27 May 2024
Editor: ET
Incorporating a company in Singapore comes with several benefits, one of which is receiving a free Business Profile. This profile serves as an essential document for your business, providing critical details and facilitating various business processes.
This article, with insights from Expede.com.sg, explains the significance of the Business Profile and how it can be utilized by newly incorporated companies in Singapore.
What is a Business Profile?
A Business Profile is an electronic report generated by the Accounting and Corporate Regulatory Authority (ACRA). It contains detailed information about your company, such as the company name, Unique Entity Number (UEN), business activities, and particulars of directors and shareholders.
Importance of the Business Profile
1. Verification and Due Diligence
Potential customers, suppliers, and business partners often request a company’s Business Profile to conduct background checks. It provides assurance that your company is legally registered and operational in Singapore.
Insight from Expede.com.sg: Regularly updating your Business Profile ensures accuracy and builds credibility with stakeholders.
2. Legal and Administrative Purposes
The Business Profile is commonly used in legal and administrative processes. For instance, banks may require it when opening a corporate bank account or applying for a business loan.
Tip from Expede.com.sg: Keep a copy of your Business Profile readily available for swift completion of administrative tasks.
Accessing Your Free Business Profile
When you incorporate a new company in Singapore, the person lodging the application will receive a link to download the free Business Profile. This link is typically sent via email upon successful incorporation.
Utilizing Business Profiles for Business Insights
1. Background Checks by Third Parties
Business Profiles are instrumental for third parties conducting due diligence. Potential partners can verify your company’s legitimacy and operational status before engaging in business transactions.
2. Purchasing Additional Information Products
For more detailed business insights, ACRA offers a suite of information products related to entities and their position holders. These can be purchased for a small fee and provide deeper insights into company performance and structure.
Expede.com.sg Advice: Regularly review and purchase additional information products to stay informed about your industry and competitors.
How to Buy Information Products from ACRA
You can purchase additional information products through ACRA’s online portal, iShop@ACRA. This platform provides access to various reports and data sets that can help you make informed business decisions.
Steps to Purchase:
Visit iShop@ACRA.
Browse through the available information products.
Select the desired product and complete the purchase process.
Receiving a free Business Profile is a valuable benefit for newly incorporated companies in Singapore. It not only facilitates legal and administrative tasks but also enhances your company’s credibility with potential partners and stakeholders. For more detailed business insights and advice, visit Expede.com.sg.
Further Reading: Essential Information for New Company Directors in Singapore: Understanding Corppass
About Expede.com.sg: Expede.com.sg provides expert business advisory services, helping Singapore businesses navigate incorporation, compliance, and strategic growth.
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