Singapore has always been home to a lot of different businesses throughout the years. It is composed of all types of businesses from every industry. There are big and small corporations that make up the economy of Singapore. These have served as the foundation and support of its stable and very successful economic standpoint throughout the years. Singapore is known to have one of the easiest and most convenient processes when it comes to company formation Singapore procedures. That is why it has been one of the most favorite places when it comes to business transactions. Even if it is easy to set up company in Singapore, there are still various laws and regulations that must be followed.
Singapore is composed of many businesses that is why one should be careful before getting into transactions with other companies. Some companies take advantage of the easy company formation Singapore processes to set up fraud companies. That is why it is important to verify the company before you get into business with them. Verifying a company is important to avoid getting scammed and losing a lot of money. When you set up company in Singapore, you are required to register your company. This is for you to be eligible for various government programs. It also serves as security against fake transactions. This means that other companies also register their enterprise during the company formation Singapore procedure.Â
As stated, the main importance of verifying a company is to protect you and your company from fake business transactions. This can help you identify if you are dealing with a credible and reputable company. To make sure that your business partners have gone through the right company formation Singapore processes, here is how you verify their company.
How to verify a company
#1 Check on the website
When you set up company in Singapore, you are required to register it on ACRAâ€™s online platform. That is why all eligible businesses can be found on their website. When you want to verify a company, you can check their website and online directory. This is a free service by the Singaporean government to make sure that the economic sector is organized and is properly supported.
#2 Knowing the right name
Step two is one of the most crucial parts when you want to verify a company. It is crucial because there are many different companies in Singapore. Some of them may have similar company names especially when they are in the same industry offering almost the same goods and services. However, when you set up company in Singapore, government agencies make sure that all company names are unique. This is to avoid further complications and confusion when it comes to business transactions. That is why you have to make sure that you are typing the right company name.
#3 Check the right information
When you have already accessed the desired company name, there are a few things that you have to note to make sure that they are legitimate partners. The first things that you have to check are the name, address, industry, and entity number. The entity number serves as a unique code to make sure that they are the ones you are looking for. It helps avoid confusion among business organizations. These things are acquired and registered when you set up company in Singapore.Â
While verifying the business, you can also check their current status. Some business may still be registered but has already announced inactivity due to many reasons. This means that they can be either still legally operating or have already been marked as inactive.Â
The last date of filing of the tax annual return should also be taken into consideration as it plays a great role in the company's credibility. Tax returns are legally mandated and are reminded when you set up company in Singapore. This is the legal duty of a company to its government and serves as a fund source of the country. Being able to meet these kinds of requirements says a lot about how a company conducts its business transactions. During the company formation Singapore procedure, this is one the things to take note of as it may cause legal apprehensions like fines and even jail time.Â
Hire a helping hand
Conducting business in Singapore may have a few drawbacks as the market is too crowded and risky. That is why safety measures as verifying a company should be taken. However, even this may be complicated for some business owners. You can hire a third-party firm to do these kinds of tasks and make it easier for you. WLP Group is a credible firm that offers these kinds of services. Contact us today to know more.