CorpPass Set to Replace SingPass for Businesses in Singapore
Singapore has formally launched its updated Government to Business (G2B) interface – CorpsPass – as part of an effort to streamline G2B interactions. Emerging from a previous beta as of September 15th, the rollout of CorpsPass will take place gradually over the course of the next year.
What is CorpPass?
In short, CorpPass will allow businesses to complete a number of actions related to trading, compliance, and finance within Singapore via a unified login. This will replace a previous system where companies were forced to use joint personal and business accounts for the purposes of G2B interaction, exposing important personal information. The new program has been touted as an effective means of mitigating this risk and further streamlining G2B interactions. Primary corporate tasks that will soon be opened to CorpPass include:
- Filing corporate taxes
- Applying for trade licenses
- Applying for business grants
Understanding the Rollout
As with many government services, officials will roll out CorpPass progressively, extending access to an increasing number of entities with time. By the end of 2016, the system will be mandatory for all e-government services currently requiring a SingPass login.
Foreign businesses will be permitted to use SingPass for e-government transactions until the end of 2017. Following this date, CorpPass will take over and previous methods of interface will be discontinued.
How to Apply for CorpsPass?
Application for CorpPass is simple and may be completed via the government’s dedicated CorpPass website. Prior to the application process, however, it will be important to understand the roles that those within companies will be permitted to play within the CorpPass system. This will likely determine the documents necessary for companies to prepare as shown in the graph below.
Foreign companies seeking to apply for CorpPass should prepare documents that show their registration as a foreign entity within Singapore. Owners of companies, which must be the Registered Officer (RO) of the company, will be required to present identity documents to verify that they indeed are the owners of the entity in question.
Internal e-Service Crossover
Depending on the e-service used, it may be necessary to carry out internal tasks to update to the CorpPass system. The nature of requirements may differ depending on the service in question. It is therefore important to inquire about potential requirements and to ensure that tasks are completed quickly to ensure seamless transition to the CorpPass System.
Implications for Investment
While Singapore is without competition within ASEAN, it is this responsiveness to the business community which allows it to maintain an edge. In the coming months, it will be important for current and prospective investors to learn as much as they can about the CorpPass program in order to utilize its services effectively. In the event that aspects of the program are problematic or can be improved, it is advisable to reach out to authorities as the program is likely to see additional adjustments as authorities fine tune the system to meet the needs of businesses across the city-state.
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