Asiabiz Administers Limited Partnership Registration And Employment Pass Application 

Many investors are drawn to a limited liability partnership because it is easy to run and maintain. It is not required to audit its transactions; nor does it have to file annual returns with ACRA.

by Ashley Varghese Wednesday, February 02, 2011
According to the Limited Liability Partnership Act of Singapore, every LLP must have at least two partners that can be an individual, a local company, a foreign company, or another limited liability partnership.

Whereby, a LLP owned by all foreign partners, a local manager should be appointed. A local manager, according Asiabiz’s business specialist, is a local resident, either a citizen or a permanent resident of Singapore. Asiabiz Services is a professional business registration firm servicing foreigners in particular for every challenge encountered in doing business.

Either of the foreign partners can be appointed as a local manager, provided that he applies for an Employment pass and seeks prior approval from the Ministry of Manpower.

Asiabiz processes the registration of a limited liability partnership and the application for an Employment pass. However, it is strongly advised that before the registration commences, the partner seeking for relocation to Singapore to manage the partnership must inform and gain approval from MOM.

Asiabiz says that the team shall check the availability of a business name with ACRA and register it for approval when available.

“ACRA reserves an approved name for two months. And after submitting a request, the reservation period can be extended.”

Among the documents to accomplish are a Memorandum and Articles of Association and completed registration forms. Upon completion, ACRA shall send via e-mail the e-certificate of incorporation which shall be printed by the limited liability partnership investors.

Moving forward, Asiabiz Services shall also comply with other requirements like filing and paying for government fees, and assisting in opening a corporate bank account.

A limited liability partnership is deemed as a legal entity. Unlike a General Partnership or Limited Partnership, a LLP does not make all partners accountable for negligence of a partner. Instead, a partner is personally liable for his own careless acts. The personal assets of all other partners are protected.

Asiabiz adds: “A LLP enjoys perpetual succession that no matter the changes in the partners, its existence, liabilities, and rights remain the same.”

Many investors are drawn to a limited liability partnership because it is easy to run and maintain. It is not required to audit its transactions. Nor does it have to file annual returns with ACRA. Nonetheless, Asiabiz remarks that the local manager shall make an Annual Declaration to ACRA to express its financial capacity in settling for its obligations like debts.

Asiabiz Services bestows other business processes including accounting and bookkeeping, nominee services, immigration, and assistance in applying for a business permit or licenses.

About the Publisher:

Asiabizservices offers one-stop business solutions to companies, particularly, those that are managed and owned by foreign investors. Since its inception, Asiabizservices has successfully helped foreign entrepreneurs form a Singapore company. Among its specializations are Singapore company setup, corporate services, accounting services, nominee services, company registration, whether as a sole proprietorship, private limited, limited liability partnership; offshore company formation, incorporation of foreign companies either as a branch or subsidiary office, accounting services including payroll preparation and more.

Asiabizservices is the leading provider of Singapore Company Incorporation services and has successfully helped thousands of both local and foreign entrepreneurs incorporate a Singapore Company. It also provides chartered secretarial services.

For more information visit:

AsiaBizServices PTE LTD
Address: 120 Telok Ayer Street Singapore 068589
Phone: +6563034614

0    submitted by Ashley Varghese
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