PreparedOctober 2011COMPARISON OFSINGAPORECOMPANYSTRUCTURES
SINGAPORE COMPANY STRUCTURECOMPARISON TABLE 2010Definition and ownership  Sole-Proprietorship                  Partnership...
Legal Status Sole-Proprietorship               Partnership                           Limited Partnership (LP)            L...
Registration requirements Sole-Proprietorship                 Partnership                               Limited Partnershi...
Cost of compliance Sole-Proprietorship             Partnership                         Limited Partnership (LP)           ...
Set up fees and taxes Sole-Proprietorship                 Partnership                         Limited Partnership (LP)    ...
Continuity and striking off Sole-Proprietorship               Partnership                         Limited Partnership (LP)...
TERMS OF USERestrictions on Use of Contents                                    4. Any request to otherwise reproduce the C...
Upcoming SlideShare
Loading in …5
×

Comparison of Singapore company structures

13,401 views
13,258 views

Published on

Singapore is still one of the most attractive places on the planet to start a company. Learn about the five different company structures available, including the popular private limited.

Visit this link to learn more.
http://futurebooks.com.sg/blog/comparison-of-singapore-company-structures/1636

Published in: Business, Sports
0 Comments
3 Likes
Statistics
Notes
  • Be the first to comment

No Downloads
Views
Total views
13,401
On SlideShare
0
From Embeds
0
Number of Embeds
11,750
Actions
Shares
0
Downloads
0
Comments
0
Likes
3
Embeds 0
No embeds

