A smart move for business owners who plan to get involved in a deal is to perform a background check on their potential partners. Hiring the services of an investigator may be a good option, but an initial verification can be done if one knows how to check a registered company in Singapore.
BizFile, ACRA’s filing portal, will help you determine if a company is legal, active, and registered. Aside from delivering some basic info about a business to the public, the site also sells other company data including the business profile, certificate of production, and financial profile among others.
For businesses operating in Singapore, it is a statutory requirement to provide their updated information to ACRA. After authorities have processed the submission, a good amount of data about the company can be acquired by public via BizFile.
The reason behind this availability is to achieve transparency and prevent unlawful use of information regarding corporate entities. Maintaining global standards and boosting Singapore’s reputation as a credible financial hub are the goals of this accessibility.
Steps on How to Check a Registered Company in Singapore
Go to the official website of ACRA’S free online directory search platform: https://www.bizfile.gov.sg/
Type in the name of the company you would like to verify.
You will then need to verify yourself through the CAPTCHA form—an anti-spam tool.
You will finally get the company’s information. The information that you receive includes:
- The name, address, industry, and Unique Entity Number (UEN): This information ensures that the company is not registered on the wrong address or fake location
- The current status of the business: They will tell you if the company exists and if it’s still operating
- The date of the last filing of the annual return and for which financial year end – business, limited partnerships and limited liability partnerships
- The date when the last Annual General Meeting (AGM) was held. If N.A. is indicated, it means that the company has not advised ACRA regarding any AGM.
- The dates when the Financial Statements (FS) were filed. It displays the availability of filed with ACRA. It holds info of up to three years. The following types of companies are exempted:
- Public Accounting Firms, Businesses, Limited Liability Partnerships, and Limited Partnerships
- Solvent exempt private companies which are exempted and did not file FS
- Companies (such as newly incorporated ones) that have not filed the annual returns
- Dormant relevant companies absolved from duty to prepare FS under the Singapore Companies Act section 201A
- Gazetted or de-gazetted companies
Why is the verification of a business important?
The verification process of the business is important because it prevents you from partnering with a company that might be fraudulent or has a bad reputation. BizFile sells information which is taken from the lodgements submitted by companies to ACRA.
Hence, with the help of these easy steps, you now know how to check a registered company in Singapore. Don’t take the verification process lightly as it can save you from trouble if you happen to come across a suspicious company.