Limited Liability Partnership Set-Up
Limited Liability Partnership (LLP) in Singapore
- A LLP is a business formed by minimum two to maximum twenty partners. Once the partnership exceeds more than twenty partners, the partnership must be registered as a company under the Companies Act, Cap. 50.
- The partners are limited to liabilities incurred due to their own wrongful actions, however are not liable for loss and debts occurred by other partner(s).
- Profits of the LLP are treated as personal income/ corporate income of the individual/ corporate entity who is part of the partnership, hence the profits are taxable to a tax rate as that of personal / corporate income.
- LLP is not required to audit their accounts (unless special circumstances)
- LLP has to file annual declaration of solvency with ACRA.
- Any Singapore registered company or a natural person of at least 18 years of age is eligible to register a LLP.
- A local Singapore address must be provided as the business address for the LLP. HDB/ URA address will have to seek written approval from HDB under the Home Office Scheme for usage of residential premises as a business address.
- All Singapore citizens or PRs partners registering LLP must ensure that their Medisave accounts have sufficient funds and no outstanding amount before proceeding with the registration.
REGISTRATION OF LIMITED LIABILITY PARTNERSHIP
FROM S$580 NETT
Fees Inclusive Of:
- ACRA Name Search & Reservation
- ACRA Application Fees
- Set-Up Advisory
- Bank Account Opening (OCBC/ UOB/ Maybank)
- Registered Business Address
- Proof of Residency for Foreign partner(s) only
- Preferred Bank for Bank Opening (OCBC/ UOB/ Maybank)