There are several requirements that an individual/business entity/company must fulfil for their incorporation in Singapore. UEN (Unique Entity Number) is one of them. It is a string of numbers to identify a specific entity/number of businesses registered in Singapore.
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You can obtain a special UEN from a list of preferred UENs. In this blog, we will walk you through what UEN is and the process of obtaining it.
What is a UEN?
It is like an NRIC to identify business entities registered in Singapore, including other business structures, such as sole proprietorships & partnerships. For the businesses registered with ACRA, including local companies, UEN is their registration number.
All other registered entities in Singapore will be issued a UEN, separate & different from their registration number. The following entities are not entitled to the issuance of UEN:
- Sub-Entities, such as divisions or branches of an entity.
- Entities with a one-off interaction or don’t interact with a Government Agency.
Read more about: How do I set up a company in Singapore – Quick guide!
What is the Purpose of UEN in Singapore?
UEN is a standard number for your business to communicate & interact with government agencies. It is a single number for applying for trade permits, filing tax returns, updating particulars with ACRA, CPF contributions, and more activities.
UEN makes your business appears more legitimate & authentic to business partners, customers, and suppliers. Your business information & registration can be verified & searched via ACRA through UEN. It expedites credit financing & contracting.
One of the best advantages of UEN is that you can utilise PayNow Corporate to make payments to your suppliers & receive from your customers instantaneously by linking your UEN to your business bank account.
It is extensively beneficial for online businesses & for organisations looking for a smooth & quick payment mode for their suppliers & customers.
What is the Process for Obtaining a UEN?
For businesses registered in Singapore, their registration number is their UEN. For other entities, the following is the process to obtain a UEN:
Selecting a Business Structure
You can select your business structure from various available ones in Singapore, depending on your business requirements & needs, such as sole proprietorship, limited partnership, or a limited liability partnership (LLP). You can opt for small, mid, or large-scale partnerships depending on the number of partners and funding.
Small-scale partnership firms are subject to less complex legal rules & regulations. And they have flexibility in conducting their business. There is no necessity to hold AGMs, as partners must declare Personal Income & pay taxes.
If the capital is high, the companies have advantages of future expansions & funds raising from markets. However, they must adhere to rigid regulatory compliance rules in Singapore for filing tax returns, conducting AGMs, auditing, and more.
After deciding on Business Structure, the next thing is registering your business on the BizFile+ website, which is a quick process unless your business is regulating in architecture, defence, or real estate industries.
The registration fee for sole proprietors, partnerships, and LLPs for a 1-year registration is S$115, and for three years, it is S$175. However, the cost for company incorporation is a one-time S$315, including business name registration.
After business registration, you must determine whether you want a standard UEN or a special UEN, reserved for quick remembering & fancy appearing numbers. However, for Special UEN, there are extra costs apart from business registration.
After business registration & selection of UEN, you will be issued a business profile containing your business details & UEN. You can check your UEN through a free search on UEN.gov.sg or Bizfile+.
How to Obtain Special UEN (SUN)?
Many businesses want a Special UEN instead of a randomly allotted one. Instead of obtaining a system-generated UEN, you can choose SUN from the reserved UENs list. Special UENs increase business reputation & status, also strengthening credit. SUNs have two tiers which are straightforward to remember:
Special UENs with the same consecutive numbers or containing the digit ‘8’, such as 20188888A and 201800800K. They cost S$3,000 each, apart from the business registration fee.
These Special UENs either have repetitive patterns excluding the digit ‘8’ or end with identical triple numbers, such as 201812121R and 53410101G. It costs S$1,000 each, excluding the business registration amount.
Regular UEN is generated randomly, such as 201646437E or 201035876H.
Important Note: You can purchase Special UEN only during the business registration payment stage. If you miss it, you won’t get another chance to convert UEN to Special UEN later. For that, you must either register a new whole business or change your business structure.
Where to Display Your UEN?
You must use & show your UEN while transacting with Government Agencies in Singapore, such as ACRA, IRAS, CPF Board, and the Department of Statistics. Companies must display it on all their invoices, account statements, official notices, business letters, and even company publications.
Companies don’t need to renew UEN as they have perpetual succession in Singapore once incorporated. And it remains on the list of registered companies unless they exist.
However, sole proprietorships, partnerships, and LLPs are registered on a term basis. Hence, they must renew their business registration after the term expires to continue their business & retain existing UEN.
After reading the blog, you will have a firm comprehension of what UEN and special UEN are, their purpose, and the process for obtaining them. Also, you will know where to use them & whether to renew them or not. However, if you have questions, feel free to contact us.
At Bestar Services, we provide Company Incorporation Services in Singapore. Our highly qualified & competent business advisory consultants will assist you with the process, including obtaining UEN and special UEN.
For a consultation with our Business Advisory Consultant or any queries, contact us via email at firstname.lastname@example.org or call at +65 62994730.