Registering an Accounting LLP - Procedures
|Application for approval as an Accounting LLP
- Apply for the approval via Bizfile+.
|Application by an existing LLP to an Accounting LLP
The LLP Act also requires that the partners of the limited liability partnership to which the firm is to be converted, comprises all the partners of the firm and no one else. Therefore, please ensure that all partners (in the case of public accounting firm and LLP) and shareholders (in the case of PAC) meet the Accountants Act requirement at the time of conversion as these persons will be the partners of the Accounting LLP; and
- Before applying for approval as an Accounting LLP, they must ensure that the particulars of the LLP recorded in BizFile+ reflect the requirements for approval as an Accounting LLP under the Accountants Act.
- the composition of the partnership meets the Accountants Act requirement – see section on “Requirements on Partners” at Requirements for Approval of Accounting LLPs.
- the SSIC code should be reflected as “69201 - Accounting and auditing services (excluding online marketplaces)”.
- Apply for "Conversion of LLP to ALLP" via Bizfile+.
How to Apply
The Public Accountant may do so himrself, or engage the services of a registered filing agent (e.g. law firm, accounting firm or corporate secretarial firm) to submit an online application on your behalf.
|Step 1: Ensure
|Ensure that you comply with all requirements listed in Requirements for Approval of Accounting LLPs.
|Step 2: Choose
|Choose an Accounting LLP name that is not offensive and identical to any other business entity.
|Step 3: Submit
Log on to BizFile+ to submit the online transaction.
For Registered Filing Agents (on behalf of public accountants)
Engage the services of a registered filing agent (e.g. law firm, accounting firm or corporate secretarial firm).
|Step 4: Pay
Pay the following fees:
Via payment in Bizfile+ with the following payment options:
- Credit card (MasterCard and VISA)
- PayPal, Google Pay and Apple Pay
Approval as an Accounting LLP
S$300 for approval of an Accounting LLP and $15 for approval of an Accounting LLP Name (under the Accountants Act)
S$100 for registration of an LLP and $15 for name application (if there is a change of name) (under the LLP Act)
Application by an existing LLP to an Accounting LLP
S$150 for conversion to an LLP (under the Accountants Act)
S$15 for approval of an Accounting LLP Name (under the Accountants Act)
S$15 for name application (if there is a change of name) (under the LLP Act)
What to do following Application
For a name application, you can expect an outcome from ACRA within 15 minutes of payment. If your application results in a name appeal, the processing time may take up to 3 working days.
For setting up of new LLP, you can expect an outcome from ACRA within 15 minutes of payment. However, it may take between 14 days to 2 months if the application needs to be referred to other authorities for approval or review.
Endorsement of Application After Approval
If you apply for the entity yourself, i.e. without the help of a registered filing agent and there are other partners in the Accounting LLP, the system will require all the other partners to endorse the application.
All the partners will have to log into Bizfile+ within 7 days from the submission date to endorse the application.
If consent is not obtained from all the partners within 7 days of submission,your application will lapse.
Free Business Profile
From 2 June 2017, all newly registered LLPs will receive a free Business Profile - an electronic report containing business registration information of that entity. Upon successful registration, an email with a URL to download the free Business Profile will be sent to the person who filed the registration.
For more information, visit here.