Limited Liability Partnership Company Registration

Singapore Limited Liability Partnership

If you are looking for the perfect business structure in which to set up your company, a Limited Liability Partnership (LLP) might just be the thing for you. An LLP merges the convenience of a Private Limited Company with the functionality of a Partnership perfectly.

In Singapore, a Limited Liability Partnership Company provides business owners with the utility that a Partnership provides as well as a separate legal identity for the company that a Private Limited Company possesses. This makes it the best fit for individuals associated with professions such as accountants, architects and lawyers. All Singapore citizens, residents as well as employment pass holders can register an LLP. Individuals living overseas and foreign institutions can also register an LLP but they must appoint a local manager (e.g. Singapore citizens, Permanent residents or holders of EntrePass/ Employment Pass) for the same.  The foreigner must engage the services of a registered filing agent (e.g. law firm, accounting firm or corporate secretarial firm) to submit the online application on his/her behalf.

IMC is the topmost company that specializes in company incorporation. Thus, you can appoint IMC to oversee the entire process and get the necessary regulations fulfilled through the Accounting and Corporate Regulatory Authority of Singapore.

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Features of an LLP:

These are some of the salient features of an LLP:

  • All partners have limited liability in relation to the company
  • An LLP possesses a separate legal identity in itself
  • A minimum of 2 partners is a necessity with no maximum limit
  • Partners can be either individual persons or corporate bodies and institutions

Requirements For an LLP Setup:

These are the required factors to set up an LLP:

  • A minimum of 2 partners is mandatory
  • If the owner is a non-resident, a resident of Singapore needs to be the manager
  • A registered office address in Singapore

Benefits of a Singapore Limited Liability Partnership:

These are some of the advantages that an LLP setup in Singapore enjoys:

  • Since the company is a legally enforceable entity within itself, the partners are not personally liable for the wrongdoings, debts and losses of other partners. Therefore, a partner is personally liable for his personal wrongdoing or bankruptcy
  • Since the LLP is a legal entity, any change in the partnership does not affect its daily operations. There are no changes made to the assets or liabilities of the company, except perhaps the partnership ratio of a particular company
  • The LLP has perpetual succession, which means any change in the partners of an LLP will not affect its existence, rights or liabilities
  • The compliance requirements of an LLP are easier to commit to than an LLC
  • There are no annual return filings needed, except for income tax

Limitations of a Singapore Limited Liability Partnership

These are some of the limitations of an LLP in Singapore:

  • There are certain regulations when it comes to the transfer of ownership of the company if needed
  • It does not have the goodwill and reputation that an LLC inspires

Taxation in a Singapore LLP:

When an individual is a partner in a Singapore LLP, his income from that venture will be taxed at the currently ongoing personal income tax rate. If the case is such that the owner of the LLP is a corporate entity, the income will be taxed at the currently ongoing rate for companies.

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