Set up a Limited Partnership in Singapore
Set up a Limited Partnership in Singapore
Updated on Friday 05th February 2016 Rate this article
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Characteristics of the Singapore limited partnership
According to the Singaporean legislation, a limited partnership (LP) is required to have at least two partners, one being a general partner, who is fully liable with his own assets for the company’s debts, and a limited partner, who is liable only in respect to the share with which he or she has contributed to the company’s capital.
The registration of a LP is done under the legislation of the Limited Partnership Act; foreign investors who want to open a LP should know that this type of company does not represent a separate legal entity than the one of the partners. A LP is not allowed to own property in its own name; our lawyers in Singapore can provide you with further details on this matter.
As stated above, a limited partnership must have at least two partners. When registering the LP, the partners should make the proof that they meet the following minimum legal requirements:
• the partners must be at least 18 years old;
• one partner should be a resident in Singapore.
The registration of limited partnership in Singapore
The first step for the incorporation of a LP in Singapore is to file an application for the approval of the company and the reservation of a business name. The partners will also have to register the company on the BizFile online platform, available at the Accounting and Corporate Regulatory Authority (ACRA), which will issue a registration certificate.
The Registrar will require the following documents:
• a proposed business name;
• the partners’ passports or Singaporean ID;
• the address of the partners;
• Consent to Act as Manager;
• Statement of Disqualification to Act as Manager;
• Declaration of Compliance.
A LP can have as founding partner a company (which is not registered as a LP); if so, the registration process will require the registration information of that company.
If you need further information on the limited partnership in Singapore, please contact our Singaporean law firm for assistance.