Singapore law provides for a range of business structures.
Generally speaking, before a person carries on business in Singapore, that person and that person’s business name must be registered with ACRA.
Sole proprietorships are the simplest form of business structure. Unlike companies which are separate legal persons, the owner of the sole proprietorship is legally the same person. Because of this, sole proprietors face potentially unlimited liability.
Like sole proprietorships, partnerships are legally indistinguishable from their partners. Because of this, income from the partnership is taxed at the personal income level.
Limited liability partnerships (LLPs) combine (in theory) the best features of a partnership and a company. LLPs are legally separate entities from the partners in the LLP. However, there is no “corporate tax” levied on the LLP. Instead, each LLP partner will be taxed on her share of income from the LLP.
Of the various Singapore business structures, the vehicle of choice for small and medium enterprises in Singapore is the private company limited by shares (often identifiable by the “Pte. Ltd.” suffix at the end of the company name).
A private limited company enjoys limited liability and is a separate legal entity from its shareholders. Because of this, shareholders are not liable for the company’s debts and losses beyond their shareholding.
Furthermore, qualifying new private limited companies enjoy full and partial tax exemptions on the first $300,000 of their chargeable income.
We can help you incorporate your Singapore registered company. Our services include:
- Assistance with your company’s Memorandum and Articles of Association
- ACRA Business Profile
- Notice of Incorporation
- First director’s Resolutions
- Share Certificates
- Common Seal and Rubber Stamp
- Assistance with opening your bank account
Our fee starts from $300 per entity.
Have any questions? Don’t hesitate to contact us using the form below!
