REGISTRATION OF LIMITED LIABILITY PARTNERSHIP (LLP)
CORPORATE SERVICES IN SINGAPORE| Entity Type | Limited Liability Partnership (LLP) |
|---|---|
| Definition | A partnership where the individual partners’ own liability is generally limited |
| Owned By | At least two partners, but no maximum limit Partners may be individuals or body corporate (company or other LLP) |
| Legal Status | A separate legal entity from its partners Can sue or be sued in its own name Can own property Partners personally liable for debts and losses resulting from their own careless actions Partners not personally liable for debts and losses of LLP incurred by other partners |
| Formation Requirements | At least two partners, who can be an individual (at least 18 years old) or body corporates (company or other LLP) At least one manager who is an individual “ordinarily resident” in Singapore (at least 18 years old and not disqualified under the Companies Act) |
| Formalities and Expenses | Quick and easy to set up Fewer formalities and procedures to comply with than a Company Registration cost is lower and fewer regulatory duties to adhere to, compared with a Company No statutory requirement for general meetings, directors, company secretary, share allotments, etc. Only an annual declaration of solvency must be lodged by one of the managers stating whether the LLP is able or not able to pay its debts during the normal course of business One-time registration |
| Taxes | Profits are taxed at partners’ personal income tax rates |
| Continuity and Transferability | The LLP has a legal personality separate from its partners The LLP has perpetual succession |
| Closing Down | Winding Up – Voluntarily by members or creditors, compulsorily by the High Court Striking Off |
Services
• Name check
• Preparation of application forms
• Provide basic advisory on business entity enquiries (if any)
• ACRA Business Profile after successful registration
Process/ Document Needed
• All business owners and manager to be present at our office: 10 Anson Road, International Plaza #05-17, personally.
• Bring NRIC and/or Passport of all partners and manager;
• Get ready your (a) Proposed Entity Name; (b) Description of your business activities and (c) Registered Office Address for your Limited Liability Partnership;
• Upon receiving payment, we will prepare and file the LLP incorporation on your behalf. Once the LLP has been successfully incorporated, you may proceed to open a corporate bank account.
If you are unable to visit our office, or have further enquiries, email us now!