LLP is a new and moderately popular business structure of Singapore.
What does this LLP actually means?
The word LLP stands for Limited Liability Partnership. It is a type of a business structure; whereby a partnership firm consisting of two or more partners gets a separate entity, in which the individual partners own liability is limited. It is necessary to have two or more partners for entering into an LLP agreement.
LLP holds a separate legal status in Singapore with the following features:
- It is a separate entity.
- Partners hold a limited liability.
- An LLP can own property in its name.
- LLP can be sued under the company’s name.
- Under the LLP, partners are liable for their own losses or debts that are incurred because of the partner’s wrongful actions.
- Partners are not liable for the loss or debts incurred by LLP in its name.
Requirements for Registering an LLP
- At least two or more partners.
- The manager must be a Singapore resident.
- Partners can be made up of local residents or 100% foreign owned.
Please note: LLP firm is not liable to be taxed at the entity level because the partners are taxed individually depending on their share of income from the LLP.
Foreigners are always advised to set up a Private Limited Company to benefit from the tax exemption of $100,000.
We specialize in providing services relating to LLP registration in Singapore offering the same day express registration of the LLP subjected to ACRA’s approval.
Services that we provide under LLP:
- Completion of documents required for LLP
- The registration procedure for LLP
- Completion of all the formalities required
Main information required for Singapore LLP Formation:
- 2 to 3 proposed names for the LLP
- Description of the principal activity that should not exceed more than two activities.
- LLP registered office address, either our virtual office or your firm’s physical office address however we do not accept P.O Box as a registered address.
- Singapore Managers’ NRIC copies front and back
- Partners – NRIC copy for the locals, passport copy and proof of foreign address for foreigners.
Our Package for Singapore LLP Registration cost only $598 with the following included:
- Professional fees for the LLP formation.
- ACRA incorporation fee.
- Free 1 round self-inking stamp.
- Free virtual office address service for 1 year.
- Free daily mail alerts sent via email.
- Free shared fax number service for 1 year.
- 30 days trial of MYOB Premier Accounting software.
On the other hand, if you need our services for only setting up the LLP without the virtual office and self-inking stamp, then our fees would be only $568 including ACRA fees.
The above-mentioned fees are applicable for partnership between two partners only, for every additional partner or manager there would be an additional charge of $80 for every partner or manager.
Bank account opening is subjected to Banks’ approval.