Why would you, as a startup owner, need to verify a company in Singapore? How could you benefit from it?

You are eager to prove yourself and have already committed successful company incorporation in Singapore. You firmly believe in your product or service and that it will bring a positive change to the lives of your customers.

Now, you are searching for a reliable business partner with established channels and contacts to grow exponentially. Selecting one blindly without checking their credentials could prove fatal for your new startup.

Checking Out a Company in Singapore

Here is a way you can scrutinize the worthiness of companies on your list of potential partners. It is a useful exercise. It will allow you to grade them and approach the one that looks very promising and capable of fulfilling your business needs.

You should use the free online directory search platform Bizfile+. This online portal is specially created by ACRA, the Company Registrar, for the benefit of investors and companies that want authentic information about the existing companies in Singapore. It helps them in taking decisions regarding investment and establishing a business relationship.

Steps to Verify a Singapore Company in BizFile+

The search is free, and all you need to do is to enter the company name or if you know it, its Unique Entity Number (UEN).

  • Visit the portal BizFile+
  • Enter the company name you are interested in
  • Deal with the CAPTCHA verification
  • Click on the Search button

The portal will provide you with company information, like Name, UEN, Status, Address, Industry, Compliance Rating, and Financial Statements Filed.

Registered Address of Company

The portal shows the local registered company address. You, if the need arises, can actually visit the company office and sort out any doubts in your mind about the genuineness of your potential partner. If the address provided by the portal does not match with what you have, it is time to ask for an explanation or walk away from the deal.

Compliance Status of Company

The Bizfile+ portal tells you whether the company exists and in operation. It also shows you the compliance status of the company with a Green tick or Red cross. A Green tick means it has filled its annual filing (AR) after properly convening its AGM.

If you are interested, you can 'click for more' and find out about the latest date of the company's annual return filing or the date of last AGM. 

However, many owners, after company registration in Singapore, choose to hire a registered filing agent specializing in accounting services. These professionals can fetch financial statements from the public domain and can advise you on the financial status of the entities on your list. Knowing which one is in sound financial health can be really useful in choosing a solid business partner for your new business. 

Author's Bio: 

SBS Consulting Pte Ltd is a Singapore-based corporate firm that provides all-encompassing solutions for company incorporation, accounting, XBRL filing, payroll, and company secretary services to a huge client base. The unique combination of a highly-experienced team, technology-driven solutions, and cost-effective fees enable the firm to deliver unparalleled business solutions in Singapore.