the limited liability partnership in singapore
TRANSCRIPT
The Limited Liability Partnership in SingaporeA presentation brought to you by OpenCompanySingapore.com
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Starting a Partnership in Singapore
• Singapore has an attractive business environment for foreign investors.
• For those interested in opening a business in Singapore, they can choose the partnership, which is one of the most preferred legal entities.
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Types of Singapore Partnerships
• There are three types of partnerships in Singapore:
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• For more information on the legislation on partnerships you can ask our company formation agents in Singapore.
general partnerships;
limited partnerships;
limited liability partnerships.
The Singapore Limited Liability Partnerships Act
• Limited liability partnerships (LLP) in Singapore fall under the regulations of the law with the same name.
• The Limited Liability Partnerships Act was introduced in 2005 in the Singapore Commercial Law.
• The advantage of the LLP is that it is a separate legal entity from its owners, so their liability is limited to their investments in the company.
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Opening a Singapore Limited Liability Partnership >>
• The limited liability partnership must be formed by at least two partners.
• There is no limit to the number of partners in a Singapore LLP.
• As mentioned above, the partners can be companies or natural persons, or a combination between the two parties.
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>> Opening a Singapore Limited Liability Partnership
• A limited liability partnership must have at least one manager who is a natural person and Singapore resident or citizen.
• The Singapore partnership’s name must contain the phrasing “limited liability partnership” or the acronym ‘LLP’. It must also have a registered address in Singapore.
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Documents for Starting a LLP in Singapore
• The following documents must be filed with the Accounting and Corporate Regulatory Authority in order to open a LLP in Singapore:
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the partners’ IDs or passports;
the partners’ proof of residential address;
the name and details of the proposed manager;
a Consent to Act as Manager letter and a Statement of Non-Disqualification;
a statement of compliance.
Taxation of the Singapore Limited Liability Partnership
• The Singapore limited liability partnership implies the taxation of each partner on their share of the income resulting from the partnership.
• If the partners are natural persons they will be subject to the personal income tax.
• Companies acting as partners in a Singapore LLP will be subject to the corporate tax.
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Assistance in Starting a LLP in Singapore
• According to the Singapore Limited Liability Partnership Act, any local or foreign companies or individuals may establish LLPs in the city-state.
• For assistance in opening a company in Singapore you can request the services of our local representatives.
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Thank you for your attention!
For more information, please contact us at:
+ 852 8191 3385
www.opencompanysingapore.com10