According to the Accounting and Corporate Regulatory Authority (ACRA), these are the classification of the business entities in Singapore:
A.  Business
1.  Sole Proprietorship
·    If you are a foreigner, you must have a local director who is a Singapore resident (Citizen, Employment Pass holder, EntrePass holder, Dependent Pass holder)
·    This business set-up has no separate legal entity.
·    Taxation is at the at the personal income level of the owner.
·    Least expensive to maintain, with minimal paperwork. 
2.  General Partnership
·    Partners are personally liable for the debts and liabilities of their business.
B.  Company
1.    Private Company Limited by Shares or Private Limited Company (Pte Ltd)
·    If you are a foreigner, you must have a local director who is a Singapore resident (Citizen, Employment Pass holder, EntrePass holder, Dependent Pass holder)
·    Filing requirements is more complex.
·    Corporate tax rate applies.  Various tax exemptions are also available for companies.
·    You can raise capital by adding equity partners, venture funds and business financing, etc.
2.    Public Company
·    Public Company Limited by Shares - A private company which offers shares to the public
·    Public Company Limited by Guarantee - A public company limited by guarantee is for non-profit organizations.
C. Partnership
1.    Limited Partnership
·    partners are unable to participate in the management of the Singapore company.
2.    Limited Liability Partnership
·    It is appropriate for accountants, law firms, architects, etc. who would like to build a joint practice in a common field.