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Application to set up an Accounting LLPs must comply with these requirements:

  • The main function of the Accounting LLP is to provide public accountancy services (i.e. auditing and reporting on financial statements).
  • The name of the Accounting LLP is not undesirable or identical to any other business entity. 
  • Partners
  • Share Capital
  • Professional Indemnity Insurance

Requirement on Accounting LLP Name

You can apply for any name as long as it is not:

  • offensive or vulgar
  • an identical name to any of existing entities registered with ACRA.

Please refer to the Practice Direction No. 7 of 2006: Identical Name Prohibition of for All Accounting Entities(PDF, 143KB) where it sets out the principles for the purpose of determining whether a name is similar to another or perform a search at ĢƵ to check whether your corporation name is identical to an existing entity.

Requirements on Partners

If the Accounting LLP has two partners, one of you must be a public accountant. 

If the Accounting LLP has more than two partners, two-thirds of the partners must be public accountants.

The provision of public accountancy services in Singapore have to be under the control and management of partner(s) who are public accountants ordinarily resident in Singapore – also known as “Partners under section 18A(3)(c)” or “Managing Partners”.

Requirement on Share Capital

The share capital of the Accounting LLP must be at least $50,000.

Requirement on Professional Indemnity Insurance

The Accounting LLP shall be covered by professional indemnity insurance of not less than one of the following amounts, whichever is the highest:

  • $1 million;
  • a sum equal to the total of $500,000 for every corporate practitioner in the accounting ALLP; or
  • where applicable, a sum equal to two and a half times the gross income of the Accounting LLP in the last completed financial year of the Accounting LLP, subject to a maximum sum of $50 million.

For the purpose of submitting the application to register an Accounting LLP, quotations provided by the insurer may be accepted.  Subsequent to the registration, the Accounting LLP will have to ensure that it is covered by the required insurance amount at all times.

Deemed Registration of Public Accounting Entities as Corporate Service Providers

Under the CSP Act, all business entities operating in Singapore that provide corporate services must register with ACRA as registered Corporate Service Providers (CSPs).

Public accounting entities (PAEs) will also need to register as CSPs if they carry out any of the following Financial Action Task Force (FATF) designated activities in relation to the provision of accounting services:
  • Buying or selling of real estate
  • Management of client money, securities or other assets
  • Management of bank, savings or securities accounts
  • Organisation of contributions for the creation, operation or management of corporations
  • Creation, operation or management of legal persons or legal arrangements, or buying and selling of business entities

The registration requirement can be found at .

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