DP SME Advisory - Registration of Business

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Registration of Business

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Process/Documents Needed
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	Sole Proprietorship	Partnership	Limited Partnerships
Definition	A business owned by one person	An association of 2 or more persons carrying on a business with a common view to profit.	A partnership consisting of two or more persons, with at least one general partner and one limited partner
Owned By	One Person	Between 2 and 20 partners. A partnership of more than 20 partners must be incorporated as a Company under the Companies Act, Chapter 50.	At least 2 partners; one general partner and one limited partner. No maximum limit.
Legal Status	Not a separate legal entity Cannot sue or be sued in the business name Cannot own property
Legal Status	Owner personally liable for debts and losses of business	Partners personally liable for partnership’s debts and losses incurred by other partners	General partner is personally liable for debts and losses of the LP Limited partner not personally liable for the debts or obligations of LP beyond amount of his agreed contribution.
Formation Requirements	Age 18 years or above Singapore Citizen/ Singapore Permanent Resident If owner(s) not resident in Singapore, they must appoint a local representative who is resident in Singapore Self-employed persons must top up their Medisave account with the CPF Board before they register a new business name, become the registrant of an existing business name, or renew their business registration Un-discharged bankrupts may not be allowed to register		At least 1 general partner and limited partner. Both can be individuals (at least 18 years old) or body corporates (company or LLP) At least 1 manager who is an “ordinarily resident” in Singapore (at least 18 years old) if all the general partners are not “ordinarily resident” in Singapore.
Formalities and Expenses	Quick and easy to set-up Easy to administer and manage Registration cost is minimal Less administrative duties to adhere to Must renew registration annually.
Taxes	Profits taxed at owners’ / partners’ personal income tax rates
Continuity and Transferability	Can exist as long as the owner is alive and desires to continue the business	Exists subject to partnership agreement If a partner dies or leaves the partnership, usually the partnership dissolves and the assets of the partnership must be sold or distributed to pay the creditors of the partnerships first and then the partners The partnership agreement may provide for the continuation of the business	Exists as long as there is one general partner and one limited partner If there is no limited partner, the partnership will be suspended and will be converted to a firm registered under the Business Registration Act. Once a new limited partner is appointed, the registration of the LP will be restored to “live”.
Closing a Business	By owner, cessation of business By Registrar – if the registration has expired and has not been renewed		By general partner, cessation of LP By Registrar – if the registration has expired and not been renewed

Our service for registering a Sole Proprietorship/ Partnership/ Limited Partnerships includes:

Name check
Preparation of application forms
Provide basic advisory on business entity enquiries (if any)
ACRA Business Profile after successful registration

All business owners and local representative to be present at our office: 10 Kallang Avenue, #05-17 Aperia Tower 2, Singapore 339510, personally.
Bring your NRIC and/or Passport of all business owners and local representative
Get ready your (a) Proposed Business Name; (b) Description of your business activities and (c) Registered Office Address for your Business;
Upon receiving payment, we will prepare and file the business registration on your behalf. Once the business has been successfully registered, you may proceed to open a corporate bank account.

Registered Office Service: EVERY business/company must have a registered office in Singapore which must be operational and accessible to the public during normal office hours. Please note that a P.O. Box address cannot be used as a business address. If you do not have one, check out our Registered Office Service.
Business Renewal: EVERY business registration is valid for ONE or THREE YEARS from the date of registration. The registrant can renew their business 2 months before expiry date. Self-employed persons are required to top up their Medisave account with the CPF Board before they renew any business registered by them.
Accounting, Tax & Payroll Service: Need help to keep proper account records for your business, perform tax computations and submit your Personal Income Tax Filing to IRAS? DP SME Advisory offers book-keeping and tax services for business owners to fulfill compliance to IRAS. Check out our Accounting, Tax & Payroll Services.

Hotline: 6829 9800
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DP SME Advisory Center:

10 Kallang Avenue, #05-17 Aperia Tower 2, Singapore 339510

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What our customers say

DP SME Advisory gives very accurate and reliable information regarding business setups and corporate secretarial services. The staff are professional and warm. We have been with DP SME Advisory for several years now and the quality and reliability of the service is the reason why we chose DP SME Advisory.
DP SME Advisory is a one stop center for our business needs.
- Mr. Lim, Director
Professionalism and responsiveness is of Top Quality. At times going beyond the call of duty. Would strongly recommend DP SME Advisory for corporate secretarial services.
- Jimmy, Director
Had seen DP SME Advisory employees shown a high level of professionalism and patience in attending all my enquiries with immediate attention and given explanation on how to handle it. Would definitely recommend my local or overseas business associates to use this company service without hassles or doubts faced.
- Winston Kong, Director

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