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Before you partner with a foreign company it’s a good idea to verify the business
It is standard for most companies to run background checks on potential employees before offering them a position.
It helps protect the business from fraud and other issues due to hiring unscrupulous individuals.
But, what about a company in Singapore or another city or country your business is considering partnering with?
Doesn’t it make sense to perform a Singapore company check?
How to Get Started
Performing a Singapore company name check is always a good idea before entering into a business partnership.
Companies have legal backgrounds and credit histories, just like individuals.
You can spend the money on a third-party investigator.
For some businesses, outsourcing the job can make sense.
It can be especially true for larger corporations or when partnering with multiple companies.
However, you can also perform a Singapore company check in-house.
It’s not difficult and you can take advantage of multiple free online tools.
Start By Searching the Business Directory
To run a Singapore company name check, go to The Accounting and Corporate Regulatory Authority (ACRA) website.
It’s a free and helpful tool that will search for any company.
All that’s needed is the business’s name.
After entering the business name you will go through the CAPTCHA verification.
CAPTCHA is when you enter a series of letters and numbers displayed on the screen.
The process is used to verify you as a human and not a computer. It’s a measure the website uses to prevent spam.
What Information Will The Website Display
The ACRA website displays the same information you can learn from a third-party investigator.
It includes the name and address of the company, along with industry and UEN information.
The UEN (Unique Entity Number) identifies the business by assigning it a unique number. It is a requirement for all businesses with transactional history with governmental agencies.
Companies in Singapore are assigned a UEN when they register with ACRA.
Double-checking the company’s address against the one listed on ACRA is an effective way of determining a company’s legitimacy.
What Does a Live Status Mean
The Accounting and Corporate Regulatory Authority website will list the company’s status.
It should read ‘live’.
A Live reading indicates the business is in active operations.
It’s something you always want to verify before entering into a business partnership.
When the Live listing is missing, it typically indicates a pause or halt in business operations.
If the company is no longer in operation, it’s probably best if you look for another business to partner with.
Look Over The Company’s Annual Filings
Singapore companies are required to meet annual filing deadlines.
The ACRA website displays businesses’ compliance in the form of check marks.
A green check indicates the company is meeting its annual filing requirements. They are holding Annual General Meetings and file their Annual Returns within 30 days after the meeting.
When a red check mark is visible, the business is not meeting its annual filing requirements.
It can be a red flag and indicate there are issues within the company.