No notes for slide

Comparison of Singapore company structures

  1. 1. PreparedOctober 2011COMPARISON OFSINGAPORECOMPANYSTRUCTURES
  2. 2. SINGAPORE COMPANY STRUCTURECOMPARISON TABLE 2010Definition and ownership Sole-Proprietorship Partnership Limited Partnership (LP) Limited Liability Partnership (LLP) Company A business owned by one An association of two or more A partnership consisting A partnership where the A business form which is a person persons carrying on business in of two or more persons, individual partner’s own liability is legal entity separate and common with a view to profit with at least one general generally limited distinct from its shareholders partner and one limited and directors partner One person Generally between 2 and 20 At least 2 partners; one At least 2 partners, no maximum Exempt Private Company –20 partners. general partner and one limit. members or less and no limited partner. No corporation holds beneficial A partnership of more than 20 maximum limit. interest in the company’s partners must incorporate as a shares company under the Companies Act, Chapter 50 (except for Private Company – 50 professional partnerships) members or less Public Company – can have more than 50 memberswww.futurebooks.com.sg comparison_company_structures_ Comparison_company_structures_22.10.11_v2 14-Jul-12 Page 1 of 6 22 10 11 2
  3. 3. Legal Status Sole-Proprietorship Partnership Limited Partnership (LP) Limited Liability Partnership Company (LLP) Not a separate legal entity Not a separate legal entity Not a separate legal entity A separate legal entity from A separate legal entity Owner has unlimited liability Partners have unlimited General partner has unlimited its partners Partners have from its members and liability liability Limited partner has limited liability directors Members have limited liability limited liability Can sue or be sued in Can sue or be sued in firm’s Can probably sue or be sued in Can sue or be sued in LLP’s Can sue or be sued in individual’s own name name firm’s name name company’s name Can also be sued in business name Can own property in Cannot own property in Cannot own property in firm’s Can own property in LLP’s Can own property in individual’s name firm’s name name name company’s name Owner personally liable for Partners personally liable for General partner personally Partners personally liable for Members not personally debts and losses of business partnership’s debts and liable for debts and losses of debts and losses resulting liable for debts and losses losses incurred by other the LP from their own wrongful of company partners actions - - Limited partner not personally Partners not personally liable - liable for the debts or for debts and losses of LLP obligations of LP beyond incurred by other partners amount of his agreed contributionwww.futurebooks.com.sg comparison_company_structures_ Comparison_company_structures_22.10.11_v2 15-Jul-12 Page 2 of 6 22 10 11 2
  4. 4. Registration requirements Sole-Proprietorship Partnership Limited Partnership (LP) Limited Liability Partnership Company (LLP) Age 18 years or above. Age 18 years or above. At least one general partner At least two partners, who At least one shareholder Singapore citizen/ Singapore Singapore citizen/ Singapore and limited partner. Both can can be individuals (at least 18 permanent resident/ permanent resident/ be individuals (at least 18 years years old) or body corporate At least one director Employment Pass/ Dependent Employment Pass/ Dependent old) or body corporate (company or LLP) ordinarily resident in Pass holder. Pass holder. (company or LLP). Singapore, at least 18 years old If owner not resident in If owners not resident in If all general partners are At least one manager If a foreigner wishes to act Singapore, he must appoint a Singapore, they must appoint a ordinarily resident outside ordinarily resident in as a local director of the local manager who is ordinarily local manager who is ordinarily Singapore, they must appoint a Singapore and at least 18 company, he can apply for resident in Singapore resident in Singapore local manager who is ordinarily years old an EntrePass from the resident in Singapore Ministry of Manpower Self-employed persons must Self-employed persons must Self-employed persons must - - top up their Medisave account top up their Medisave account top up their Medisave account with the CPF Board before they with the CPF Board before they with the CPF Board before they register a new business name, register a new business name, register as a partner of a new become a registrant of an become a registrant of an LP, become a registered existing business name, or existing business name, or partner of an existing LP, or renew their business name renew their business name renew their LP registration registration registration Undischarged bankrupts Undischarged bankrupts Undischarged bankrupts Undischarged bankrupts Undischarged bankrupts cannot manage business cannot manage business cannot manage business cannot manage business cannot be a director and without court or Official without court or Official without court or Official without court or Official cannot manage a company Assignee’s approval Assignee’s approval Assignee’s approval Assignee’s approval without court or Official Assignee’s approvalwww.futurebooks.com.sg comparison_company_structures_ Comparison_company_structures_22.10.11_v2 14-Jul-12 Page 3 of 6 22 10 11 2
