FAQ
Setting up a Partnership
Ease of setting up depends on the each individual tolerance of filling up forms, looking for information and submitting them to ACRA. According to ACRA, it will take you up to 15 minutes to apply for a business name and then up to another 20 mins to register the partnership.
Based on our experience with individuals doing it on their own and depending on the number of partners they have, it can take up to a total of 3 hours to do it as each partner will need to provide for information and if there are non Singaporean or Singapore PR applicants, there needs to be MOM/ICA approvals etc.
There are three types of partnerships, so you will need to decide which type of partnership you would like to start. Click HERE for the type of partnerships comparisons.
Yes you can! But if you need help, contact us now at info@et-management.com
Go to www.bizfile.gov.sg to register your partnership.
Yes. Go to bizfile and click on e-services and click on Step by Step Guide.
You can set up a General partnership, a Limited Partnership or a Limited Liability Partnership
There is no direct answer for this question.
For General and Limited Partnerships, it is quick and easy to set up, no financial report to ACRA and can renew the business registration without AGMs, Annual returns, Audits etc.
LLPs have an additional annual solvency declarations to ACRA.
A Pte Ltd that is governed under the Companies Act and have a lot of rules and regulations to follow. Maintaining a Pte Ltd is more costly too. You need to appoint a corporate secretary, directors and a auditor if necessary. There are annual meetings and returns to be filed with ACRA. You need to report at least twice to IRAS in a year.
However, that does not mean a private limited company is not “better”. There are a lot of advantages that a private limited company has that partnerships does not.
It is better to speak to a tax and accounts professional to see which type of entity suits your business needs.
You are required to file your Form P to IRAS by the 15th of April every year.
However, your partnership does not pay income tax. The partners will pay taxes on their share of profits from the partnership according to their personal income tax rates.
Yes, we are pleased to help.
WhatsApp us at: +6597295532, Email to us at info@et-management.com or go to our contact form.
