Limited Liability Partnership
An LLP is a business structure that allows two or more persons to operate a business as a partnership while giving it a separate legal identity like a private limited company.
Compliance and Annual Filing Requirements:
- Proper bookkeeping and accounting should be done in order to support all the transactions and financial position of the LLP. Failure to comply may result in prosecution and penalties. Accounting and other financial records need to be kept for 7 consecutive years.
- An LLP is not required to file/audit its accounts nor reveal its capital.
- An LLP is required to submit an annual declaration of solvency or insolvency to the Registrar. This must be lodged within the first 15 months from the date of the registration of the LLP. Thereafter a declaration must be submitted in every calendar year at intervals of not more than 15 months.
- The Registrar must be informed of any changes to the particulars of the LLP within 14 days from the date of change.
An LLP has to be registered with Accounting and Corporate Regulatory Authority (ACRA) of Singapore. Registration can be done online via Bizfile+ or through engaging the services of a professional service firm.
However, for foreign entrepreneurs who wish to set up an LLP, it is compulsory to engage the services of a professional services firm to register an LLP.
Registration process consists of two steps: name reservation and registration of the entity. Typically, an LLP registration can be completed within a day.
Documents Required for LLP registration
To register for an LLP in Singapore, the followings are required.
- Proposed name of LLP
- Registered address for the LLP
- Particulars of the partners/managers as per passport/Singapore NRIC
- Residential address of the partners/managers
- Where partner is a company, registration details of the company (e.g. registration number, jurisdiction, registered address etc.)
- Declaration of compliance
- Consent to Act as Manager and Statement of Non Disqualification to Act as Manager
Bank Account Opening
Following the successful registration, LLP can open a corporate account in any bank operating in Singapore, be it local or international. Procedures and requirements depend on each bank. The banks may require the presence of partners when opening an account.
The banks usually require the following documents.
- Account application form which is available on most banks’ websites
- Partners’ resolution of bank account and authorised signatories, which is usually prepared by banks and made available for use during bank account opening process
- Certified true copies of photocopies of NRIC/passport of all partners and authorised Signatories
- A latest print out of the LLP’s business profile
If you require assistance in setting up a limited liability partnership in Singapore, please contact us for a non-obligatory consultation.