Are you looking to get the Unique Entity Number (UEN) linked to your business in Singapore?
The Accounting and Corporate Regulatory Authority (ACRA), is responsible for overseeing business entities, corporate service providers, and public accountants in Singapore. They are then responsible for assigning this 9 – 10 digit code to a business.
A code is allocated to each business after successful registration with ACRA. This number is free but cannot be altered after submission. Even if you change your business name, the code remains unchanged.
What Is A UEN?
The Unique Entity Number (UEN) is a special ID code given to businesses registered in Singapore, like corporations, sole proprietorships, partnerships, and limited liability partnerships (LLPs). This 9 or 10-digit number serves as a standard way to identify these entities, making it easier for them to communicate with various government agencies. However, some entities will not be given the number for compliance reasons. For instance, sub-entities like branches and divisions.
Understanding The Purpose of UEN Number
The number is used to file anything concerning the government, such as tax returns, permits for import and export, government contracts, etc. UEN Singapore benefits your business by saving time and money when dealing with the government.
The code is seen as a validated document to operate a business in Singapore even without a business seal or stamp. The validation became necessary in 2017 and was enacted into the Companies Act. An entity only requires a signature from a business member and a unique entity number to be authentic.
What Are The Steps In Getting A UEN Number?
Follow this procedure to get your business registered with ACRA.
Step 1 : Decide the type of business you want to start
There are many business structures in Singapore, such as limited partnerships, limited liability partnerships, etc. Partnerships are small businesses controlled directly by their owners. These companies face lesser but sophisticated legal laws, which creates an opportunity for flexibility. However, tax filing is necessarily infused with annual general board meetings.
Companies are more sophisticated and with the intention to expand and in larger profits. The laws for carrying out interaction with the government are strict for companies. They are mandated to audit, file tax returns, general meetings, etc.
Step 2 : Registering your business
Registration is on the BizFile+ website. ACRA charges sole proprietors, LLPs, and partnership a token of $115 annually and $175 for three years. Whereas, for companies, they charge $300 for the incorporation process and $15 to apply for the business name. You are required to renew papers before or after expiration.
Step 3 : Do you need a special number?
Special Unique Entity Numbers are easier to recall and assigned to only special businesses. Similar to bidding for your preferred Vehicle Registration Number, the codes are nice-looking but comes with extra charges. You may refer to this page for the charges.
Step 4 : Ensure the right UEN number is selected
A profile is set for your business during registration, including information about the business and the registration number. You can search UEN here or other authorised organisations.
Where Do I Need To Display UEN Number?
According to the Companies Act, you must display your business registration number or UEN in a legible form on documents such as:
- Letterheads
- Emails
- Invoices
- Receipts
- Order forms
- Brochures
- Leaflets
- Other types of printed marketing material
- Websites and other online materials
As a result, you will be charged for not complying with regulations. We would still encourage you to include UEN number on issued invoices and websites despite not being registered as a company.
This allows potential clients to reach you easily and confirm your business entity status. Additionally, you can adopt UEN as one of your payment collection method via PayNow Corporate, how cool is that!
Do I Have to Renew the Code?
After registration, the code is used continually and does not need renewal. The same code is used as long as the company remains running. Whereas, only sole proprietorships and partnerships codes have expiration dates. The registration is then renewed after each term expires. To understand the process of renewing business codes for sole proprietorships and partnerships, read here.
Conclusion
Kickstarting a business in Singapore might sound intimidating at first. That is why getting a trusty corporate service provider is vital for ensuring corporate compliance is done right.
Let us handle the heavy work so you can focus on what matters most: strategically growing your company. If you are interested to find out more, you can contact us to schedule a free consultation to discuss your company’s specific needs.
