the general partnership in singapore
TRANSCRIPT
The General Partnership in Singapore
A presentation brought to you by OpenCompanySingapore.com
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Partnerships in Singapore
• Partnerships in Singapore fall under the regulations of the Partnership Act issued in 1994.
• The legislation define partnerships as the relation between two or more persons carrying out a business with the purpose of making profits.
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Types of Partnerships in Singapore
• There are three types of partnerships in Singapore:
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general partnerships;
limited partnerships;
limited liability partnerships.
What Is The General Partnership in Singapore ?
• The general partnership has no distinct legal status from its founding members and the partners have unlimited liability for the Singapore company’s debts and responsibilities.
• General partnerships with more than 20 partners must re-register as company.
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Requirements to Open a Singapore General Partnership
• The Singapore general partnership must have a minimum number of two partners and a maximum number of 20.
• The following requirements apply when opening a partnership in Singapore:
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the partners must be at least 18 years old;
the partners can be Singapore residents;
foreign partners must appoint a Singapore resident as a manager.
Documents to Start a Singapore Partnership >>
• The following documents and information must be submitted in order to register a general partnership in Singapore:
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reserve the name of the partnership;
submit information about the partners or managers;
submit proof of residential address of the partners.
>> Documents to Start a Singapore Partnership
• The other documents require to register a Singapore general partnership are:
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• The documents must be submitted with the Singapore Accounting and Corporate Regulatory Authority.
a consent to act as a manager for the Singapore partnership,
a declaration of compliance.
Taxation of the General Partnership in Singapore
• The Singapore general partnership does not pay the income tax on its incomes.
• Each partner will be taxed on their share of the income resulting from the partnership.
• If the partner is an individual, the personal income tax applies, while for companies acting as partners in a Singapore general partnership, the corporate tax will apply.
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Assistance in Opening a Partnership in Singapore
• If you want to open a general partnership, do not hesitate to contact our company formation agents in Singapore.
• Our agents can also help you register other types of companies in Singapore.
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Thank you for your attention!
For more information, please contact us at:+ 852 8191 [email protected]
www.opencompanysingapore.com10