Singapore Limited Liability Partnership (LLP)

LLP is defined as a business entity, in which the registration is done under the act of Limited Liability Partnership. Similar to private limited company, LLP can also have a separate legal identity. To register a company under LLP, there should be minimum of 2 or more partners, thereby helping the co-partner in its liabilities. Professionals like accountants, lawyers, and consultants etc. who wish to work together, will find LLP as their best choice. Citizens, Residents and Employment Pass Holders of Singapore can register for a Limited Liability Partnership.

Salient features of LLP:

  • LLP is a separate legal entity.
  • Formation of LLP can be done, either by the new LLP registration or and conversion of business or company into an LLP.
  • LLP can hold its own property.
  • Right to sue or right to be sued in its own name.
  • It is easy to register and it is very tedious to wind-up.

Members and Administration

  • Partners of LLP can be the natural person or companies.
  • Minimum of 2 or more partners can be there.
  • It is required to get the approval of all the existing partners, to become a new partner.
  • Partners own and run the business without Directors, Secretary or Shareholders.
  • A Local Manager who is above 18 years old, should be appointed who can possess either Singapore citizenship or PR, EP or Dependent Pass holder.

Taxation

Each partner should pay their taxes, based on the share of the income from LLP.Taxation methods is as follows

  • If partner is an individual, taxed at the personal income tax rate.
  • If partner is a company, taxed at the corporate tax rate.

Company Name and Address

  • The extension LLP, must be included in its name.
  • It should have registered office address in Singapore, through which all notices and communications are addressed.
  • Based on the residence type, (Usage or Home Office Scheme), approval is to be obtained from the concerned authority either HDB or URA.

Required Documents

  • Name of the LLP.
  • Details of LLP Managers and Partners.
  • Registered address of the LLP.
  • Declaration of Compliance.
  • Approval and Statement of Non Disqualification, to act as a manager.
  • If the company is a partner, details of company registration is needed.

Registration Procedure

LLP will be registered under Accounting and Corporate Regulatory Authority (ACRA) of Singapore. We are rendering our services, to both foreigners and Singaporeans in Registration, in which the first step is the reservation of the company name, followed by the entity registration.

Approval and Renewal of LLP

Our company can do the registration of LLP, under ACRA in a single day, if all the necessary documents and circumstances are apt.Once approved, ACRA will mail you the confirmation of registration. The validity time period is 1 year and it should be renewed annually

 
© Copyright 2020