W.L.P. Can Help You Set up Limited Liability Partnership (LLP) in Singapore
W.L.P. Group can assist you in setting up a Limited Liability Partnership (LLP) in Singapore. Our friendly and competent personnel are waiting for you!
We provide excellent service to our clients. Let’s start setting up of your company, Contact W.L.P. Group now!
What is Limited Liability Partnership (LLP) in Singapore?
- An LLP is a business formed by a minimum of two to a maximum of 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 partners (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 an 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 an 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 the 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)
- Proposed Business Name
- Registered Business Address
- Principal Business Activity (Minimum 1, Maximum 2) – SSIC Code Search
- Copy of Owner/ Partner’s NRIC (Front & Back), contact number and email address
- Profit Allocation (%) for Partnership only
- Proof of Residency for Foreign partner(s) only
- Preferred Bank for Bank Opening (OCBC/ UOB/ Maybank)