Entrepreneurs and business owners flock to Singapore to set up their companies for one main reason: it has one of the world’s most rational and simplest tax systems. Incorporating and setting up your business in Singapore is a simple process – here’s how:
- Understand the requirements
- Collect all supporting documents needed and decide on the corporate structure
- Obtain approval for your company before incorporation
- Prepare, sign and file all incorporation documents
- Incorporate your company and open a bank account
But to start the registration process, one needs a Singpass. So what is a SingPass, and how can you obtain it? In this article, we will be answering all these questions and more.
What is Singpass?
Singpass is a password tool issued by the government to all Singapore residents. It allows users to connect and transact with Singapore government agencies. The National Registration Identity Card (NRIC) or FIN number is usually used as the login ID.
You will need a Singpass to incorporate a company in Singapore, though it can also be used to access over 250 digital services, including tax filing and public housing applications. As a result, the Singpass has become an integral part of everyday life in Singapore. You can create your Singpass account in only 5 minutes, but remember you can only do it once.
Who is Eligible?
According to the Accounting and Corporate Regulatory Authority (ACRA), the following groups of users are eligible to apply:
- Singapore Citizens and Permanent Residents (PR)
- Personal Employment Pass (PEP) and Employment Pass (EP) Holders
- S-Pass holders
- EntrePass holders
- Long-Term Visit Pass holders (LTVP)
- Selected Work Permit holders who require Singpass to access digital services
- Dependant Pass (DP) Holders
Before you register for a Singpass account, be sure that you fulfil the requirements. You should be of a minimum age of 15 years old and are a Singapore Citizen, Permanent Resident, or a foreigner with a Singapore work pass.
Users of the Singpass, which number 3.5 million of the country’s 4.5 million residents, can log onto the digital service to digitally sign documents or prove their identity over service counters. It is 1 of the 8 strategic national projects for the Smart Nation vision that drives Singapore. This innovation not only helps improve the lives of citizens but also creates business opportunities by transforming and upgrading the capabilities of government agencies.
What are the Features of Singpass?
Apart from using Singpass to incorporate a company in Singapore, it has multiple uses. The Singpass has made transacting in life much more simplistic, with new features being added to the application all the time. Let’s see what those features are and how they can benefit your lifestyle and business.
This section is where users keep all their identification information. All are easily accessible in one place, and your HDB details and CPF balance are readily available when you need them.
Providing Information in Person and Proving Your Identity
Convenience is key. By simply scanning a QR code, you can register at various places to register or prove your identity. For example, visitors and patients at SingHealth polyclinics can use their Singpass app instead of manually filling out registration forms.
Digital Document Signing
Businesses that offer the Sign with Singpass service can eliminate the need for customers and clients to be physically present to sign documents. Singpass account holders now need only to scan the QR code to sign agreements, making the process increasingly time-effective.
As you frequent the app and become familiar with its services and navigation of the pages, you soon see the last services you have used on your profile. This makes it easier and quicker for you to get back to what you were looking for, with governmental digital services like CPF, HDB, NS Portal, and IRAS being easily accessed with just one tap.
Your profile inbox allows you to see when you have a new message or notification quickly. This great feature will help keep you up-to-date and in the know of when and where to complete or make applications and registrations.
Business owners with a valid Corppass account can now toggle between their business and personal Singpass accounts. Switching between the two profiles within one application is highly efficient and allows entrepreneurs easy access to their corporate data at any given time.
How can Businesses Use Singpass?
We know the world of technology has significantly advanced over the last few years, and so has how companies conduct business. With their platforms digitised for a more streamlined and automated way of operating, the business world has thrived thanks to integrations such as Singpass.
By integrating the services of Singpass into a company’s existing technological infrastructure, they will be able to boost productivity within the firm while also reducing operating costs. The users enjoy a simple login process and have access to the services they need in a streamlined setup. In addition, customers who have Singpass are shown to have increased customer satisfaction across their now digitised service platform.
And Singpass works well in combination with other platforms to provide for even smoother transacting. For example, businesses that have adopted Myinfo can offer their clients a more efficient source of online transacting where users can now pre-complete personal forms with their data rather than manually.
This way, they can submit any paperwork and verify their documentation in one easy step in the comfort of their home. In addition, the program is straightforward to set up and can be tested in a test environment to give you peace of mind before you make it publicly available.
All you need to do is to request a linkup through the Singpass API Developer, and once approved, you will be given an App ID which you can configure to your company’s needs before deployment.
One thing many people are always concerned with when transacting online is their digital safety, but with Singpass APIs, you can rest assured your information is secure when conducting banking or insurance transactions.
The great thing about Singpass is that you can still access its services and data while overseas, so you can keep an eye on business while taking a much-needed holiday. All you need is to use the Singpass app or Face Verification (2FA), enter the OTP (One time password) that will be sent to your mobile phone, and click “Next”.
You have the world at your fingertips, business does not need to stop, and with Singpass, it couldn’t be easier. So get your Singpass to incorporate your business today.
Are you planning to start a business in Singapore and are not sure where to start? Fret not; you can contact HeySara to discuss your needs and turn your dream into a reality. We would not only help with your incorporation but can be your corporate service partner and help you manage all the statutory requirements to run a successful business in Singapore.