A limited liability partnership (LLP) gives owners the flexibility of operating as a partnership while having a separate legal identity like a private limited company. A LLP is seen as a body corporate and has a legal personality separate from its partners. The LLP has perpetual succession and any change in the partners will not affect its existence, rights or liabilities. Under a LLP, partners have limited liability and will not be held personally liable for any business debts incurred by the entity.
This package is suitable for those individuals or body corporate who wish to set up a LLP. Following are the minimum requirements for setting up a LLP.
• 2 partners who can be an individual, a local company, a foreign company or another LLP
• 1 manager who is an ordinary resident in Singapore
No statutory requirement for general meetings, directors, company secretary, share allotments, etc.
Completed application form (download)
• Proposed LLP Name (to check availability)
Each individual partner/manager
• Non residents : Copy of passport and residential proof in home country
• Residents : Copy of NRIC/employment pass
Each corporate partner
• Copy of incorporation certificate in home country
• Current extract of company particulars from Registrar of Companies
• Copy of the constitution of the company
• Copy of board resolution approving incorporation of Singapore company & proposed shareholding
Important note : All documents must be in English; or officially translated in English.
|Year 1||Year 2
|ACRA Compliance (per year)||FREE||600|
|Registered Office Address (per year)||FREE||120|
LLP incorporation services include government fee of SGD 165 and other professional fee
A Limited liability Partnership is registered with ACRA and follows almost the same procedures for registration as a private limited company - that is name reservation and registration of the entity.
A Limited Liability Partnership (LLP) is a partnership where the individual partner's liability is limited to their share. Atleast 2 partners are needed to form a LLP and there is no limit on maximum number of partners. The partnership enjoys a separate legal entity status from its partners and hence partners are not personally liable for debts and losses of LLP incurred by other partners.
There are no statutory requirements for general meetings, directors, company secretary, share allotments. 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. Every LLP must have atleast one manager who is ordinarily resident in Singapore and is atleast 18 years old.
Profits are taxed at partners’ personal income tax rates (if individual) or at the corporate tax rate if the partner is a body corporate.
A Singapore-based LLP is required to update books of accounts in a proper manner including details for all transactions and financial position of the LLP. Accounting records are required to be maintained for seven consecutive years.