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As a business owner, you might need to check if other companies are registered in Singapore for various reasons.
One common reason for conducting due diligence would be to verify if potential business partners and suppliers are credible before entering into a partnership.
Why is it Necessary to Check a Company’s Credibility?
For business structures such as limited liability partnerships, verifying a company will be especially useful.
It enables business owners to verify the legitimacy of potential partners and avoid future fraud or severe financial consequences. It can also safeguard your company from untrustworthy partners. Furthermore, assessing a company’s credibility is crucial for maintaining a positive reputation in the market, as associations with unreliable partners can tarnish the image of your business and hinder potential collaborations
How to Verify a Singapore-Registered Company?
To check if a company is registered in Singapore, you should conduct a due diligence check with the Accounting and Corporate Regulatory Authority (ACRA). ACRA has a Singapore Registered Company List on Bizfile+, its complimentary online search platform.
There are 2 fullproof ways of verifying if a company is registered in Singapore:
- ACRA registry search
- ACRA’s business profile function
Both functions provide you with:
- Name of business entity
- Registration number (UEN)
- Operational status of the business
- Registered business address
- Principal business activities
The additional information that the ACRA’s company search tool provides you with would be the following:
- Annual Returns
- Annual General Meeting (AGM)
- Financial Statements
However, you would need to purchase the business entity’s profile if you require the
- Company’s date of incorporation,
- Business type, and;
- Information of position holders or business owners
ACRA’s Company Search Tool
The steps for using ACRA’s company search tool are as follows:
Step 1: Go to ACRA’s registry
Step 2: Enter the name or registration number (UEN) of the company you’d like to verify, then click ‘Search’
Step 3: You should then see the aforementioned information about the company
ACRA’s Business Profile Function
To download the business profile of the company, follow the same steps as ACRA’s company search tool, then click ‘Business Profile’.
After you make a successful payment, you will receive an email with a URL to download the report within 15 minutes.
Using InCorp’s Company Search Tool
Alternatively, you can use InCorp’s Singapore Company Name Registration Check tool if you want to check the availability of the business name you want to register.
What Information Should I Specifically Look Out For?
Operational Status of Business
The operational status of a business is a metric that indicates whether a company is fully operational or has ceased operations.
All registered companies in Singapore, whether local companies or foreign companies are required to update their company status on a regular basis, and failure to do so could be a warning sign.
You should look out for the “live” status that indicates whether or not the company is currently operational.
Registered Business Address
When verifying a company in Singapore, a valid registered business address is especially useful, as an incorrect or suspicious address will immediately raise a red flag.
Check to see if their address is legitimate or just a mailbox. You should also look out for a valid registered business address.
All companies must submit their annual returns to ACRA within seven months of the financial year-end, even if exempt from holding AGMs, as per the Singapore Companies Act.
Look out for the date of the most recent filing and the financial year-end (FYE).
Related Read: Annual Filing Requirements with ACRA
Annual General Meeting (AGM)
Private companies may be exempted from holding AGMs if they distribute financial statements to shareholders within five months after the financial year-end.
When reviewing public companies, ensure the AGM details are updated, especially for employment pass holders, as new verification proof requirements under COMPASS apply from September 2023 and September 2024 for new and renewed passes, respectively.
Financial Statements
Financial statements indicate whether or not the company has met all of the requirements and submitted its financial statements to ACRA.
Watch out for thoroughly completed and filed financial statements!
How Can InCorp Help You Conduct Due Diligence?
At InCorp, we understand that checking the company profiles, as well as the profiles of the numerous business owners, beneficiary owners, and shareholders might be laborious.
By engaging InCorp’s services, we will do the required KYC (Know Your Customer) to screen your potential business partners for any signs of money laundering (ML) and terrorism financing (TF) risks.
FAQs
- Some instances of needing to check if a company is registered in Singapore include:
- Operational status of a company
- Conducting due diligence before entering into a business partnership
- Obtaining additional information about people associated with a specific business entity, such as all of the business entities in which a person is involved, his roles in these entities, and the status of these entities.
- To determine if a company is registered in Singapore, you will require the following information:
- Registration number (UEN)
- Company status
- Registered address
- Annual returns
- Annual general meeting
- Financial statements
- Information on business owners and other key stakeholders
- ACRA is the most complete database to determine if a company is registered in Singapore because it is the sole platform for business registration in Singapore. For a list of registered entities in Singapore, you may refer to the dataset by data.gov.sg.
Need help checking if a company is registered in Singapore?
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