What Is Corppass and How Does It Benefit Businesses in Singapore?
To strengthen its position as a global digital hub, Singapore will need a robust and efficient system for businesses to manage their transactions and services with government agencies. Corppass Singapore is one initiative in the city-state’s efforts to help companies streamline their work processes. It’s a digital authorisation system that enables businesses to securely conduct transactions, apply for licences and grants, and file taxes with government agencies and the participating private sectors. Foreign companies planning to relocate their business to Singapore may wonder, ‘What is Corppass? ’ and how does it help the business? This article explores Corppass, its key features, the Corppass registration process and how it benefits businesses in Singapore.
Let’s dive in.
What is Corppass?
So, what exactly is Corppass?
Corppass Singapore is a digital authorisation system for businesses to manage the digital service access of employees who need to perform business transactions on behalf of the company. It also gives businesses greater control and flexibility in assigning separate roles to employees and external service providers on a single platform as they access key government e-services, such as the Inland Revenue of Singapore (IRAS) and the Accounting and Corporate Regulatory Authority (ACRA).
Introduced in September 2016, all local and foreign registered companies are required to use Corppass to manage transactions with the government. Thus, it’s a vital digital identity tool for businesses to access government services online securely.
How to register for Corppass
The Corppass registration will involve a few steps to ensure seamless access and secure management for your business management. Here are the steps:
Step 1: Register your business
Before Corppass registration, ensure that your business is registered with ACRA. You will be issued a Unique Entity Number (UEN), a 9-10 digital identification number. For foreigners planning to incorporate a company here, we have a comprehensive guide for those who are considering starting a business in Singapore.
Step 2: Appoint a Registered Officer (RO)
The company must appoint a Registered Officer (RO) to oversee the Corppass activation. The RO must log in to the Corppass portal using the company’s UEN and their Singpass. Since April 2021, individuals logging into Corppass must verify themselves using Singpass before accessing all government e-services.
Step 3: Create a Corppass Administrator Account
The primary role of a Corppass Administrator is to set up Corppass and manage the company’s Corppass user accounts, permissions, and digital access. Managing a Corppass Administrator account depends on the company’s size. For smaller companies, an RO may take on this role. In larger companies, the RO can appoint other employees to oversee the set-up and manage user accounts. A maximum of two employees can serve as Corppass Administrators at any time.
Step 4: Assign roles and grant permission
Once the Corppass Administrator account is set up, your Corppass activation is complete and ready to transact. The appointed admin will assign roles and grant permissions to specific users to access relevant government e-services. This Corppass access can also be extended to third-party service providers, such as external corporate service providers, to file annual returns with IRAS or submit financial reports to ACRA. To do this, the Administrator simply needs to enter the third-party service provider’s UEN and select the relevant e-services.
Additionally, this access can also be assigned to a foreign employee working outside of Singapore. After being assigned a Corppass role, foreign ID users can log in by registering for a Singpass Foreign User Account (SFA) with a relevant government agency they wish to transact with. However, their access is limited to selected e-services.
Only Corppass Administrators and Sub-administrators are responsible for managing the company’s Corppass accounts, including updating users’ account details, changing user account statuses, and changing account types.
Key Features of Corppass
After completing the Corppass activation, it’s important to know some of the key features. So, here are some key features to know:
Access: Users can access a wide range of government digital services. This access can be extended to third-party service providers and foreign-ID users.
User Verification: Users will be verified through a two-factor authentication process, first with a password and username, followed by a One-Time Password (OTP), which will be sent to the registered mobile number.
Managing Control: ROs can approve, reject, or terminate Corppass Administrators. Likewise, Corppass Administrators can delegate roles to ensure appropriate access to accomplish a specific task.
Track and Manage Transactions: Given that Corppass is used to facilitate transactions, users can view their transaction history on Corppass for up to the last 15 months or the last 1,000 transactions. This enables businesses to track and manage their interactions with government agencies.
Benefits of using Corppass
In the fast-paced world of business, efficiency is everything. For international companies and startups new to Corppass, here’s how it can benefit your business:
Streamline processes: Logging into various government agencies with different passwords to accomplish a specific task can be a hassle. Thus, Corppass is a one-stop digital platform that allows businesses to manage transactions across multiple government agencies with a single login. Managing different accounts in one place helps businesses streamline their administrative processes. For instance, you can file annual returns with IRAS and apply for an Entrepass for your employees with the Ministry of Manpower (MOM)—all in one place.
Enhance security: Managing confidential information online can be daunting for security reasons. Corppass offers enhanced security, such as two-factor authentication, for accessing and managing sensitive data across multiple government agencies.
Compliance with regulations: Corppass helps businesses comply with regulations by ensuring taxes and payroll-related matters are filed accordingly, reducing errors and late deadlines.
Security features of Corppass
Security is the primary concern among business owners when facilitating online transactions. That’s why Corppass Singapore takes security to the next level by offering many security features, including two-factor authentication (2FA), during the login process.
Users must provide a password and username, followed by a One-time Password (OTP) sent to the registered mobile device, adding an extra layer of protection against cybercriminals.
Additionally, Corppass implements strong security measures like digital certificates and encryption to safeguard sensitive personal and financial information.
Tips for efficient use of Corppass
Given that security is paramount for businesses when handling sensitive financial information, these important tips will help you use Corppass efficiently and ensure a seamless experience without disrupting your business operations:
- Restrict the number of Corppass administrators to minimise vulnerabilities.
- Review your Corppass transaction history for any unusual or unauthorised activities.
- Regularly update your login details with strong and unique passwords.
Simplify your Paperwork with Lanturn
Corppass Singapore helps local and foreign businesses simplify their interactions with the government while remaining compliant. In today’s digital world, Corppass is a key asset for optimising business operations. You may consider appointing an internal staff member to manage tax filing, accounting, and immigration-related matters with government agencies on behalf of the company. Or you may even consider doing it yourself.
However, work can sometimes become overwhelming, and you have to ensure that deadlines are met to avoid penalties. That’s where we come in. At Lanturn, we have a dedicated team of experts who are well-versed in Singapore’s regulatory framework and ensure you will meet deadlines. Simplify your paperwork with Lanturn. Let us handle the complexities while you focus on what matters most—growing your business. Speak to us today!