Start Sole Proprietorship Vs Pte Ltd Company Holding Employment Pass

Good morning, 
I hope this message finds you well and having had an excellent weekend.  
I am seeking clarification regarding setting up a sole proprietorship in Singapore.  I am an Australian citizen, living and working in Singapore on an employment pass and would like to know firstly, if it is possible for me, as a foreigner, to set up a sole proprietorship as I’ve read the rules regarding this changed in May this year.  Secondly, if it is possible, is someone able to work on and employment pass and have a sole proprietorship as I want to continue working where I am whilst building a business on the side; and thirdly, if I am able to set up a business, whether that be a private limited business or sole proprietorship, what are the implications if I were to one day move back to Australia or move elsewhere in the world?  Will my business be able to operate if I am not living and working in Singapore?  
Your advice and feedback are welcome. 
Many thanks in advance for your time, 
Have a healthy day :-) 

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