How to Register a Partnership Firm in Singapore?

1
(No Transcript)
2
How to Register a Partnership Firm in Singapore?
Tax Planning While Being In Singapore

• Starting an own business is a dream for
  multitudinous individuals worldwide. You can
  incorporate it in several ways, such as a
  company, partnership firm, sole proprietorship,
  and limited liability partnership (LLB).
• You can choose the type depending on how much
  capital you want to invest, the stakes you want
  to hold, the percentage of profits, and the
  authority you wish to have. Every business type
  has its distinctive advantages and set of
  procedures for registration.
• In this topic, we will walk you through the steps
  for registering a partnership firm in the worlds
  leading business hub Singapore.

3
How to Register a Partnership Firm in Singapore?
Tax Planning While Being In Singapore
What is a Partnership Firm in Singapore?

• A Partnership Firm is a business owned by a
  minimum of 2 to a maximum of 20 individuals
  (partners). Any partnership business having 20
  partners must be incorporated as a Company under
  the Singapore Companies Act.
• It is quick and cost-effective to set up a
  partnership firm in Singapore. For instance, by
  hiring the company incorporation services of
  Bestar, you can set up within 48 hours. You can
  manage and administer it smoothly.
• In a partnership firm, partners are business
  owners having equal or mutually agreed upon
  authority, responsibilities, profit and risk
  sharing, assets and liabilities, debts and legal
  action, and other aspects.

4
How to Register a Partnership Firm in Singapore?
Tax Planning While Being In Singapore
Tax Planning While Being In Singapore

• Also, the tax is payable on individual income tax
  rates compared to corporate ones, as a
  partnership firm and its partners are considered
  a single legal entity. Partnerships significantly
  benefit from adhering to less regulatory
  compliance requirements than companies.

Partnership Registration Requirements in Singapore

• Like every other business type, registering a
  partnership firm in Singapore has specific
  requirements, which are as follows

5
How to Register a Partnership Firm in Singapore?
Tax Planning While Being In Singapore

• An individual can be a PR of Singapore, a
  Singaporean Citizen, or an EntrePass holder.
• Individuals must be above 18 years of age.
• Identity Documents of each partner (A legal
  Singapore ID or a valid Passport)
• Residential Address Proof of every partner
• From 1 January 1994, all Singaporean Citizens and
  Permanent Residents must top up their Medisave
  Account with the CPF Board before partnership
  firm registration in Singapore.
• Note You might have to submit additional
  documents and proof for partners. Hence, it is
  advisable to get a partnership firm registered by
  a reputed Business Incorporation Service Provider
  in Singapore like Bestar Services.

6
How to Register a Partnership Firm in Singapore?
Tax Planning While Being In Singapore

• We will guide you through the entire process by
  helping you gather required documents, fill out
  requisites forms, and tick off eligibility
  requirements.

Process of Partnership Firm Registration in
Singapore

• After fulfillment of eligibility requirements,
  the partners must proceed with the following
  procedure of registering their partnership firm
  in Singapore

7
How to Register a Partnership Firm in Singapore?
Tax Planning While Being In Singapore

• Partnership Name
• The foremost step is selecting the ideal name for
  a partnership firm. Though it is a challenging
  task, it must be finalized with extensive
  brainstorming and must encircle your business
  offerings. It should be catchy,
  attention-grabbing, easy-to-spell, and memorable.
• You should check the shortlisted names on
  the ACRA website to see whether it is taken by
  another business.
• You can simplify the name selection process
  with Bestar Services. Our Business Advisory
  Consultants will help you pick a perfect business
  name that matches your firms logo, vision,
  mission, tagline, products, and services.

8
How to Register a Partnership Firm in Singapore?
Tax Planning While Being In Singapore

• Refer to our blog, How to pick the right name
  for your Company in Singapore? for your
  reference.

Specifying Firms Activity

• After selecting and registering the firms name,
  you must specify your businesss primary and
  secondary activities while filling out the
  application. We recommend referring to
  the Bizfile website for the classification code
  to choose the corresponding one for your business
  operations. You can even contact us, and we will
  help simplify your selection.

9
How to Register a Partnership Firm in Singapore?
Partnership Address

• After registration of the name and specifying
  business activities, the next step is registering
  your partnerships primary physical office
  address in Singapore. It is mandatory to have a
  local Singapore physical address for conducting
  specified business operations.
• You should notify ACRA and have the flexibility
  to use the partners residential address for
  registering the partnership firm address. For
  this, the applicants must apply for the Home
  Office Scheme with the Housing Development
  Board (HDB) Singapore.

10
How to Register a Partnership Firm in Singapore?
Appointing a Local Manager

• The next step is hiring and appointing a local
  authorized representative (manager) to supervise
  your firm activities to ensure it complies with
  regulatory compliance.
• The hired manager must be a resident of
  Singapore, above 18 years old, and capable of
  handling legal activities and monitoring
  business. They must sign a Non-Disqualification
  document to declare themselves acting as a
  Manager. It is a mandatory skip and must be done.

11
How to Register a Partnership Firm in Singapore?
Tax Planning While Being In Singapore
Online Registration on Bizfile Website

• After the local representative appointment, the
  last step is registering your partnership firm
  online through the Bizfile website. They have
  mandate fees for partnership registration, which
  you can choose from.
• You can either register for a year or three
  years, depending on your choice. After fee
  payment, the application is sent for review and
  approval, which takes 14 to 60 days.

12
How to Register a Partnership Firm in Singapore?
Tax Planning While Being In Singapore
Conclusion

• After reading this, you will have fully
  comprehended what a partnership firm is, its
  registration requirements, and the process of
  registering a partnership firm in Singapore. You
  will be acquainted with its requisites.
• Also, you must establish a Partnership Agreement
  specifying each partners roles,
  responsibilities, authority, profit and risk
  sharing percentage, and other essential details.
  It helps to avoid conflicts of interest and
  maintains transparency amongst all partners.
  However, if you have any questions, feel free
  to contact us.

13
How to Register a Partnership Firm in Singapore?

• At Bestar Services, we have helped 100s of
  individuals and businesses to set up their
  partnership firm in Singapore. Our Singapore
  Business Advisory Consultants are well-versed in
  incorporating different business types in
  Singapore, from gathering documents to filing out
  applications to meeting post-incorporation
  requirements.
• They have expertise in handling complex cases of
  all scales and sizes of businesses. Contact us
  today at 65 62994730 or admin_at_bestar.asia for a
  consultation about partnership firm registration
  in Singapore.

14
(No Transcript)