The Unique Entity Number (UEN) concept was introduced in Singapore in 2009 to allocate a specified identity to all the firms operating in the country. It is a unique code that enables business entities to interact with the government agencies for various purposes, such as filing corporate tax returns or applying for import and export permits.
Who needs UEN in Singapore?
All types of organizations, such as local businesses, trade unions, healthcare organizations, societies, representative offices, etc., which need multiple interactions with the government, are issued with UEN. It is a fixed nine-digit code and is once assigned to an entity. It cannot be replaced even if the entity’s name changes in the future. There is a limitation to the issuance of UEN to specific commodities, such as individuals, overseas companies that have only one-off interactions with one government agency, and sub-divisions or branches of entities will not receive the UEN.
What is the process of registration?
A systematic procedure is to be followed for registering and receiving a UEN.
- Selecting a business entity is the first step. It can be done by choosing any business, such as a small partnership business or a limited partnership liability.
- A straightforward procedure for registering on a government website can be accomplished in one sitting, and processing fees depend on the duration of validity, the type of business entity, and the name of the business entity. Additional charges may apply if the name is desired. Renewing registration after the set duration will also involve different amounts according to government norms.
- Selecting a special UEN is the third step if one wishes because they are convenient to remember and look good, but those willing to pay an extra amount for this can select a special UEN.
- Verification is the final process in which business owners can check the business profile and other helpful information about their organizations if they search UEN on government websites.
How is UEN useful for businesses?
- Ease of transactions: The businesses are empowered if they can perform transactions of funds online without the fear of theft or any fraudulent activity. UEN plays a vital role in enabling such transactions. Also, it helps maintain transparency regarding the entity’s business profile and other valuable information.
- Securing a corporate bank account: A business account media posts is mandatory for firms operating in nationalized infrastructure. In Singapore, the UEN is a tracking tool for analyzing the company’s financial activities and filings. This further helps in determining the issuance of corporate bank accounts.
- Forming business contracts or agreements: The legal documentation primarily deals with the UEN number as the source code for contract agreements when entities venture into business deals.
Just like UEN’s, there are other defined identification metrics in Singapore, and one shouldn’t be bewildered by their names.
ACRA: Before the concept of UEN was introduced, businesses used their ACRA registration number to interact with the government.
ROC: It is the number assigned to the companies by eblogz the registrar of the companies
GST is the metric issued to all the local companies registered under ACRA. Foreign companies are the exception.
TIN: It is also a unique identifier but is issued only to individuals for tax regulations.