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In line with its reputation of a business haven, Singapore offers 3 different types of business entities for registration to carry out your commercial activities.
Check with CPA International LLC for the categories under which a business may be registered. This includes any firm, individual or corporation which operates as a nominee, trustee or agent for any foreign corporation.
Business
Under the Business Registration Act, "business" includes every form of trade, commerce, craftsmanship, calling, profession and any activity carried on for the purposes of gain. Unlike an LLP or a company, a business is not a legal entity in its own right and the business owner is responsible for the business's liabilities. A business may be a sole-proprietorship, that is owned by a single person, or it may be a partnership of up to 20 people.
Company
A company is a business entity registered under the Companies Act, Chapter 50. It has a legal personality, so has a right to own properties, and can sue or be sued. It usually has the words "Pte Ltd" or "Ltd" as part of its name. The owners of a company are not responsible for its liabilities (unless they are a result of that person's wrong-doing).
Limited Liability Partnership (LLP)
Setting up a company as an LLP gives the owners the flexibility of operating as a partnership while giving them limited liability, so that a partner will not be held responsible for the LLP's debts or liabilities (unless they result from that person's wrong-doing). An LLP is an entity in its own right, separate from its owners, and can sue or be sued, or own property in its own name. An LLP continues to exist even if the partners change.
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