1. FAQ
  2. Account Setup
  3. Account Opening & Eligibility

Which documents do I require to open an account with Aspire?

The documents required to open an Aspire account depend upon the complexity of your organisation. 

Here is the summary table of the needed document. It is rare that companies need more than the documents mentioned below.

If you only need to activate your Aspire app for an already opened Aspire account, we usually just need your ID.

Document Full Account Advance only Examples of documents
Your ID Passport, National ID
A Selfie -
Business Constitution / Memorandum And Articles of Association

❌ if your business is a partnership or sole proprietorship

-
Account Opening Letter Provided in app or you can download from here
ID of Directors & UBOs (Shareholders with >25% Shares) Passport, National ID
Your Proof of Address If your address is not available on the ID Utility bill, Bank Statement
Shareholding of Corporate Shareholders If corporate shareholders have 25% or more holding of the company Certificate of Incorporation
License If your industry requires a license Singapore: Employment agency license


Please note that documents must be <= 3 months old (except Identity Documents. Identity Documents can be accepted as long as they are not expired), and be in languages accepted by Aspire (English, or see list of other accepted languages below)

The above table covers the documents you need. If you want a detailed explanation of each document, please read below.


DETAILS OF EACH DOCUMENT

YOUR ID

  • Who needs it. All users, except if you sign up with MyInfo (CorpPass).
  • What documents are accepted. National ID or Passport. Driving licenses are not accepted. The picture must be clear and in color.
  • Why we need it. To verify it is really you signing up, and protect you against impersonation & identity theft.

YOUR SELFIE

  • Who needs it. All users, except if you signed up with MyInfo (CorpPass).
  • What it must show. The in-app selfie during sign-up just needs to show your face. If you provide the selfie by email, it should show you holding your ID and a white paper with the word 'Aspire' written on it. 
  • What documents are accepted. The picture must be clear and in color.
  • Why we need it. To verify it is really you signing up, and protect you against impersonation & identity theft.

BUSINESS CONSTITUTION / MEMORANDUM AND ARTICLES OF ASSOCIATION

  • Who needs it. All businesses, except Partnerships and Sole Proprietorships.
  • What documents are accepted. The constitution must be signed by all subscribers, or be an extract from ACRA. Pictures or scans are accepted. You can purchase this in Singapore (video of these steps is at the end of this article):
    • Go https://www.bizfile.gov.sg
    • Enter your entity's Unique Entity Number (UEN) in the search bar, and click Search again mid-screen.
    • Click on Other Information in the search bar results. Click Search and scroll all the way down to the section Extracts.
    • Under Category, select Company Incorporation (M&AA)/Constitution. For the Transaction Date, select Last 5 Years and click Find; (if unavailable try selecting the other options eg. Last 10 years, etc.)
    • Select the First option under Extract. Purchase it.
    • eCertification is not needed (no need to buy the eCertificate version).
  • Why we need it. To verify that the Constitution allows you to open an account on behalf of the company.

ACCOUNT OPENING LETTER

  • Who needs it. All businesses, except for business with only 1 Director or Sole Proprietorships.
  • What it must show. It must be signed by 1 Director of the company. If a non-director opens the account, the document must show his/her details in the dedicated section of that document as well.
  • What documents are accepted. Please only use Aspire's template which you can download from here.
  • Why we need it. To protect you against account opening done by non-authorised users.

ID OF DIRECTORS & UBOs (SHAREHOLDERS WITH >10% SHARES)

  • Who needs it. All businesses.
  • What documents are accepted. National ID or Passport. Driving licenses are not accepted. The picture must be clear and in color.
  • Why we need it. To determine the identity of key stakeholders of your company and comply with international regulations.

 

YOUR PROOF OF ADDRESS

  • Who needs it. All users, except you are a Director or Shareholder listed in the Certificate of Registration, or if your ID shows your address.
  • What it must show. Name and full address.
  • What documents are accepted. Any invoice or legal document issued by a third party: utility bills, phone bills, bank statements, rental agreement, contract.

SHAREHOLDING OF CORPORATE SHAREHOLDERS

  • Who needs it. Businesses with corporate shareholders that hold > 25% of shares in your business.
  • What it must show. Name, identification number, address, and % or # shareholding of each shareholder.
  • It must not be older than 3 months. Please provide us with a more recent document.
  • What documents are accepted. 
    • Certificate of shareholding
    • Audited financial report
    • Certified True Copy of shareholding
      What is a Certified True Copy? They are copies certified via wet ink signature by a Solicitor, Lawyer, Notary Public or a Certified Public or Professional Accountant.
      Please note that we do not need the original document. Pictures or scans are accepted.

LICENSE

  • Who needs it. Companies from industries that typically require a license to operate (example: alcohol, pharmaceuticals, financial services, cryptocurrency, marketplaces)
  • What it must show. License number, business name, and licensing authority. If your license number is published online, the license number is enough.

Aspire only accepts documents in the languages below. For documents in other languages, we accept certified translations.

  • English
  • Bahasa
  • Dutch
  • French
  • Italian
  • Mandarin
  • Spanish
  • Thai
  • Vietnamese
 

 For Chinese version of this FAQ, please refer to this page.

Video of acquiring a business constitution/memorandum and articles of association in Singapore

HubSpot Video

 

Questions? Email us at support@aspireapp.com or chat with us during business hours (Mon - Fri, 9.30 AM - 6:30 PM SGT)