Singapore

Required documents and verification process for businesses in Singapore

Singapore Verification Requirements - ACRA Registered

Companies registered in Singapore are required to complete identity and entity verification before processing payments through HitPay. The following outlines the accepted verification methods, required documentation by entity and applicable bank requirements.

Company Verification

CorpPass (MyInfo Business) - Recommended

The preferred method of verification is through CorpPass using the MyInfo Business service. This approach retrieves entity information directly from ACRA, enabling a streamlined and automated verification process. It is the fastest and most secure option available to Singapore-registered entities.

Whilst the use of CorpPass replaces the need to manually upload business registration documents, you will still be required to upload certain documents and information not available in MyInfo. Refer below for more information.

Manual Verification

Where CorpPass is unavailable, the Company may complete verification manually by submitting the following:

• ACRA Business Profile dated within the last 12 months
• Government-issued identification documents (e.g. NRIC, Passport) and Proof of Residential Address (see Note 1) for all Beneficial Owners (individuals who hold effective control or own more than 25% of the Company)
• Letter of authorisation signed by a Director or Beneficial Owner dated within the last 12 months (if you are acting on behalf of the Company but are not a Director or Beneficial Owner of the Company)
• Ultimate Beneficial Owner structure declaration signed by a Director or Beneficial Owner (if majority shareholding is held by a legal entity)
• Source of wealth / source of funds (if required): Documentation to support your declared source of wealth and/or source of funds may be requested depending on your business type and risk profile

Note 1: Utility or mobile bill dated in the past 3 months. Required for foreign nationals only.

Proof of Business Verification

As part of your application, we require proof of your business to verify its legitimacy and ensure it aligns with our onboarding and regulatory requirements. Please ensure that you have prepared the following prior to application:

• Online businesses: A functioning and accessible website that clearly reflects your business activities and offerings
• Physical businesses:
  • A photograph of the storefront clearly displaying the registered business name; or
  • A signed tenancy agreement for the business premises
• Licences, permits or certifications as applicable to your industry

All documents should be clear, valid, and consistent with the details provided in your application.

FAQs

What are the requirements for Non-Profit Organisations (NPOs)?

If your organisation is a Company Limited by Guarantee (CLG), Society, or Mosque/Madrasah, the verification requirements differ from standard ACRA-registered businesses. CorpPass (MyInfo Business) is still the recommended verification method.

Where CorpPass is unavailable, manual verification is required based on your organisation type:

a. Company Limited by Guarantee (CLG) registered on charities.gov.sg

• Certificate of Incorporation or equivalent government-issued registration document
• For all Directors: colour copy of government-issued identification (e.g. NRIC - front and back) and proof of residential address for foreign nationals only
• Letter of authorisation signed by a Director dated within the last 12 months (if acting on behalf of the Organisation but not a Director)
• Documentation (such as signed financial statements) to support your declared source of wealth and/or source of funds

b. Society

• Latest Committee Management List from Ministry of Home Affairs (MHA), Annual Returns, or equivalent government-issued registration documents
• For all Key Office Bearers (i.e. President, Treasurer, Secretary): colour copy of government-issued identification (e.g. NRIC - front and back) and proof of residential address for foreign nationals only
• Letter of authorisation signed by a Key Office Bearer dated within the last 12 months (if acting on behalf of the Organisation but not a Key Office Bearer)
• Documentation (such as signed financial statements) to support your declared source of wealth and/or source of funds

c. Mosques/Madrasahs

• MUIS registration or approval letter confirming the establishment of the mosque or madrasah
• Committee appointment letter from MUIS confirming the management committee
• For all Key Office Bearers (i.e. President, Treasurer, Secretary): colour copy of government-issued identification (e.g. NRIC - front and back) and proof of residential address for foreign nationals only
• Letter of authorisation signed by a Key Office Bearer dated within the last 12 months (if acting on behalf of the Organisation but not a Key Office Bearer)
• Documentation (such as signed financial statements) to support your declared source of wealth and/or source of funds

Why is HitPay asking me for additional information?

HitPay regularly updates the information we hold on your business to ensure it remains accurate and meets our regulatory compliance obligations. As part of this, we may reach out to request additional information or documents to keep your account in good standing.

This may entail requests for your business’:

• Updated business registration documents (e.g. ACRA Business Profile or equivalent)
• Identity confirmation of the person authorised to act on your behalf in HitPay
• Verification of your business’ source of wealth or source of funds

What are Source of Wealth (SoW) and Source of Funds (SoF)?

• Source of Wealth (SoW): The origin of your business’ overall accumulated wealth (e.g. business profits, past employment income, investments)
• Source of Funds (SoF): The specific origin of the funds used for a particular transaction or flowing through your account (e.g. sales revenue, client payments)

HitPay is a licensed financial institution regulated by the Monetary Authority of Singapore (MAS). To fulfil MAS requirements, we perform customer due diligence to detect and prevent money laundering and terrorism financing. As part of this, we may request information on your SoW and/or SoF to ensure that funds processed through our platform are legitimate and consistent with your business activities.

Documents that may be requested:

• Bank statements
• Financial statements
• Proof of business revenue (e.g. past payment processor statements)
• Investment or funding documents
• Loan or financing agreements
• Income tax assessments / notices of assessment

We will only request additional information where necessary to complete our verification.

How do I register a business in Singapore?

Refer to these official ACRA resources to register a business:

• How to Register a Business – ACRA
• Sole Proprietorship or Partnership Guide
• Setting Up a Local Company

How do I register for CorpPass to verify my HitPay account?

HitPay uses MyInfo Business via CorpPass for verifying Singapore-registered businesses.

To complete verification:

1. Set up a CorpPass account
2. Use it to log in and verify your HitPay account

Visit corppass.gov.sg for full registration instructions and support.