If all partners/authorized representatives have approved the online application, registration can be completed in one day. It could take up to two months if ACRA has to refer the registration application to other government bodies for assessment. You will be notified by mail if your registration is successful, and the partnership will be assigned a registration number. A soft copy of the business profile is available online.
The registration number must appear on all business communication documents such as letterheads and invoices. Any changes to registration information must be reported to ACRA as soon as possible.
Carrying on a business after the registration’s validity has expired or the registrar has terminated the registration is illegal.
Partnerships are not required to file yearly financial accounts with ACRA and are excluded from annual audit.
The partners must submit personal income tax returns and report the partnership’s revenue and earnings to the IRAS.
Records and accounts must be kept for a period of five years.