Singapore started transforming into a Smart Nation a few years ago and ever since the government has gradually created and implemented various programs which have eased the interaction of companies with the authorities. One of the most successful online tools available for Singapore companies with regular transactions with the government is the CorpPass which will become mandatory for all businesses starting with the third quarter of 2018.
Foreign investors who want to open companies in the city-state can be assisted by our Singapore company formation agents who can explain the procedures related to registering a business.
What is the Singapore Corporate Access tool?
Corporate Access, simply known as CorpPass, was enabled by the Government Technology Agency in 2016 and it serves an online account management tool for Singapore companies which carry out transactions with the government. More than 80% of the companies with transactions with governmental bodies have registered CorpPass accounts since its launch.
If until now CorpPass was optional, starting with this year it will become mandatory for all companies involved in Government-to-Business (G2B) transactions. CorpPass will become mandatory starting with the third quarter of the year and will also be available for foreign companies with activities in Singapore.
Our company registration specialists in Singapore can assist foreign companies seeking to set up subsidiaries or branch offices here.
The advantages of CorpPass
Singapore has various online tools available for local companies, among them the most familiar ones being SingPass and EASY, however these two will be disabled once CorpPass becomes mandatory.
The main advantages of CorpPass are the fact it will use newer technology, it will enhance the security of online transactions and will increase the efficiency of the existing digital ecosystem.
According to a press release issued by the officials, more than 250,000 companies are expected to use CorpPass starting with the second part of the year, as it will be available for all types of companies: small, medium-sized and large corporations.
Singapore has enabled more than 100 digital tools in order to ease the remote access of companies to the services provided by government agencies up to this point.
If you want to start a business in Singapore and need guidance, please contact our local company formation advisors.