UNLOCKING BUSINESS COMMENDATION IN SINGAPORE: THE RUDIMENTS OF UNIQUE ENTITY NUMBER

The administrative and regulatory recognition of private commercial firms in Singapore is most significantly realised through the Unique Entity Number (UEN), an exclusive identification code provided to a business Organisation following successful registration with the Accounting and Corporate Regulatory Authority (ACRA), thus allowing it to operate legally in the Singaporean domain.  

Previously known as the ACRA Registration Number, the UEN is Primarily issued for a wide range of bodies, such as local companies, societies, Limited Liability Partnerships (LLPs), Trade Unions, healthcare institutions and representative offices. Endowed free of cost, the UEN is permanent and non-transferrable, enabling the concerned establishment(s) to transact with government agencies appropriately. 

While a sub-entity of a Singaporean company, designated as a “branch”, may be exempted from such UEN allotment, specific government departments occasionally opt to align sub-entity codes to UEN to foster seamless communication with the branches, if and when needed. 

With Singapore being amongst the most enticing global hubs for numerous industries, various ministerial authorities in the Country grant the requisite UEN. These include The Ministry of Law, The Ministry of Culture, Community and Youth, The Ministry of Defense, The Ministry of Education, The Ministry of Finance, The Ministry of Foreign Affairs, The Ministry of Health, The Ministry of Communications and Information, The Ministry of Manpower, The Singapore Land Authority, amongst others. 

How is the UEN determined?

Simply put, an ideal and comprehensive UEN consists of alphanumeric codes, along with coded information of the entity type, the issuing agency as well as the year of assignment, all of which are combined to form the unique 9-digit or 10-digit code. 

Critically, having the requisite UEN is immensely beneficial for Companies interacting directly with regional government boards. It plays a pivotal role in filing corporate tax returns and obtaining the necessary permits for imports and exports. Moreover, UEN is frequently used to update the entered inputs in the Bizlife Database maintained by the ACRA. It is particularly seminal for foreign-based companies, saving those from the hassles of contacting multiple government offices through baffling means. 

UEN History

Historically, the UEN was brought into effect in 2009 by the Ministry of Finance (MoF) with the vision to simplify the taxation system of Singapore and simultaneously standardise identity particulars. In recent times though, from an organisational perspective, UEN has been used as an effective means to track and monitor businesses and company information accurately, subscribe for telephone lines, create corporate bank accounts and finalise agreements and contracts while carrying out business with other Companies.

The UEN protocols secured a new milestone in 2018 that bore witness to the introduction of Special UEN (SUN). Specifically, it offers the autonomy to business owners to select a tailored UEN from a specially curated catalogue of reserved UENs during company incorporation or conversion. Typically given at a nominal fee, this chiefly assists in quickly identifying and preserving UEN credentials. 

Validity

While the UEN allocated to business enterprises comes with lifelong succession, those meant for sole proprietorships and partnerships are enlisted for a specific period, requiring regular renewal of registrations. 

The various documents grasp the seminal importance occupied by the UEN that it is mandatorily displayed on, such as letterheads, e-mails, invoices, brochures, websites, and marketing materials, amongst other things. The UEN Singapore holds relevance in major federal use cases, such as changes in the capital structure with ACRA, transactions involving the Central Provident Fund (CPF) Board, transactions related to the Inland Revenue Authority of Singapore (IRAS), submission of resolution copies, dissolution of a company, amongst many.

UEN and its advantages in sending and receiving money

Applying a distinct element like the PayNow UEN, business entities can conveniently pay and receive Singapore Dollar Funds by linking the Singapore UEN and Singapore bank accounts. This implies the strategic alliance with Business Contexts Corporation, ensuring instant connection with financial intuitions. Such a union with banking platforms eliminates the need for complex and minute details like an account number in the case of fund transfers.

Why choose Inctro for your business incorporation in Singapore?

With Inctro`s dedicated, accountable and personalised service portfolio, your dream business will be all set to be effortlessly bolstered with all the required legislative affiliations and governance. We offer the most diligent consulting at affordable rates, eradicating even the slightest thread of statutory hindrances.

So what are you waiting for? Reach out to us and devote your precious hours to long-term business goals rather than tedious jurisdictional paradigms!