Singapore Limited Liability Partnership Registration
Singapore is the Mecca of business and industry. In a country where you have an access to a staggering market of 2.8 billion people, it is certainly of no surprise that there are a number of entrepreneurs choosing Singapore as the place to start or expand their valuable business.
A Limited Liability Partnership is a flexible option for doing business, which is the reason as to why is so famous in Singapore. If you need to know about the details of how to register and set up a Limited Liability Partnership in Singapore, read on!
Process of Setting up a Limited Liability Partnership in Singapore
The process of setting up an LLP is extremely simple. You only need to:
- Submit an application form
- Prepare the documents and set aside the money for payment
- Incorporate your Limited Liability Partnership in Singapore!
Requirements of Setting up an LLP in Singapore
At Least One Resident Manager
For foreigners who wish to have a Limited Liability Partnership Registration in Singapore, they would require a manager. This manager needs to be either of the following:
- A citizen of Singapore
- An individual holding an Employment Pass
- An individual holding a Dependant Pass
- An individual holding an Entre Pass
A person fulfilling any of the aforementioned conditions can be made a manager of the Limited Liability Partnership. The resident manager can be a nominee, and the owner of the company can reside in any country outside Singapore, and manage their operations through an appointed shareholder.
A Minimum of Two Partners
A minimum of two partners are required for the startup of an LLC. Both the partners must:
- Be at least 18 years of age
- Should not hold a record of fraud
- Should not hold a record of any other business malpractice
Approval of the Ministry of Manpower
The Ministry of Manpower (MOM) is responsible for overseeing the immigration matters, approval of passes and other matters related to the workforce in Singapore. An approval from the MOM is recommended for all foreigners who wish to set up an LLC in Singapore.
A Registered Address
A registered address is required so that people can find you at a physical address. Your registered work address should be open for a minimum of three hours every day except the weekend.
Services of a Registered Filing Agent
If you are a foreigner without a SingPass, you would be required to take the help of a registered filing agent, who will submit the online application form on your behalf.
A registered filing agent can be an accounting firm, a law firm, or a corporate secretarial firm.
Statement of Conversion to LLP
If, instead of setting up a new LLP, you are converting to an LLP from an existing company or a partnership, then you will need to put up a statement, 14 days after the LLP registration, which will be exhibited for a year.