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Taxation of a Partnership in Singapore

Updated on Friday 14th July 2017

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Taxation-of-a-partnership-in-SingaporeForeign investors who move to Singapore and decide to start a small business are not required to directly register a company, instead they can choose between simpler business forms such as sole proprietorships and partnerships. Both types structures are recognized by the Singapore Commercial Code, however they have other particularities in terms of liability and taxation compared to companies.

Among the requirements to create a partnership in Singapore are a minimum number of two individuals, companies or both and a maximum number of 20 partners. The taxation of partnerships in Singapore is also different from that of companies. Our Singapore company formation experts can assist investors who want to start a partnership in the city-state. We can also help you open a company in Singapore.

What taxes is a Singapore partnership subject to?

In terms of taxation it should be noted that the participants and the company are not separate entities when it comes to a Singapore partnership. This means that the partners will be applied the income tax, as it follows:

  • -          natural persons acting as partners in a partnership in Singapore will be subject to the personal income tax;
  • -          companies acting as partners in a local partnership will be subject to the corporate income tax.

The rates applicable to partnerships taxed in Singapore range between 2% and 22% in the case of individuals and 17% in the case of companies.

Our company formation consultants in Singapore can offer additional information on the taxation system applied in the city-state.

Other tax compliance requirements for partnerships in Singapore

In order to pay their taxes, the participants in a partnership in Singapore must file their tax returns individually with the Inland Revenue Authority (IRAS). Also, partnerships in Singapore are required to register for social contributions and make the necessary payments to the Central Provident Fund (CPF). However, Singapore partnerships are not required to file audited accounts with the IRAS.

For information on the taxation of non-resident participants in a Singapore partnership, please contact us. Our Singapore company formation consultants can also help those interested to set up a partnership in this country.

 

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