  5. 5. Cost of compliance Sole-Proprietorship Partnership Limited Partnership (LP) Limited Liability Partnership (LLP) Company Quick and easy to set up Quick and easy to set up Quick and easy to set up Quick and easy to set up More costly to set up and maintain Easy to administer and Easy to administer and Easy to administer and Fewer formalities and procedures More formalities and manage Registration cost is manage Registration cost manage Registration cost is to comply with than a company procedures to comply with minimal is minimal minimal Registration cost is minimal Registration cost is Registration cost is minimal Registration cost is relatively Must appoint a company minimal minimal and fewer regulatory secretary within 6 months of duties to adhere to than a incorporation company Less administrative duties Less administrative duties Less administrative duties No statutory requirement for Must appoint an auditor within to adhere to to adhere to to adhere to general meetings, directors, 3 months after incorporation company secretary, share unless the company is exempt allotments, etc. from audit requirements Must renew registration Must renew registration Must renew registration Only an annual declaration of Annual Returns must be filed annually annually annually solvency must be lodged by one Statutory requirements for of the managers stating whether general meetings, directors, the LLP is able or not able to pay company secretary, share its debts during the normal course allotments, etc. of business One time registrationwww.futurebooks.com.sg comparison_company_structures_ Comparison_company_structures_22.10.11_v2 14-Jul-12 Page 4 of 6 22 10 11 2
  6. 6. Set up fees and taxes Sole-Proprietorship Partnership Limited Partnership (LP) Limited Liability Partnership (LLP) Company $65 ($15 name application fee $65 ($15 name application $65 ($15 name application fee $165 ($15 name application fee and $315 ($15 name application fee and $50 registration fee) fee and $50 registration fee) and $50 registration fee) $150 registration fee) and $300 incorporation fee) Profits taxed at owner’s Profits taxed at partners’ Profits taxed at partners Profits taxed at partners’ personal Profits taxed at corporate tax personal income tax rates personal income tax rates personal income tax rates (if income tax rates (if individual)/ rates individual)/ corporate tax rate corporate tax rate (if corporation) (if corporation)www.futurebooks.com.sg comparison_company_structures_ Comparison_company_structures_22.10.11_v2 14-Jul-12 Page 5 of 6 22 10 11 2
  7. 7. Continuity and striking off Sole-Proprietorship Partnership Limited Partnership (LP) Limited Liability Partnership Company (LLP) Exists as long as the owner is Exists subject to partnership Exists subject to partnership agreement The LLP has perpetual A company has perpetual alive and desires to continue agreement succession until wound up or succession until wound up the business If there is no limited partner, the LP struck off or struck off registration will be suspended and general partners are deemed registered under the Business Registration Act Once a new limited partner is appointed, the registration of the LP will be restored to “live” and general partners’ registration under the Business Registration Act ceases By Owner – Cessation of By the partners – Cessation By general partner – cessation of business Winding Up – Voluntarily by Winding Up – Voluntarily by business of business or dissolution of or dissolution of LP members or creditors, members or creditors, partnership compulsorily by the High Court compulsorily by the High Court Registrar can cancel Registrar can cancel Registrar can cancel registration if not Striking off Striking off registration if not renewed or registration if not renewed or renewed or where Registrar is satisfied LP where Registrar is satisfied where Registrar is satisfied is defunct business is defunct business is defunctwww.futurebooks.com.sg comparison_company_structures_ Comparison_company_structures_22.10.11_v2 14-Jul-12 Page 6 of 6 22 10 11 2
  8. 8. TERMS OF USERestrictions on Use of Contents 4. Any request to otherwise reproduce the Contents from this1. Except as otherwise provided, the Contents of this Web Site for publication or commercial use should beDocument shall not be reproduced, republished, uploaded, addressed to: info@futurebooks.com.sg.posted, transmitted or otherwise distributed in any way, Disclaimer of Warranties and Liabilitywithout the prior permission of FUTUREBOOKS PTE LTD. To use 5. The Contents of this Document are provided on an “as is”any parts of the Contents of this Document, the user must seek basis without warranties of any kind. To the fullest extentpermission in writing, stating the c Contents for use; intent of permitted by law, FUTUREBOOKS PTE LTD does not warrantuse; manner of use; time frame of use and identity of the user. and hereby disclaims any warranty:FUTUREBOOKS PTE LTD reserves the right to refuse permission (a) as to the accuracy, correctness, reliability, timeliness, non-without declaring reason(s); and/or if information submitted by infringement, title, merchantability or fitness for any particularuser is deemed insufficient. purpose of the Contents of this Document;2. You may view, download and print the Contents if: (b) that the Contents available through this Document or any(a) the Contents are used for non-commercial or personal use functions associated therewith will be uninterrupted or error-only and will not be copied or posted on any network free, or that defects will be corrected or that this Documentcomputer or broadcast in any media, and and the server is and will be free of all viruses and/or other(b) no alterations, additions or modifications of the Contents harmful elements.are made in any way 6. FUTUREBOOKS PTE LTD shall also not be liable for any(c) due acknowledgement is given to “FUTUREBOOKS PTE LTD” damage or loss of any kind caused as a result (direct or indirect)and citing the sources for the relevant data extracted. of the use of the Document, including but not limited to any3. Modification of any of the Contents or use of the Contents damage or loss suffered as a result of reliance on the Contentsfor any other purpose will be a violation of FUTUREBOOKS PTE contained in or available from the Document.LTD ‘s copyright and other intellectual property rights.Graphics and images on this Document are protected bycopyright and may not be reproduced or appropriated in anymanner without written permission of FUTUREBOOKS PTE LTD. www.futurebooks.com.sg

×