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How to Choose Your Preferred UEN Identification

Updated on Tuesday 06th August 2019

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How-to-Choose-Your-Preferred-UEN-IdentificationThe company registration procedure in Singapore implies several steps, among which one of the most important is for a business to have a Unique Identity Number, shortly referred to as UEN. This number is issued by the Accounting and Corporate Regulatory Authority (ACRA) once the Singapore company formation procedure is complete.

The UEN number serves Singapore companies when completing various transactions with government agencies and institutions. Starting with 2018, Singapore companies can opt for preferred UEN numbers in exchange for a fee.

Below, our agents in Singapore explain how to choose a preferred UEN number for a company registered in the city-state. We can help you open a company in Singapore and choose your preferred UEN identification number.

The purpose of the UEN for Singapore companies

The UEN is an identification marker which gives legitimacy to a Singapore business. Those performing company searches in Singapore, no matter if they are clients or business partners of that company can verify a business’ validity based on its UEN.

The UEN is also used when completing various actions and transactions with government agencies in Singapore.

At the beginning of 2018, ACRA decided to allow Singapore companies to choose preferred or special UENs, which are now known as SUN. The procedure of obtaining a SUN number is not different from that of obtaining a regular UEN.

Our Singapore company formation advisors can offer more information on UEN and SUN numbers.

Singapore companies which can apply for Special UEN numbers

There are no restrictions when it comes to the types of companies which can apply for a Special UEN, also known as SUN. This number can be requested by limited liability companies and partnerships upon incorporation, but also upon the change of the business form. This means that a sole trader which has been converted into a limited liability company can also apply for a preferred UEN with ACRA.

Our company formation specialists in Singapore can offer more information on the requirements related to obtaining a SUN.

Steps for obtaining a special UEN in Singapore

There are several steps which need to be completed when selecting a preferred UEN number. These are:

  1. in order to obtain a SUN number, one must first incorporate a company with ACRA;
  2. before registering the company and obtaining the SUN number, the company owner must set up an account with Bizfile;
  3. the SUN number is selected upon the filing of the company incorporation documents;
  4. the fee related to the preferred UEN number must be paid together with the other company registration fees;
  5. the SUN can also be applied for when converting a business form into another one following the same steps as when registering a new company.

There are two types of special UEN numbers: the Tier 1 and Tier 2 types.

If you want to open a company in Singapore and need advice on how to choose a UEN, our local consultants can guide you.

Types of special UEN numbers

The Tier 1 SUN number implies choosing a pattern which includes the number 8 or which contains a sequence of consecutive numbers. The Tier 2 SUN number implies choosing a pattern which does not include number 8. The Tier 2 SUN can comprise a sequence of the same number.

When selecting a preferred UEN, one must also consider the fees to be paid. For the Tier 1 preferred UEN, the fee is currently 3,000 SGD, while for the Tier 2 SUN, the fee is set at 1,000 SGD. For updated information, however, we kindly invite you to talk to our Singapore company formation consultants.

Singapore is one of the most prolific economies in Southeast Asia. The services and retail industries represent the most important economic sectors in Singapore; however, the Lion City is also one of best-known financial centers in the region. At the level of 2018, the financial and insurance industry accounted for 13% of the Singapore’s economy.

According to SingStat, in 2018 Singapore:

  • - had a 491,175 million SGD Gross Domestic Product (GDP) which implied a 3.1% increase compared to GDP of 2017;
  • - most of the city-state’s income was generated by the manufacturing industry which represented 22% of its entire GDP;
  • - wholesale and retail represented 17.6% of Singapore’s Gross Domestic Product in 2018;
  • - the business services sector accounted for 14.9% of Singapore’s GDP last year;
  • - other significant contributors to Singapore economy are transportation and storage (6.7% in 2018) and the IT&C sector (4.1% at the level of 2018).

For assistance in opening a company in Singapore and applying for a preferred UEN, please contact our company registration representatives.

 

Why choose us?

Roger Pay is the Managing Director of Bestar and an experienced company formation consultant. He will help you open your company in Singapore as fast as possible. 

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As a Bestar clientyou will benefit from the joint expertise of local lawyers and consultants for opening an offshore company in Singapore.

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Call us now at +65 97236684 in order to set up an appointment with our consultants in Singapore

 
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