A Guide to Registering a Limited Liability Partnership (LLP) in Singapore
Setting up a Limited Liability Partnership (LLP) in Singapore is a straightforward process, thanks to the efficient procedures established by the Accounting and Corporate Regulatory Authority (ACRA). You may also contact us to do it for you for a small fee. You can continue reading if you prefer to do it yourself.
Step-by-step Overview of LLP Registration
Here’s a step-by-step overview of how to register an LLP in Singapore:
1. Reserve and Register Your LLP Name
Before anything else, you need to ensure that your desired LLP name is available. This involves conducting a name check to confirm its availability. Once verified, you can proceed to reserve the name by submitting an application through ACRA’s online filing system, BizFile+. The application comes with a nominal fee of $15, and upon approval, the name will be reserved for a period of 120 days.
2. Register Your LLP Entity
Once your LLP name is reserved, you can move forward with registering the entity itself. This step involves providing detailed information about the partners or managers, including their residential addresses, as well as the LLP’s registered business address. Additionally, digital signatures from all partners or managers are required. Be prepared to pay the necessary registration fees as part of this process.
3. Issuance of Business Profile and UEN
Upon successful registration, you’ll receive an email containing a link to download your LLP’s Business Profile and Unique Entity Number (UEN). The UEN serves as the identification number for your LLP in various official registrations and filings.
4. Compliance Requirements
It’s essential to familiarize yourself with the ongoing compliance requirements for LLPs in Singapore. This includes obligations such as filing annual reports and conducting meetings as per regulatory guidelines.
5. Open a Corporate Bank Account
With your LLP’s UEN and other requisite documents in hand, you can proceed to open a corporate bank account for your business operations.
Additional Tips for LLP Registration:
- To meet regulatory requirements, consider appointing at least two partners and one locally-resident manager.
- Drafting a Limited Liability Partnership Agreement is advisable. This document outlines the rights and responsibilities of each partner, contributing to smooth operations and dispute resolution.
- For foreign individuals or those unfamiliar with the registration process, enlisting the services of a registered filing agent can streamline the entire procedure.
For those seeking more detailed information, please visit ACRA official video guide.
Summary
By following these steps and adhering to regulatory requirements, entrepreneurs can establish their LLPs in Singapore efficiently and effectively.
If you are interested in company incorporation, feel free to contact us too!