Benefits of Partnership Company in Singapore
Partnerships are one of the popular business structures to setup in Singapore. They operate based on an agreement between two or more persons. The people involved have equal authority and responsibility to operate the business. Liabilities and profits are shared equally among the partners. Each of them should be actively involved in the daily operations and in management decisions. If you plan to run a partnership business, there are certain benefits you will enjoy namely:
- They do not command high capital and regulations to establish
- The business is owned by more than one person, which makes it easy to accumulate funds for capital
- With the combination of skills from different people, the business benefits a lot. Each of the partners comes with their ideas
- Partnerships are cost effective, as everybody specializes in what they are good at. There is no need of employing many people.
What must you do to start a Singapore Partnership Business?
Every business in Singapore must be registered. Here, the Limited Liability Partnership Act of 2005 protects this type of business. The law protects you from the actions of one of the partners. Just like other businesses, you will have to access Accounting and Corporate Regulatory Authority (ACRA). If you are foreigner, you are advised to hire a professional firm to complete the registration process for you and to draft the agreement.
Here are some of the documents or information that you must have to incorporate and start a Singapore partnership company:
- Proposed name for the partnership
- Details for all the partners as they appear in the valid identification documents
- Residential address for all the partners
- Declaration of compliance
- Registered address for the business
- Registration details for the company, in case the partner is a firm.
After you register, you can comfortably run your business in Singapore.
Singapore partnership firm seeking professional assistance?
You will be glad to know that professional firms like J Accounting Services are there to offer you assistance on your company partnership setup and incorporation. After you start the Partnership company, you need to be in compliance with the authorities of Singapore. J Accounting do offers such compliance package as well.
