Before you set up your business or possibly shape a partnership, it’s usually a great idea to perform due diligence. You can begin with the basic credentials just like the company registration before proceeding to the intricate info like its statutory compliance status, legal background, and history records. The resultant data that you uncover will give you a clear picture of not only the company registration information but also its typical business integrity.
When you join a company, employers conduct history assessments on potential employees before recruiting. In the same way, business owners should verify by looking up their Singapore company registration and the partners. Checking this off your to-do list won’t only ensure that you're moving forward with a credible company, it is also very easy and won't take much time. After all, whether you are an entrepreneur, proprietor or a seasoned founder, you will want your partners to have a legitimate company registration in Singapore. Hiring an investigator or a third-party company for this cause can be a good choice, but there are various sources online that allow you to check a company registration number in Singapore. This article provides in depth guidelines on how to check company registration number in Singapore.
Why is it necessary to verify a company?
While this is not a compulsory step in the incorporation method, it'll sincerely be beneficial for companies. Verifying a corporation will be specifically beneficial for business structures like partnerships, limited partnerships, and confined legal responsibility partnerships, however not a lot for sole proprietorship. This permits enterprise owners to check the authenticity of their potential partners and save you from any fraud or dire financial results that may get up inside the future.
Just like ordinary people, a business or organization would have its personal legal historical past and credit score records as well, and it is best to check one’s worthiness before forming any business. This is likewise a way to protect your business from unreliable partners. There's no shortage of motives to be cautious, in particular whilst you're approximately to embark on a business partnership with the organization in question.
In short, a lack of company registration number in Singapore is a ref flag, one that might necessarily affect your decision on whether to move ahead with the enterprise or no longer.
How to Check a Registered Company in Singapore
ACRA’s filing portal, BizFile, allows everybody to access primary enterprise facts directly on their website, which supplies basic data on organizations. Though you can hire a third-party investigator to run a business background check, you can also check by yourself. The Accounting and Corporate Regulatory Authority (ACRA), has drawn up an online directory search which allows individuals to look for a business by simply entering in the name of that company. Here is a step-by-step guide on how to verify a business enterprise on BizFile:
Step 1: Go to ACRA free online directory search platform : https://www.bizfile.gov.sg/
Step 2: Next Enter the “company name” (On which you want to verify)
Step 3: Then you need to pass CAPTCHA verification (hint:!= Make sure you are a human and not a spam-sending spammer).
Step 4: After that, you'll see its company details.
- a) The name, address and UEN of the company, as well as its nature of business:
Proof of the registered business address of the company. It works when you are doing a background check especially if his / her registered address is wrong or the premise location sounds suspicious will raise it into a red flag.
- b) Whether the business entity is active or inactive
You will see information stating the status of the company. Note with the “live” status we know if that company still exists as a current firm or not.
- c) The compliance rating of the entity with respect to annual filing
A green tick shows that the company is in compliance with annual filing under Companies Act, while a red cross will tell you otherwise. To be precise, if there is a green tick, it means the company has conducted its Annual General Meeting (“AGM”) within time; has filed the Annual Return within 30 days after the AGM.
You can check further details like last AR’s date, Last AGM’s date on click to see more options.
It’s good to run a background check to see if the business is legit. You can also finalize a decision with a little check on their backgrounds to stay away from fake or mysterious companies.
What should I specifically look out for?
Having a company registered in Singapore is one. These are some of the things you should look out for when doing an online check on any company registered in Singapore.
1. Company status
This is a sign which will show you whether the company is fully operational or has stopped its operations. The "live" status which you will be shown here, whether the company exists now or not. The failure to update the company status can be an indication of registering companies in Singapore, you should keep that in mind.
2. Address details
The right address is especially important during verification of a company in Singapore because a wrong or suspect business location will raise an alarm. Also see if their address is legitimate or a mailbox. If it is a nominal mailbox, the best solution would be to request the information.
3. Annual returns
In Singapore, according to the Companies Act it is mandatory for all companies to file ACRA annual returns along with audited financial statements within 30 days after AGM or due date. The report should also show the date of last filing and which financial year end (applies to LPs/LLPs only)
4. Financial statements
This is pretty much to show you that the company has met all it needs and have filed their financial statements with ACRA. Nonetheless, some may be exempt from providing such a service: Public Accounting Firms Businesses Limited Liability Partnerships Limited Partnerships
After a good background check on the partners, make sure you have your cobroke details and all other necessary docs ready such as Singapore company registration documents with business account opening.
Looking for Singapore Company Registration Process Instead?
The process of company registration in Singapore is quite simple, and it might take some hours up to several days. The best part? All of this can be done completely online. Your business will need to be registered with the Accounting and Corporate Regulatory Authority in Singapore (ACRA).
Here’s what you’ll need to do:
- Get company name approved
- Prepare required incorporation documents
- Head to the BizFile+ website to kickstart your company registration in Singapore
How Can Start an Idea Help?
Checking the company profiles and then those of many business owners, beneficiary owners and shareholders — we know it might be cumbersome. At Start an Idea, we will provide you the KYC (Know your customer) services to verify whether money laundering (ML)/ terrorism financing (TF) risks would be seen in relation to possible business partners, after an engagement with us.
