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A Limited Liability Partnership (LLP) is a vehicle for doing business in Singapore. An LLP gives owners the flexibility of operating as a partnership while having a separate legal identity like a private limited company.
- Registering a Limited Liability Partnership
How to register. All applications for the registration of a...
- Partners and Managers of LLPs
Managers in an LLP. A manager is defined as any person who...
- Foreigners and LLPs
Foreigners who wish to be present in Singapore to manage the...
- Registering a Limited Liability Partnership
People also ask
What is a Singapore LLP?
Is a Singapore Limited Liability Partnership a legally separate entity?
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This guide provides an overview of the key regulatory requirements that limited liability partnerships (LLP) need to comply with. Requirements during LLP registration. When registering your LLP: Before registering your LLP, determine your business activities (SSIC code), business structure and address. Apply for Business Name with ACRA.
- What Is An LLP?
- Benefits and Disadvantages of Registering An LLP
- How to Register An LLP
- What Happens After Registering The LLP?
As its name suggests, an LLP is a formal “partnership.” In other words, it is a business that is owned by at least 2 partners. Apart from individuals, a body corporate like a local or foreign company, and/or another LLP can be a partner as well. An LLP is a separate legal entity. Essentially, this means that the law regards an LLP as a separate “pe...
Just as there is always two sides to a coin, there are benefits and disadvantages to be weighed when deciding whether to register an LLP.
Legal requirements
To register an LLP, a minimum of 2 partners (individuals or corporations) is required. Further, there must also be at least 1 manager who is ordinarily resident in Singapore, who is at least 18 years old. The manager need not necessarily be a partner, and takes part in the management of the LLP. This means that where the LLP fails to comply with certain rules and regulations of the Limited Liability Partnership Act, for example, failing to file a declaration of solvency, this manager will be...
Documents required
Prior to the registration process, you should ensure that the following documents are ready and available: 1. Proposed LLP name 2. Proposed business and registered office of the LLP 3. Particulars of the LLP partners/managers. 3.1. Where the partner is an individual (including managers), information including their full name, identification, nationality and residential addresses must be furnished. 3.2. Where the partner is a company, details of the company such as the company’s name, place of...
1) Reservation of LLP name
To reserve an LLP name, log into BizFile+using your SingPass or CorpPass. A $15 name application fee is payable. The application will be processed within 15 minutes upon payment. The name will be reserved for 120 days from the date of approval, and no extension will be granted.
Issuance of Business Profile and UEN
Once the LLP registration is confirmed, the person who filed the registration will receive a confirmation email. This email will also contain a URL to download the LLP’s Business Profile. The Business Profile is an electronic report that contains information of your newly created entity. On top of that, upon successful registration, your LLP will be given a Unique Entity Number (UEN), which must be shown on all of its invoices, bills and official correspondence.The UEN is also used when trans...
Compliance requirements
Within 15 months of the registration, the annual declaration of the solvency of the LLP must be made by its manager. This statement basically declares whether or not the LLP is able to pay off its debts.Subsequently, such annual declarations have to be made within an interval of 15 months. Failure to make such a declaration within the time period may result in a fine of up to $5,000 and a court order for the LLP to be wound up. Further, an LLP must keep and maintain records and accounts that...
Taxation of LLP
An individual partner will be taxed based on his personal income tax rate. Where the partner is a company, it will have to pay corporate income taxon its share of income from the LLP.
How to register. All applications for the registration of a new LLP must be submitted online via BizFile, ACRA's electronic filing and information retrieval system. You can register an LLP in the following ways: to submit the online transaction.
Mar 5, 2024 · What defines a Limited Liability Partnership (LLP) in Singapore, and why might it be the right choice for your business? An LLP in Singapore is a hybrid legal structure that shields your personal assets while offering the flexibility of partnership business operations.
Feb 10, 2022 · A limited liability partnership, commonly known as LLP, refers to a partnership entity incorporated with two or more partners. One of Singapore’s most commonly chosen business structures, this type of business offers immense flexibility to owners.
Jun 13, 2023 · What is a Limited Liability Partnership (LLP)? So let's begin with a summary to introduce the figure of the Limited Liability Partnership, and why we refer to this type of business structure as one of the most recent ways of conducting business in Singapore.
