KYB Supporting Document Requirements Guide for Singapore
1. Verification Process
a. User Verification
- IDs accepted (must be a national of that country - citizen or resident; no foreigner can sign up)
- Driver’s license
- ID Card (NRIC)
- Passport
b. Document Verification
i. CorpPass - Verify via CorpPass
ii. Manual Verification - Fill in information and submit documents
-
- Company Profile (issued by ACRA or other Singapore government issuance agencies).
- NRIC (Front and back)
- For account representatives who are not listed on the business profile:
- Provide Authorization Letter Signed by secretary/director of company
- Provide ID of both the account representative and the signing secretary/director [ID containing signatures - e.g. passport]
Note: Additional requirements may be requested by Compliance after initial documents are provided (e.g. if business requires licenses / permits; beneficial owner info >25% ownership)
c. Bank account
Companies and LLP must use company bank account for payouts.
Sole Proprietorships, Partnerships and LP may use bank account with name of owners/partners for payouts.
For Companies and Limited Liability Partnerships, opening a corporate bank account is a must.
It is optional for Sole Proprietorships, Partnerships and Limited Partnerships. However, a corporate bank account allows you to keep your business expenses separate from your personal savings and also helps you track your business cash flows, which will come in handy when filing taxes.
Source: https://www.gobusiness.gov.sg/start-a-business/open-a-corporate-bank-account)
2. Entity types and document requirements
| Entity Type | Documents required |
|
Business Company Limited Partnership Limited Liability Partnerships |
ACRA Business Profile Business profile samples: https://www.acra.gov.sg/how-to-guides/buying-information/business-profile |
| Mosques Madrasahs |
Certification from: Islamic Religious Council of Singapore or Document with information on officers and members |
| Charities and Institutions of a Public Character |
PDF from charities portal containing information on Governing Board Members/ Trustees and Key Members https://www.charities.gov.sg/Pages/AdvanceSearch.aspx?q= |
|
Cooperative Societies Mutual Benefit Organisations |
Registration Certificate or Document with details of officers, key members and their title of office, esp of the President, Secretary, Treasurer |
| Societies |
Document with details of society's members and their title of office, esp of the President, Secretary, Treasurer Can be screenshot or PDF from MHA registration page of the Registry |
3. How to register a business in Singapore
- Guides: https://www.acra.gov.sg/how-to-guides
- Sole prop or partnerships
- Local Company
How to register for Corppass to verify my HitPay account?
HitPay uses MyInfo Business in order to verify businesses in Singapore. Businesses registered in Singapore are required to open a Corppass account and verify their HitPay account using Corppass credentials.
Please ensure that the authorised user who is allowed to perform Corppass transactions has been registered for the below MyInfo e-service.
While completing verification, if you see an error below:
403
CorpPass account is non-SingPass backed
You are getting this error message because:
- Your Singpass account has not been registered for Corppass and / or
- Your Singpass account has not been registered for MyInfo Business e-service in Corppass as shown below