A Simplified Employee Pension Individual Retirement Account (SEP-IRA) is a type of IRA specifically made for business owners and self-employed individuals. It is available only in the United States. If you are running a business with no employees, the cost to set up the Self Employed plan is low. If you run a business with employees, the same plan will apply for your employees too and they also receive the same benefits from the plan.
Source: sep ira contribution