When there is a vast opportunity in any country to set up a business with some creative and unique ideas then there are no restrictions for such talent in Singapore. There is no dearth of such creative people across the globe and many are fortunate to give shape to their designs of their business engraved in their minds. The Singaporean government is politically stable and provides such vast opportunity to the foreigners to set up their business to get global connections to expand their business. To give individual identity to all such companies in Singapore it is significant to give these companies their UEN which is called Unique Entity Number. Thus, it is beneficial to focus on choosing your preferred UEN number so that the company can have authenticated documents.
What is UEN?
Unique Entity Number is an identification number, issued by the government to all the companies that operate within the country. It was introduced in 2009 and the companies which are registered by ACRA, are issued UEN. It is so significant that it is never changed once it is issued even if you change the name of your company. The number which has been issued to you is not given to any other entities working in Singapore.
The entities that are registered in Singapore are given UEN number which help them to function without any obstacles as they got the legal permission to continue with varied pursuits to perform:
- Local companies
- Limited liability partnerships
- Representative offices
- Healthcare institutions
- Trade unions
Benefits of UEN
The company which has a UEN number has many advantages and can function flawlessly without any hindrances. Its benefits are:
- The company which has UEN can interact with the government easily.
- The filing of the returns becomes easy and can easily get the permission for import/export permit.
- A UEN number works like a verification document for the companies with varied structure.
Exempted from issuing a UEN
There are some organizations which do not have the facility of UEN Number because they are not issued the registration number:
- Individuals who are required to have their own identification number
- Foreign companies who have no interaction with the government of local agencies
- Sub-entities of a Singapore Company classified as a branch
The company can change the structure of the business with a slight change in its function but the UEN number remains the same. Even if you are https://timcole.com.sg/converting-to-private-limited-company/, you need to focus on all the intricate details of its functioning so that the company members can work smoothly. In LLP the functions remain the same even if the partners are changed. The business structure of LLP is quite different from other structures. It has more legal functions and works as a corporate body. It also makes sure that its invoices, official correspondence bear the name of LLP, UEN and a statement that it is registered with limited liability. The laws regarding trade in Singapore are quite congenial and provide a suitable environment for the foreigners to coordinate easily with the government if they want to bring some changes in their working pattern.