An Incorporation of Entity Certification, also known as the Certificate of Incorporation (COI), is an official document issued by the Accounting and Corporate Regulatory Authority (ACRA) that recognizes the legal status of a company in Singapore that's fully registered. This document contains the name of the company, its Unique Entity Number (UEN), incorporation date, and business entity (i.e., Private Limited Company, Public Limited Company, etc.). Moreover, it asserts that the company incorporation has fulfilled the regulatory requirements for its formation and is considered a separate legal entity from its owners.
Who is Required to Obtain the COI?
All local and foreign entities engaging in business activities in the country are required to obtain the Certificate of Entity’s Incorporation.
More specifically, if a company is entered into business contracts and trading agreements or is involved in government transactions– whether within the country or overseas–the certificate will be used as proof of existence. Likewise, it is used to inform the transacting parties of the nature of a company's business entity.
How Do You Acquire this COI?
Company incorporation Singapore requires all business owners to apply for the certificate through the following steps.
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Receive E-Notification
After the Singapore company formation, ACRA will send an incorporation e-notification through email. It is considered an electronic document but does not contain any official seals or signatures. The e-notification will contain the company’s basic details, which the applicant will need to proceed to the next step.
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Head over to BizFile Portal
Once the applicant is on ACRA’s official BizFile portal, he/she should find a “Buy Information” tab and click on it. After which, a set of options will appear. The applicant then has to select a package from the business package list and proceed to the next steps. To purchase the COI, he/she needs to pay the standard price of S$50.
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Get the Certificate
After the payment has been received, expect to receive an email from ACRA containing a URL where the applicant can access the information and download the electronic certificate. This will take about 15 minutes after payment.
If a hard copy is needed, the company representative can follow the same procedure. The hard copy of the certificate will be made available in the ACRA reception for collection 24 hours upon successful payment. Another option is to request ACRA to deliver the hard copy of the certificate to a designated address.
In instances where the business requires multiple copies of the certificate to submit to transacting parties, they can make another purchase of the electronic certificate from ACRA by following the same steps. Although there are neither time constraints nor a maximum number of copies to hinder the purchase, only Singaporean nationals or the company's authorized service provider can complete the purchase with ACRA.
Why is Incorporation of Entity Certification Important?
This certificate is a necessary document to express the company as a separate legal entity. As such, it has its own liability and can act independently. This document will be required to accomplish certain business activities such as:
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Opening a corporate bank account
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Applying for company load when needed
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Seeking any funding support for business endeavours
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Selling the company incorporation to another party
After Obtaining the COI, what are the Next Steps for the Company?
After completing company registration in Singapore and obtaining the Certificate of Incorporation, the business entity may be required to acquire several other certificates and licenses in order to legally operate in the country.
Depending on the nature of the business as well as their expected activities in the country, the requirements may differ. To make it more convenient and efficient for them, they can outsource a professional business service provider to assist them in acquiring the necessary documents and applying for particular certifications.
