You can always form a sole proprietorship in Singapore but the thing is that such companies come with a fair bit of problem. For example, it is really hard to transfer the ownership rights of the business from one person to another. Here the business lives as long as you are there and dies when you are gone. The only way in which you can transfer ownership in such a company is by selling the business assets. You can also establish a partnership company over here. A partnership company is basically an alliance between two or more people. They co-own the company in question and also share the profits.
If you want to set up a company in Singapore you should make sure that your finances are in order and for that you can avail some online accounting services provider as well. In Singapore there are three kinds of partnership companies that you can choose from – general partnership, limited liability partnership, and limited partnership. A general partnership may not be a viable choice in Singapore from an economic point of view. One of the major reasons for such a statement is the fact that much like sole proprietorship these companies are not regarded as separate legal entities. This means that your liabilities are just endless.
Yet another problem with such an arrangement is that as a partner you would be personally held responsible for the debts incurred by the company, even if you are responsible for it or not. Even if your partner makes a mistake in the business it will affect your business and you will face the impact as well, whether you want it on yourself or not. You can also start a limited partnership here in Singapore as well. In case of these companies you can have a certain number of partner’s alongwith a general partner.
Yet another problem with such an arrangement is that as a partner you would be personally held responsible for the debts incurred by the company, even if you are responsible for it or not. Even if your partner makes a mistake in the business it will affect your business and you will face the impact as well, whether you want it on yourself or not. You can also start a limited partnership here in Singapore as well. In case of these companies you can have a certain number of partner’s alongwith a general partner.
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