Verifying A Registered Company In Singapore Using ACRA's Business Information Services
Have you ever questioned the legitimacy of a Singaporean company you're considering doing business with? Verifying a company's registration is vital to avoid risks and ensure a smooth business transaction. However, if you fail to verify a company you work with, you may have legal problems. Fortunately, the Accounting and Corporate Regulatory Authority (ACRA) offers comprehensive Business Information Services, making this process straightforward and efficient.
Read this article and learn how to check company registration in Singapore using ACRA's services. We'll discuss the advantages of verifying company authenticity and additional compliances to avoid legal issues.
What Is ACRA?
ACRA, or Accounting and Corporate Regulatory Authority, is a Singapore government agency regulating businesses, public accountants, and corporate service providers.
This authority possesses information about companies registered in Singapore, including their registration status, directors, shareholders, and business activities. A business in Singapore goes through this ACRA process, which is essential in the country.
If you plan to partner with a company in Singapore, you will get all the details from ACRA. These details help you analyze the information about the firm and confirm that it is legitimate to avoid unnecessary risks.
Why Verifying A Registered Company Is Essential?
Verifying the companies is essential when conducting business transactions in Singapore. This practice helps reduce risks and ensures that you deal with good partners.
Prevent Fraud And Losses
The first reason is to safeguard you from potential fraud. Unregistered companies may engage in illegal practices, leading to financial losses and legal complications. Using AiPrise's services and its connections to ACRA and 200+ government registers globally can enhance your fraud prevention strategy by offering in-depth, verified data on potential business partners. When you verify them, you can also understand that you don't deal with any business that is not coming under sanction.
Avoid Unreliable Partners
Partnering with an unregistered company may give you problems. These entities may lack the necessary infrastructure, experience, or financial stability to fulfill their obligations. Verifying registration helps avoid collaborations with such partners that could jeopardize your operations.
Establish Credibility
Registered companies have undergone a screening process to ensure they meet specific legal and financial requirements. Verifying registration establishes the credibility and legitimacy of potential business partners, which can enhance trust and develop stronger relationships.
Protect Reputation
Joining business with unregistered companies can ruin your business's reputation. If your company is found to be dealing with a fraudulent or unreliable entity, it can damage your credibility and deter potential customers or investors. Verifying the company in Singapore in advance will help you avoid such things and allow you to maintain a positive market reputation.
In the next section, you can learn how to check company registration in Singapore using ACRA.
How To Check Company Registration In Singapore With ACRA?
ACRA provides an online directory search tool that lets you quickly verify the registration status and basic information of companies and public accountants in Singapore. Alternatively, AiPrise can simplify the process by collecting crucial data from multiple reputable sources, including ACRA. Let’s see the steps to use ACRA's free online directory search.
- Visit ACRA's Platform: Access ACRA's online directory search platform through their official website.
- Enter Company Name: In the designated field, type the name of the business entity or public accountant you want to search for. Complete CAPTCHA (if prompted): To ensure you're a human user, complete the CAPTCHA verification process if prompted.
- View Results: After completing the CAPTCHA, you will see the search results displayed by ACRA. Basic information about the company, including its registration status, will be visible.
Information Available From Directory Search
ACRA's free online directory provides basic information about registered companies in Singapore. This tool can help you gather valuable insights to assess a company's legitimacy and credibility.
- Company Status: Check that the company's status is 'live,' indicating that the company is operating and has not been dissolved or deregistered. Consider purchasing a Business Profile for detailed information, such as the company's date of incorporation.
- Registered Address: ACRA helps you validate the accuracy of the company's registered business address. It is crucial to contact the company and verify its physical presence. If the address seems unusual or suspicious, conducting further research is advisable.
- BizQuery On OneMap: ACRA's directory search tool can be accessed through the Singapore Land Authority's OneMap platform. This useful integration allows you to visualize the company's registered address on a map and better understand its location. This option lets you view its registered address visually and assess its location relative to other businesses.
Have you checked the information available from the directory search? Let’s see how you can purchase a business.
