Can LTVP holder be the Owner of Sole Proprietorship?

Can Long Term Visit Pass Holder hold the ownership in Singapore Proprietorship Firm?

Is LTVP holder allowed to be the Owner of Singapore Sole Proprietorship?

Does LTVP holder require to seek approval from ICA or MOM to be the Owner of Sole Proprietorship in Singapore?

FIN (Foreigner Identity Number) holder must seek approval from the relevant authority of pass issuance in order to be the Director, Shareholder, Owner or Partner of Singapore Business / Entity / Company / Partnership / Firm accordingly.

Any foreign individual can be the director and shareholder of Company, owner of Sole Proprietorship or Partner of Partnership in Singapore provided the person is not holding any FIN identity but only Passport and not residing in Singapore with any pass issued by either MOM or ICA.