The following are the steps to incorporate a private limited company:

1. Obtaining the relevant information pertaining to the incorporation of the company and performing the required level of due diligence on the proposed company officers, shareholders, controllers and beneficial owners;
2. Making an application to the Accounting and Corporate Regulatory Authority (“ACRA”) for approval of a proposed company name and reserving that proposed name;
3. Appointment of key personnel – for one Director to be a local resident (can be a Singapore citizen, permanent resident or EntrePass holder);
4. Appointment of Company Secretary;
5. Selection of an Office Address for official correspondence;
6. Submitting the required information to ACRA to incorporate the company, making an appeal where necessary and coordinating with the ACRA officer to expedite the incorporation process; and
7. Setting up the company administration folder and preparing the required forms and post-incorporation documents, including the first director’s resolutions, statutory registers and share certificates and company’s constitution.

After setting up the company and registering it with ACRA, the new entity will be assigned a Unique Entity Number (“UEN”).

If you are looking to integrate a new business partner or investor into your business, wanting to start a new entity or run a business with a business partner, it is essential to have an attorney for business partnerships in Singapore. Here at KGP Legal LLC, our lawyers provide advice on safeguarding your interests, review existing contracts, or draft necessary commercial documentation that reflects your intentions. With specialisations in drafting robust commercial agreements, our years of experience makes us adept at advising clients, reviewing and drafting pertinent commercial contracts.

The various types of agreements that we typically assist with include:

1. Business Partnership Agreement
2. Investment Agreement
3. Joint Venture Agreement
4. Shareholders Agreement
5. Consultancy/ Adviser Agreement

When dealing with partnerships as a legal structure, one of the key documents to prepare is the Partnership Agreement. While the Partnership Act in Singapore governs the responsibilities and entitlements of partners, it may not sufficiently address the unique requirements and preferences of each partner. The Partnership Agreement plays a vital role in fostering transparency and consensus among partners, particularly concerning matters like business administration and profit distribution. It establishes protocols for scenarios such as partner withdrawal or the inclusion of new partners, which are common sources of contention. With help from our adept legal professionals, a well-drafted Partnership Agreement can effectively mitigate conflicts and promote smoother operations within the partnership.

What should a partnership agreement contain?

1. Name and purpose of the partnership;
2. Responsibilities, performance and remuneration of each partner;
3. Contributions of individual partners, in terms of cash or sweat capital;
4. Procedure for the withdrawal of old partners and the admission of new ones;
5. Buy-out procedures;
6. Dispute resolution;
7. Financial and accounting arrangements;
8. Term and termination of partnership; and
9. Valuation of partnership shares.