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SYNOPSIS
The Republic of Singapore is a Commonwealth country located at the tip of the Malaysian peninsula and occupying an area of 622 square kilometres. Singapore was formerly part of Malaysia which gained independence from Britain in 1957. Eight years later in 1965, Singapore became a separate sovereign state. Because of its close past connections with Britain, the business language remains English and the English common law system applies. Local currency is the Singapore Dollar and there is an excellent professional infrastructure with excellent legal services. Most of the large accountancy firms have offices in Singapore as do most of the major international banks. Communications are excellent, with state of the art telecommunications equipment and an airport which serves as a regional hub for over 100 destinations.
Corporation, a US legal entity which is not generally subject to US taxation. As it is a partnership no tax is assessed on the LLP but profits are only taxed in the hands of the partners. If the LLP does not trade in Singapore or derive income from Singapore, no Singapore tax will be payable by a non-resident partner. This makes it possible to create Singapore structure which is not liable to Singapore tax. Provided that the trading activities take place entirely outside of Singapore, the profits are generated from a nonSingapore source and the profits are not remitted back to Singapore.
LIABILITY
PARTNERSHIP AGREEMENT
Except as provided in the LLP Act or in regulations made under the Act, the mutual rights and duties of an LLP and its members are governed by a Partnership Agreement. The Partnership Agreement is not filed at the Registry and is not open for public inspection. In the absence of a Partnership Agreement the default provisions under the First Schedule of the LLP Act will apply. Incorporation of a new LLP can take up 1 2 working days; readymade partnerships are not generally available. The Registrar has the power to refuse registration of any name, which he considers undesirable or too similar to an existing name.
TIMESCALE
The LLP must maintain a registered office in Singapore and a local manger must be appointed who is an individual ordinarily resident in Singapore. The local manager has the responsibility for certain statutory functions, namely the filing of annual solvency declarations and other documents with ACRA in Singapore. Every LLP shall ensure that its invoices and official correspondence bear the name of the LLP, the registration number and a statement that it is registered with limited liability.