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Business News: Singapore: limited partnership structure

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Winxkid
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Business News: Singapore: limited partnership structure

Postby Winxkid » Tue, 24 Apr 2007 4:38 pm

Singapore is aiming to allow businesses to be set up under the limited partnership structure by the end of the year.

This is according to the Accounting and Corporate Regulatory Authority.

At an industry event on Thursday, it said such a set-up might attract investors who prefer to be passive partners.

Singapore authorities expect some businesses to find the limited partnership structure handy.

Such an ownership structure holds at least one partner completely liable while other investors, especially sleeping partners, will be liable only to a fixed extent.

And unlike listed companies, these sleeping partners who may own a significant stake in a business, need not declare their holdings.

Toh Wee San, Senior Assistant Registrar, Accounting and Corporate Regulatory Authority, said: "Limited partnerships have been used for venture funds and ship financing in other countries. Personally, I think there is potential for more usage from other types of businesses. Because the LPs allows passive investors to invest and they enjoy limited liability. And there's a lot of privacy."

The idea to allow limited partnerships in Singapore was first mooted in 2003.

Officials then sought public consultation on a draft bill last August.

The law is expected to be passed by December this year. - CNA/ch

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