Purchasing A Business Profile
ACRA's free online directory search provides basic information, but you may need more in-depth details for specific purposes. In that case, you can purchase a business profile that can offer valuable insights about the company you are searching for.
- Use ACRA's iShop: Visit ACRA's iShop platform to purchase a Business Profile.
- Select The Profile: Choose the Business Profile option, which provides comprehensive information about the company.
- Make Payment: Complete the payment process using the available payment methods.
- Receive Profile: Once the payment is successful, you can receive the Business Profile via email within 15 minutes.
The cost of purchasing this profile is typically fixed but may vary over time or based on additional specific requirements. This purchase will help you find the details, such as the company's incorporation date, share capital, and the names and positions of its officers.
This can be particularly useful for conducting thorough due diligence, assessing a company's financial stability, or verifying its compliance with regulatory requirements. This information is a valuable asset for investors, partners, or anyone seeking comprehensive information about a company.
Let’s see the understanding of terms in a business profit in the next section.
Understanding Terms In A Business Profile
A business profile gives detailed information about a company you search for. A profile will give you valuable insights into the company's history, structure, and financial commitments. AiPrise's detailed reports are particularly valuable for investors and partners seeking thorough due diligence.
- Registration Number And Incorporation Date: These details give the company's history and when it was officially established. A longer history suggests a company's experience and stability.
- Issued And Paid-Up Share Capital: Issued share capital represents the total number of shares authorized by the company, while paid-up share capital is the portion of shares that have been subscribed and paid for. This information is vital to know the company's financial commitment and potential for growth.
- Shareholders, Directors, And Secretaries: Shareholders are the company's owners, while directors are responsible for managing its affairs. Secretaries have a crucial role in ensuring compliance with legal and administrative requirements. These details allow you to assess the company's ownership structure and leadership.
Additional information will give you more details about the company. Let's see how you can do that.
Checking Additional Compliance Details
More than the basic information provided in a Business Profile, you must verify a company's compliance with regulatory requirements. This includes checking its adherence to annual filing obligations and financial reporting standards. Let's see some of the common things you need to verify.
- Annual Returns (AR): Ensure that the company has submitted its Annual Returns (AR) within 30 days of its Annual General Meeting (AGM). The AR provides a snapshot of the company's financial performance and compliance with regulatory requirements.
- Annual General Meeting (AGM): Check the company's most recent AGM date. This meeting is essential for shareholders to approve the company's financial statements and elect directors. Confirm that the company held its AGM within the specified timeframe.
- Financial Statements: Confirm that the company has submitted its financial statements to ACRA before the deadline. These statements provide a detailed overview of the company's financial performance and position. Ensure that the financial statements comply with ACRA's requirements.
And that's not all. A deeper dive into the people behind these companies can be super enlightening.
Using People Profile
ACRA offers a people profile service that provides insights into the individuals associated with these companies and the company's basic information. This information gives you the credibility and involvement of specific individuals in various business entities. AiPrise offers robust people profiles, giving you a comprehensive view of key individuals in potential business ventures. The benefits of using this option include:
- Lists All Business Entities: People Profile allows you to identify all the businesses, particularly those involved. This information can help you understand the scope of their business activities and potential conflicts of interest.
- Provides Detailed Roles And Status: The People Profile outlines the individual's specific role and status for each business. This gives you clear information, such as whether they are a director, shareholder, secretary, or other key position. This detail can help you assess their level of involvement and influence within the company.
- Useful For Assessing Credibility: By understanding an individual's participation in various business entities, you can better assess their credibility and reputation. This information can be valuable when evaluating potential business partners or making investment decisions.
Conclusion
Checking a company's details is vital to avoid risks. If you are wondering how to check company registration in Singapore, ACRA can help you identify the details and avoid entering unlawful activity. ACRA offers a variety of tools and resources to assist in this process, including the free online directory search, Business Profiles, and People Profiles.
Are you looking for easy access to all this information in a single place? Look no further than Aiprise. Our comprehensive verification solutions provide instant access to ACRA-verified company details, helping you safeguard your business from fraud. Book your demo and discuss how to streamline your compliance process with AiPrise today!
