The various business structures in Singapore make the task of the entrepreneurs quite easy as they can decide the structure of their business themselves which will help them to work accordingly. Once you get the entry in Singapore, it is purely your decision to select the apt business structure which will give you profit in the long run. If in future you want to opt for any other structure then you can do it without any hesitation as UEN Number will remain the same.
Features of partnership
- Partnership business is owned by 2 to 20 partners of the company
- It is not a separate legal entity from the business owners like that of LLP
- Partners are liable for all the losses and debts and they can only avail the benefit of profitable share
- It can sue or be sued in the partners’ names
Partnership and Limited Partnership
These are two different kinds of business structure with varied features. Some of the characteristics remain the same to avoid any kind of discrepancy. There are certain factors which need to be focused upon to avail the advantages of both these structures. Limited Partnership has one general partner and one limited partner. If the company does not register Limited Partner with ACRA, then the assigned authority will cancel the LP registration of the company.
It is mandatory for the foreigners staying outside Singapore to https://timcole.com.sg/company-secretarial-package/ who should be local resident manager whereas if the foreigner stays in Singapore to look after the operations and working pattern of his company employees and wants to involve him in its entire activities is suggested to look for the approval of MOM before registration. It comes easy for the foreigners to contact the filing agent who will provide them constant support to finalize the process of registration with perfection.
In Partnership, the registration is valid for one or three years of period. Thus, it is important to renew the registration sixty days before its expiry. The renewal fees are being paid for another three years. It is done with BizFile which provides the facility of online deposit of the fees for the renewal of the registration. It is an offence to keep resuming your business activities if the registration has expired. Without its renewal, it is not allowed to work here.
Though the percentage of tax payment is quite less in Singapore, it is compulsory for all the companies registered under the Singapore ministry to pay the tax. A part of their profit will be saved for Medisave which is only applicable to Singapore residents and PRs. The existing business registration gets cancelled if Medisave contributions are not updated in the company’s file.
The companies with registered UEN numbers are provided with various facilities which ensure them that their future is safe and secure and it is a great benefit to work in Singapore. They also help the employees to understand their rights and obligations which assist them in understanding the working rules.
It is completely safe in Singapore to opt either the Partnership & Limited Partnership as the laws related to working conditions give you safe and protected aura to produce effective outputs.