Need help registering a Singapore Limited liability Partnership?
Our experts at Hawksford can help
A Singapore Limited Liability Partnership (LLP) is a type of business structure where two or more partners incorporate a partnership entity that shields co-partners from liabilities due to the willful misconduct or gross negligence of one partner or a group of partners.
In line with the changing business needs and to be in tandem with the international developments, the government of Singapore after extensive public consultation and based on the recommendations of the Company Legislative and Regulatory Framework Committee (CLRFC), gave the green signal for Limited Liability Partnerships in 2005.
For a Limited Liability Partnership (LLP) to exist, there must always be two or more partners. Although Singapore’s Limited Liability Partnership Act of 2005 does not restrict the benefit of LLP structure to certain classes of professionals only, in practice, LLP structure makes the most sense for chartered professions only (such as lawyers, accountants, etc.) when two or more such professionals decide to work together. Whereas for other entrepreneurs looking to set up a company, incorporating a private limited company is the preferred option.
Our experts at Hawksford can help
In order to register an LLP in Singapore, the following information/documents are needed:
A limited liability partnership is registered with the Accounting and Corporate Regulatory Authority (ACRA) of Singapore. Foreign individuals must appoint a professional services firm to handle the registration process. Even for locals, it is recommended that they engage a professional services firm for the LLP registration process, which includes the drafting of the partnership agreement.
The LLP registration process consists of two steps: a) name reservation; and b) registration of the entity. In normal circumstances, an LLP registration can be completed in a single day.
ACRA will send an email notification confirming the Singapore LLP registration. A business profile containing the registration details can be obtained from ACRA upon successful registration of the LLP. Both of these documents are provided in a digital format via email which is sufficient to all purposes in Singapore. If required, a physical copy of the certificate can always be requested from ACRA office by filing an application accordingly.
After registering the LLP, a bank account can be opened at any of the several international, foreign and local banks in Singapore. LLP may open a multiple account of various currencies or can also open a single multi currency account. Typically, the banks will require the following documents:
A Singapore LLP is required to keep an up-to-date books of accounts so as to substantiate all the transactions and financial position of the LLP. Accounting and other financial records need to be maintained for 7 consecutive years.
The manager of an LLP must submit to the Registrar an annual declaration of solvency or insolvency; such declaration must be lodged within the first 15 months from the date of the registration of the LLP. Subsequently a declaration once in every calendar year must be submitted at intervals of not more than 15 months.
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