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The General Partnership in Singapore

Updated on Sunday 19th June 2016

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The-General-Partnership-in-SingaporePartnerships 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. The association must be registered according to the provisions of the Singapore Companies Law or any other corresponding legislation. There are three types of partnerships in Singapore:

  • -          general partnerships,
  • -          limited partnerships,
  • -          limited liability partnerships.

For more information on the Partnership Act you can ask our specialists in company formation in Singapore. You can also request our services if you want to open a company in Singapore.

You can watch the video below for information on how to open a general partnership in Singapore:

Registration of general partnerships in Singapore

The Singapore general partnership must have a minimum number of two partners and a maximum number of 20. General partnerships with more than partners must re-register as company. 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. The following requirements apply when opening a partnership in Singapore:

  • -          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.

The following steps must be followed in order to register a general partnership in Singapore:

  • -          reserve the name of the partnership,
  • -          submit information about the partners or managers,
  • -          submit proof of residential address of the partners,
  • -          a consent to act as a manager for the Singapore partnership,
  • -          a declaration of compliance.

The documents must be submitted with the Singapore Accounting and Corporate Regulatory Authority.

Taxation of general partnerships 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.

If you want to open a company in Singapore and need assistance you can contact our local agents.

 

 

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