What are the types of company registration in Singapore?

Like other countries and regions in the world, Singapore also divides companies into different types according to the characteristics of enterprise investors and the forms of enterprise organization, including private companies (individual households), partnerships, limited partnerships and limited liability partnerships. For different types of companies, different legal responsibilities and registration requirements are also divided, as follows:

1, sole proprietorship

The most important feature of private enterprises is individual ownership, and individuals are suitable for various industries. Its legal status is a non-independent legal person, and the individual bears unlimited liability and is also responsible for the debts of the enterprise. If a legal act occurs, the object of prosecution can be the enterprise itself or the owner of the enterprise. It should be noted that such enterprises cannot own real estate in the name of enterprises.

2. Private Partnership

Private partnership companies are suitable for enterprises run by two or more individuals (up to 20 partners). Like self-employed, all partners in a partnership are responsible for the debts of the enterprise. In case of legal proceedings, the object of prosecution can be either the company or the shareholders. Partnership private companies can't hold real estate in the name of the company.

3. Limited partnership enterprises

A limited partnership is very similar to a private partnership, but the enterprise must have at least 1 general partners and 1 limited partners when it is established, which means that the enterprise needs at least two people. Under such an enterprise system, the general partner must bear unlimited liability for the enterprise and be responsible for all debts of the enterprise. However, limited partners only bear limited liability, that is, individuals do not have to bear responsibility for the company's debts. Such enterprises cannot own real estate in the name of the company.

4. Limited liability partnership.

Limited partnership is an upgraded version of limited partnership, so the minimum number of partners is 2. However, all shareholders of a limited liability partnership bear limited liability for the company's debts, that is, the debt relationship caused by personal reasons is borne by individuals and not responsible for the company's debts. Starting from such enterprises, enterprises can hold real estate in their own names. At the same time, this type of enterprise does not need to be updated every year after registration.

5. Company

Singapore company refers to an enterprise with independent legal personality, and all its shareholders are only in investment relationship, and the directors of the company are the main persons in charge of enterprise management. Because the company is an independent legal person, it can independently bear legal responsibilities and own real estate in the name of the company. There is no need to update the registration information after registration. However, there are special regulations on the number of shareholders (less than 20 individual shareholders in private companies, less than 50 shareholders in private companies and more than 50 shareholders in public companies are exempted).

As can be seen from the above points, the classification of Singapore companies is more detailed, which also makes many businesses confused about the classification of Singapore companies. Therefore, it is undoubtedly the best choice to choose a professional and responsible secretarial service provider to provide you with advice.