Partnership
Set up your company in 3 simple steps:
- Proposed two partnership names
- Copies of NRIC and or Passport information of partners/managers
- Residential address of partners/managers with proof
- Brief description of business activities (Max 2 activities)
- Registered Office address
- Consent to Act as Manager and Declaration of Non-Disqualification to Act as Manager if required
- Declaration of compliance
- If Corporate Shareholder requires a certificate of incorporation, constitution, business profile, and board resolution by the parent company
- To have a partnership agreement is optional
Once approved, your name is reserved for 120 days (4 months). If you don’t register with ACRA within 120 days, your name will be released, and you’ll have to pay an additional $15 to reapply. If the application requires approval from another government agency, then it may have a longer processing time.
The registration can be completed in one day, provided all partners/authorised representatives have endorsed the online application. It may take up to two months in unusual circumstances, where ACRA has to refer the registration application to other government agencies for review. Upon successful registration, you will be notified via mail and the partnership will be issued with a registration number (UEN). A soft copy of the business profile can be retrieved online in Bizfile.
CONTACT US
Create a Corpass account.
Business licenses and permits specific to your sector.
Bank account opening
GST registration if turnover exceeds S$1m
Yearly renewals (One year or three years)
CPF Medisave top-up required for self-employed persons before they can renew the partnership/limited partnership
General Partnership
Limited Partnership
General Partnership
Maximum 20 partners
Setup Requirements:
- Minimum two partners (Only individuals)
- A Singapore registered office address
- For foreign individuals only: minimum one local resident authorised representative who must be a Singapore resident
Characteristics:
- Partnership has no separate legal entity, cannot own properties in the firm’s name, cannot sue or be sued in the firm’s name
- Partner can be an individual only
- An individual can be a Singapore citizen, a permanent resident or an eligible FIN holder
- The partners are personally liable for all the debts and losses of the partnership. They can sue or be sued in their own names
- Self-employed individuals must top up their Medisave account with the CPF Board before registering/renewing their business
- Exits subject to partnership agreement
- Cessation of business by partners or Registrar can cancel registration if there is no renewal or the business is defunct
- Personal income tax rate
- Lacks Perpetuity (Annual /3 Years renewal)
- Foreigners who wish to present in Singapore to manage the operation must seek approval from the Minister of Manpower after registration
- If you plan to conduct a small-scale business from your home, you may use your residential address as a business address under the Home Office Scheme. You can apply Home Office Scheme approval (HDB/URA) before business registration with ACRA
- To have a partnership agreement, if the partnership agreement lapses, precedence is taken by the provision of the Partnership Act
Limited Partnership
No limit to maximum number of partners
Setup Requirements:
- At least one general partner & limited partner (individual/corporate entity (unregistered foreign company can be for limited partner))
- A Singapore registered office address
- Must appoint one local manager if all the general partners are not locally resident in Singapore
Characteristics:
- Partnership has no separate legal entity, cannot own properties in LP’s name, cannot sue or be sued in LP’s name
- General partner can be an individual/corporate entity
- Limited partner can be an individual, corporate entity/unregistered foreign company
- General partner has unlimited liability & can take part in management of LP
- Limited partner‘s liability is capped at the amount of his investment in LP & shall not take part in the management of LP
- If there is no limited partner registered with ACRA, the LP registration will be suspended & general partner will be deemed registered under the Business Names Registration Act
- Lacks Perpetuity (Annual /3 Years renewal)
- Self-employed individuals must top up their Medisave account with the CPF Board before registering/renewing their business
- Natural persons are subject to personal income tax, while companies are subject to corporate tax rules.
- Local resident manager can be a Singapore citizen, permanent resident, holder of Entrepass/Employment Pass
- If all general partners are ordinarily resident outside Singapore, they must appoint a local manager
- Foreigners who wish to present in Singapore to manage the operation of LP must seek approval from the Minister of Manpower after LP registration
- Exits subject to partnership agreement
- To have a partnership agreement, if the partnership agreement lapses, precedence is taken by the provision of the Partnership Act
- Cessation of business/dissolution of LP by general partners or Registrar can cancel registration if there is no renewal or the business is defunct
FAQ
-
How much share capital do I need?
There is a low cost to start up a company in Singapore, as low as S$1. You can inject more funds into the business later on, and shares can be issued without receiving money from shareholders. This is legalised and make sure the amount is paid.
-
Do I need a company address?
Yes, all Singapore companies require a local registered address, which cannot be a P.O. Box. The purpose is to enable members of the public to contact the office if necessary or facilitate the delivery of any legal documents.
If you don’t have an office address in Singapore, you can use a virtual office address or use B6 service for your office address registration.
If you run a small-scale business from your home, you may use your residential address as the office address under the Home Office Scheme. You must get approval under the Home Office Scheme before submitting your application to incorporate your company.
Approval from Housing Development Board for HDB flat and Urban Redevelopment Authority (for private residential properties) -
When should I set my financial year end to maximise tax savings?
Newly incorporated company to have their 1st Financial year end as close to 12 months as possible to take advantage of the tax break for the first three consecutive YAs to maximise the coverage of the tax exemption for a new startup company. As IRAS will count financial periods longer than 12 months as two YAs for tax exemption reasons.
-
Can foreigner open a company in Singapore?
Yes, foreigners can register a company and own 100% shareholding
-
What is corporate shareholder and I need one?
A corporate shareholder is a business entity that holds shares in another limited company. This designation encompasses various entities, including another limited company, a limited liability partnership (LLP), or a non-profit organisation or charity.