Account Opening & Eligibility
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      What documents are required to open an account for a Singapore business?

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

       

      Documents needed for Singapore businesses

      1. ID

      • All users need to submit this (except if you sign up with MyInfo / CorpPass) to protect users against impersonation & identity theft.
      • Accepted IDs are National IDs or Passports. The picture must be clear and in colour. Driving licenses are not accepted.
      • Proof of Address is required if the submitted ID does not show your address. Accepted documents should be any legal documents issued by a third party: utility bills, phone bills, bank statements, rental agreements, or contracts.

      2. SELFIE

      • Who needs it? All users, except if you signed up with MyInfo / CorpPass (For Singapore businesses only).
      • What must it show? The in-app selfie during sign-up 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 colour.
      • Why we need it. To verify it is you who sign up and protect yourself against impersonation & identity theft.

      3. BUSINESS CONSTITUTION / MEMORANDUM AND ARTICLES OF ASSOCIATION

      • This applies to all businesses, except Partnerships and Sole Proprietorships, to verify that the Constitution allows you to open an account on behalf of the company.
      • All subscribers must sign the constitution or be an extract from ACRA. Pictures or scans are accepted. For Singapore businesses, you can purchase this with ACRA (video of these steps is at the end of this article):
        • Go to https://www.bizfile.gov.sg > Enter your Unique Entity Number (UEN) in the search bar > click Search again mid-screen.
        • Click on Other Information in the search bar results > Click Search > Scroll 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).

      4. LETTER OF AUTHORISATION

      • This applies to all businesses to protect businesses from account openings done by non-authorised users.
      • Click here to fill out our Letter of Authorisation and ask 1 Director of the company to sign it. Director's signature must match the signature shown on the submitted ID. If a non-director opens the account, the document must show his/her details in the dedicated section of that document as well.

      5. ID OF DIRECTORS & ULTIMATE BENEFICIAL OWNERSHIP/S (UBOs) WITH MORE THAN 10% SHARES

      • This applies to all businesses to determine the identity of your company's key stakeholders and comply with international regulations.
      • Accepted IDs are National IDs or Passports. The picture must be clear and in colour. Driving licenses are not accepted.

      6. SHAREHOLDING OF CORPORATE SHAREHOLDERS

      • This applies to businesses with corporate shareholders that hold > 25% of shares in your business.
      • Document must not be older than 3 months and it should show the name, identification number, address, and percentage (%) or number (#) of shareholding of each shareholder.
      • Accepted Documents are as follows: Certificate of shareholding, Audited financial report, or 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.


      7. LICENSE

      • Applies to businesses from industries that typically require a license to operate (example: alcohol, pharmaceuticals, financial services, cryptocurrency, and marketplaces)
      • License must show the 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

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

       

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