What is Meant by the Business Profile of a Singapore Company?

Company incorporation Singapore
Singapore Business Incorporation

Singapore business owners and the individuals that consistently deal with the companies are familiar with what is meant by the business profile. It is a document that can warn and protect them from making unwise business decisions. Information contained in a such document is especially, useful to the new company incorporation Singapore in finding the right type of business associates.

Know What is in the Business Profile of Your Future Business Associate

The business profile of a Singapore company is an electronic report generated by ACRA (Accounting and Corporate Regulatory Authority). It provides vital information about the business entities like an incorporated company, sole-proprietorship, partnership, limited liability partnership or limited partnership.

The business profile of a company proves useful to the investors and business owners that are intending to strike a business relationship with other companies and individuals. The document assists them in scrutinizing whether the other business entity is involved in questionable business practices.

It helps a business owner with the brand-new Singapore company registration in avoiding the tainted businesses and individuals. Knowing more about the would-be business associates helps them in taking proper decisions about the proposed business partnerships, investment transactions, and even in purchases of items.

In other jurisdictions, the business profile is also called as the Certificate of Incumbency, Master data, Company House data, etc.

What does a Company’s Business profile Contain?

The typical business profile of a company contains following useful data:

  • Registration Number of Company

  • Name of Company

  • Company’s former name

  • Incorporation Date

  • Present status of company (live/under liquidation/struck off etc.)

  • Company’s Business activities

  • Details of company capital

  • Local registered office address

  • Date of the last annual filings and account details

  • Details of Auditor

  • Charges details

  • Details of company’s officer like director/managing director/manager/secretary (address and identification numbers)

  • Details of shareholders (shareholding address and identification numbers)

How to Purchase a Business Profile?

The business profile is a public document, and it is available to all the individuals having SingPass ID. The ID is necessary to log-in on ACRA’s BizFile+ website and to pay the fee of S$5.50 using Visa or MasterCard cards.

ACRA sends an email containing a link to the requested informtion which remains active for 48 hours. If you need a certified copy of business profile containing ACRA stamp and signature of ACRA officials, you need to pay S$16.50.

Presently, only Singapore residents are granted SingPass ID. ACRA’s advise to the foreigners entrepreneur is to instruct their corporate or incorporation services provider to apply to ARCA and acquire the business profile of the company they are interested in.

Searching a Business Profile

Using provided facilities one can trawl the complete list of all business entities registered in Singapore like incorporated companies, businesses, limited partnerships, limited liability partnerships, etc.

One can search and locate an entity using;

  • Its full or partial name

  • Its registration Number/Unique Entity Number(UEN)

Use of Company Business Profile

  • As a management reference or to confirm the changes filed with ACRA

  • For opening a corporate bank account for a new Singapore company incorporation

  • A legalized or notarized business profile can be used to submit to authorities of other countries

  • For background verification before establishing commercial transactions with them

  • As a supporting document for applying for permits and licenses for a new Singapore company setup

Details You cannot Expect in a Company’s Business Profile

It is no doubt that the business profile of a company is a useful documents to establish a business entity’s credibility. However, it dose not give company’s past details like previous directors or shareholders. The details about the other directorships or shareholding of the entities under discussion are not included in it.

The business profile also does not include financial details. It also exclude information about business intelligence or the commercial legal matters of the company or its stakeholders like directors/shareholders.


Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s