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:
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:
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 following steps must be followed in order to register a general partnership in Singapore:
The documents must be submitted with the Singapore Accounting and Corporate Regulatory Authority.
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.