimated Profit/Loss to Partners within 7 days after ECI filing.Individual and Partnership Income Tax
You must report your trade income if:
- you receive a filing notification from IRAS; or
- your annual net trade income in the preceding year is more than $6,000; or
- your total annual income in the preceding year is more than $22,000.
For sole proprietors For partnerships File your individual income tax return (Form B/B1) between 1 Mar to 18 Apr.
Receive your NOA from the end of April onwards
Pay your income tax within 1 month from the date of your NOA
If you do not agree with the assessment raised, file an objection within 30 days from the date of your NOAFor partnership entity
Your partnership must file its partnership income tax return (Form P) between 1 Feb to 18 Apr. If a partnership e-files its Form P by 28 Feb, the partnership allocation will be pre-filled into the respective partners' Form B/B1.
Precedent partner receives your Allocation of Profit/Loss to Partners after Form P has been processed.
If you do not agree with the allocation raised, file an objection within 30 days from the date of your allocation.
For partners within the entity
As a partner within your partnership, you have to file your individual income tax return (Form B/B1) between March 1st and April 18th.
Receive your NOA from the end of April onwards.
Pay your income tax within 1 month from the date of your NOA.
If you do not agree with the assessment raised, file an objection within 30 days from the date of your NOA -
Hiring workers
If you're hiring local or foreign workers
We recommend applying for CPF Submission Number (CSN) once you have set up your Corppass account. Employers will need a CSN when submitting CPF contributions for employees. Before your local or foreign workers start work, remember to obtain work injury compensation (WIC) insurance if they are:- Manual workers
- Non-manual workers with a salary of less than $2,600/month
Information about WIC
Tools and resources for employers to download about WIC
If you intend to hire foreign workers:
Assign the Work Pass eService to required officers on Corppass. Register for an account for MOM services Work Pass Account Registration eService, and declare your business activity.
Apply for work pass holders (if needed).
Set up GIRO with MOM for Foreign Worker Levy (if you hire Work Permit or S Pass holders).
Secure accommodation for workers, and register residential address in Online Foreign Worker Address Service (OFWAS) before issuance of work passes.Ensure that migrant workers have attended the necessary training courses.
Receive your NOA from the end of April onwards
Pay your income tax within 1 month from the date of your NOA
If you do not agree with the assessment raised, 
Your partnership must 
Precedent partner receives your Allocation of Profit/Loss to Partners after Form P has been processed.
If you do not agree with the allocation raised, 
As a partner within your partnership, you have to file your individual income tax return (Form B/B1) between March 1st and April 18th.
Receive your NOA from the end of April onwards.
Pay your income tax within 1 month from the date of your NOA.
If you do not agree with the assessment raised, 
*Information on this page is accurate as of 7 Jul 2023.
The content made available or accessible through this page may not be correct, complete, current or accurate and you should perform your own checks or obtain professional advice relevant to your particular circumstances.
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