Foreign citizens can set up several types of companies in Singapore among which partnerships. One of the most employed types of partnerships is the limited partnership which falls under the regulations of the Singapore Limited Partnerships Act established in 2008. The Limited Partnerships Act was last amended in 2010. Under the current legislation, any local or foreign citizen or company can set up a limited partnership in Singapore.
If you want to open a company in Singapore and need assistance you can request the services of our specialists in the city-state.
You can also watch the video below for information on how to open a limited partnership in Singapore:
Under the Limited Partnerships Act two or more individuals or companies are allowed to open a limited partnership in Singapore. The Singapore limited partnership must be formed by:
The general partners in Singapore limited partnerships will be fully liable with their personal assets for the company’s debt and responsibilities. The general partners will also be in charge with the management of the Singapore company. The limited partners, on the other hand, will be held liable for the company’s debts and obligations only to the extent of their participation in the limited partnership. Limited partners will not be involved in the management of the company.
A limited partnership must be created by registration with the Singapore Accounting and Corporate Regulatory Authority. Foreign citizens or companies wanting to set up a limited partnership are required to request the services of company formation specialists in Singapore.
The first step will be the name reservation. Once the name is approved, the applicant must specify the purpose of the Singapore limited partnership. The partnership must also appoint at least one Singapore resident director.
Limited partnerships are not subject to audit requirements and need not file annual returns with ACRA. However, they will be required to maintain their accounting records for at least 5 years. For information related to the taxation of limited partnerships you can contact our consultants in company registration in Singapore.