Corporate Compliance Requirements in Singapore

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Corporate Compliance Requirement

Corporate Compliance Requirement – When it comes to SingPass verification, it took effect back on April 11, 2021, and Singaporean entities are expected to use this verification method instead of CorpPass to log in to Government digital services.

The reason for this lies in the fact that it is much more simple this way. That being said, it is now possible to log in to the CorpPass portal either via a password login method or a QR code for corporate transactions.

Back in the day, users had to use both a CorpPass ID and password for each UEN. If a user has to make a transaction on behalf of several different entities, this change completely removes the need to manage different sets of CorpPass login details.

CorpPass Account Registration

The CorpPass portal is managed by GovTech (Government Technology Agency) and owned by the Ministry of Finance. It should be noted that SingPass and CorpPass are two different systems.

While SingPass is used for the purpose of verifying users for login attempts, CorpPass continues to play the role of the authorization system when it comes to corporate transactions.

With this in mind, the CorpPass portal allows company administrators to specify what digital corporate compliance requirement services each employee can use when it comes to making transactions on the company’s behalf. Feel free to contact our corporate compliance requirement professionals here if you have any questions regarding the matter.

What CorpPass Can Do For Your Business

It is important to note that many digital transactions have been finished on corporate compliance requirements digital platforms such as EASY and SingPass. Since tracking several different digital entities can be a confusing task sometimes, some users might easily become worried about the level of security of transactions that they conduct online.

The main goal of CorpPass is to replace EASY/SingPass and agency-issued login IDs for both local entities that have a Unique Entity Number (UEN) and foreign entities. CorpPass has officially replaced both EASY and SongPass as the only login mechanism for digital business transactions.

The single corporate digital entity structure of CorpPass has managed to increase the level of convenience for users. This is especially the case with those users who conduct transactions with multiple government agencies since they do not have to deal with multiple login identities anymore.

Corporate Compliance Requirement – Foreigners Without a SingPass

Foreigners are required to create a SingPass account to receive a SingPass ID which they will be able to use to sign up for the SingPass app. Foreign users can then log in to their Foreign User SingPass accounts to access the CorpPass services.

Registering For a CorpPass Account

There are four different types of CorpPass accounts that you can choose from:

  • The Administrator account (CorpPass Admin)
  • The Sub-Administrator account (CorpPass Sub-Admin)
  • The Enquiry User account
  • The User account

Both Admin and Sub-Admin accounts possess the ability to view the entity’s details on the CorpPass platform, perform transactions through digital services, create other CorpPass accounts, and manage both the users and the access to the digital services.

Inquiry Users are only able to view the entity’s details on CorpPass and perform transactions through corporate compliance requirement digital services. When it comes to CorpPass Users, the only thing that they can do is perform transactions through digital services.

Corporate Compliance Requirement

A Registered Officer (RO) who has a CorpPass account can either register him/herself or nominate another person with a SingPass account for the position of a CorpPass Administrator, providing them with the opportunity to create a CorpPass account for the company. There can only be up to two CorpPass Administrators per company. Each user has to be a SingPass account holder. The RO has the ability to approve, view, and terminate the Administrator accounts by accessing their SingPass account on the official CorpPass site.

Related Article: Company Registration | Singapore Guide