As a business owner in Singapore, it is essential to own a Unique Entity Number (UEN) as this number will help set the business unique from others, like the UEN being the NRIC. A special UEN (SUN) may be obtained by choosing from a list of preferred UENs.
Therefore, to anyone looking forward to starting a business in Singapore, please make sure you stick with us throughout this article, as there will be much information to be unfolded that will benefit you and your business.
WHAT IS A UNIQUE ENTITY NUMBER (UEN)?
A UEN is a series of integers, typically 9 to 10 digits, uniquely identifying an entity. The term “entity” applies to more than only businesses. Other company arrangements, such as sole proprietorships and partnerships, are also included. Individuals, such as yourself, are not considered “entities.”
The UEN is the registration number for firms registered with ACRA (including local businesses). Other registered entities will receive a unique UEN distinct from their registration number. There will not be a UEN issued for the entities as such:
- Entities that do not deal with government agencies or have just one-time interactions with them.
- Sub-entities of an entity, such as branches and divisions.
WHO IS ENTITLED TO A UEN?
If you own a business, local companies, limited liability partnerships (LLPs), societies, representative offices, healthcare institutions, and trade unions, you will require a UEN.
However, a UEN sequence issued to an individual will always be permanent and unique therefore, if the business name changes, the number cannot be changed or given to anyone else.
A UEN is also exempted to individuals as identification will be required of them, companies with no ties to government organizations in their home country, and a branch is a sub-entity of a Singapore corporation.
STEPS TO GET AN UEN IN SINGAPORE
If you’ve started a business in Singapore, you’ll already have a UEN, which you can look up in your company profile.
If you haven’t yet registered your business and hence don’t have a UEN, follow these steps to obtain one:
1. Business Structure Is Chosen
You can choose from a range of business structures depending on your needs. Incorporating a business in Singapore and creating a limited partnership or a limited liability partnership are two examples.
Partnerships are smaller businesses where the partners control the company directly. They are subject to fewer and more sophisticated legal constraints, allowing them greater corporate flexibility. Annual General Meetings, for example, are unnecessary, and partners merely need to declare personal income and pay taxes on it.
On the other perspective, businesses are better prepared for future expansion and capital raising. They must, however, adhere to tougher regulatory compliance norms relating to audit obligations, return filing, and general meeting behavior, among other things.
2. Business is registered
The BizFile+ website is used for registration. Unless your organization is in some regulated industry like design, real estate, or defense, it is a reasonably straightforward process that can usually be finished in one sitting.
The registration charge for sole proprietors, partnerships, and LLPs is $115 for a one-year registration and $175 for a three-year registration. If business continues, the registration must be renewed.
A one-time incorporation fee of $315 is charged for businesses, which covers the registration of a business name.
3. Decide if special UEN (SUN) or regular.
Special UENs are UENs that have been set aside because they are “nicer-looking” and simpler to recall. However, in addition to the business registration price, additional costs are associated with obtaining a SUN.
4. Upon Registration, Check The UEN
After registering, you will receive a business profile that includes information about your company and your UEN.
You may also use BizFile+ or UEN.gov.sg to look for your UEN (or the UEN of any other organization with one).
How To Obtain A Special UEN?
You can select a SUN from a list of reserved UENs rather than getting a system-generated UEN which is random. SUNs can help to boost a company’s prestige and reputation, and they’re also easier to remember. SUNs are divided into two tiers.
1. Tier 1 SUNs
Have the same consecutive number or has the number “8″. These SUNs cost $3,000 each without adding the above-mentioned charges of business registration.
2. Tier 2 SUNs
Repetitive, or it will end with identical triple numbers. The cost of each SUN is $1,000, not including the charges of registering the company.
A SUN can only be purchased during the payment step of registering a business. Unless you form an entirely new firm or change your business structure, you will not be able to convert your UEN to a SUN again.
When To Display UEN?
When dealing with government entities such as ACRA, the Department of Statistics, the CPF Board, and IRAS, you must use your UEN.
In addition, the UEN must be displayed on all business communications, statements of account, invoices, official notices, and corporate publications.
When To Renew Your UEN?
Once incorporated, companies have perpetual succession. As a result, company UENs do not need to be renewed. The UEN will be valid for as long as the company is active and listed on the company registration.
On the other hand, sole proprietorships and partnerships are registered on a term basis. To keep the business running and keep the UEN, you must renew the registration when the term expires.
What Is PayNow UEN?
Singapore companies can now link their UEN to their Singapore bank accounts which allows them to send and receive Singapore dollars instantly. Such transfers do not reveal the account numbers of the other entities when transferring funds. Individuals can also now transfer funds to corporate entities via Paynow.
Is UEN The Same as the GST Number?
Yes, A Singapore GST-registered company will use the same UEN number.
Why is UEN Good For You?
You can connect seamlessly with government entities if you have a UEN. You don’t have to utilize multiple numbers to engage with different government authorities, whether you’re filing company tax returns or requesting import/export permits. Your UEN is the only number you’ll require.
Since no two businesses have the same UEN, they are unique identifiers. They’re also a quick way of verifying firms via an online search, and they make transactions and interactions with government organizations more convenient.
Relin Consultants can help you with the registration process and provide legal advice during before and after the registration. Feel free to reach out to us at Relin Consultants, as we will be happy to guide you.