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How to Verify a Company in Singapore?
Just like ordinary individuals out there, a business/company has its own credit history and a legal background, too. Therefore, it is not unusual that company or customer will check the worthiness of the company before the formation of any business relationship.
Read more about Singapore Company Name Checker
While you can run a business background check with the assistance of third-party investigator, you can also do it on your own. The Accounting and Corporate Regulatory Authority (“ACRA”) has provided the free online directory search that public can search for a business entity by just typing in the company name.
Here is how it works:
1. Go to ACRA’s free online directory search platform: https://www.bizfile.gov.sg/
2. Key in the “company name” (which you would like to verify)
3. You will be prompted to go through CAPTCHA verification (note: CAPTCHA verification is to make sure that you are human but not a spam-sending computer).
4. You will then be presented with information related to the company.
- a) The company’s name, address, UEN and industry
- The validity of the registered business address of the company will be shown here. This is particularly useful when you are running background check – a wrong registered address / suspicious premise location will raise a red flag.
- b) The business entity’s status
- You will see a piece of information stating the status of the company. The “live” status is important as it tells whether the company currently exists and operating, or otherwise.
- c) The entity’s compliance rating for annual filing
- While a green tick indicates that, the company complies with the annual filing requirements under the Companies Act, a red cross means otherwise. Tobe precise, a green tick shows that the company has held its Annual General Meeting (“AGM”) in a timely manner; has its latest accounts presented at the AGM; has filed the Annual Return (“AR”) within 30 days after the AGM.
- You can click “click to see more” to find out more information like the last AR’s date, last AGM’s date etc.
It is always a good practice to run background check on new business partner to identify the worthiness of the company. A thorough background check can help you to make decision and protect yourself from fake or dubious companies.