Last updated on June 17, 2024: In order to make improvements to the verification experience, we’ve temporarily paused beneficial ownership verification requirements. When we’re ready to roll out the improved beneficial ownership verification process, we will notify you with next steps. At this point you will receive a 28-day grace period to complete the requirement.

What actions do I need to take?

Log in to your Dashboard to see the actions you need to take, and review the resources below to learn more about the type of information you may need to provide.

What new information do I need to provide?

Depending on your business type, you may need to provide some or all of the following information:

Private companies:

• Name, DOB, ID number, alias, and email of directors
• Name, DOB, ID number, alias, email, title, and residential address of owners. Owners are defined as any individual owning 25% or more of the legal entity. If no owners hold more than 25% of the shares, you need to collect the information for any owners with more than 10% of the shares. If there are no owners with more than 10% of the shares, you need to provide all business directors.

Partnership:

• Name, DOB, ID number, alias, email, title, and residential address of all managers and partners.

Non-profits:

• Name, DOB, ID number, alias, email, title, and residential address of all key officers/directors

Why do I need to update my business information?

Stripe regularly reviews and updates its verification requirements to stay current with financial regulations and ensure businesses that use Stripe are compliant. For Singapore-based businesses accepting card payments or making transfers, we’re updating how we collect, validate, and verify business information. As a result, you may need to provide additional information. Our goal is to help ensure safe and uninterrupted access to the payments ecosystem for you.

Please read on to learn what new information will be collected and what are valid inputs. If you still have questions, contact us.

How do we verify business and personal information?

• We require enhanced identity verification of representatives using Singpass MyInfo or using Stripe Identity.
• You can use Singpass MyInfo to meet the address verification as well. If we cannot verify the account representative's address, we will ask you to provide a proof of address document.

• We verify your business and might ask you to provide a proof of registration document.
• Power of attorney verification for your legal representative is required to ensure they have sufficient authority to open an account on behalf of the entity. In cases where Stripe cannot verify this for non-profit accounts, a proof of relationship document will need to be provided.

• Verification of beneficial owners is required for private companies and private partnerships. If Stripe is unable to confirm entity ownership, you'll be asked to provide a proof of relationship document or facilitate enhanced identity verification for the owners using Singpass MyInfo.

Find the complete list of documents for Singapore at Acceptable Verification Documents.

Who can be listed as an account representative?

In certain markets, such as Singapore, we're required to verify that the business representative holds a position of authority in the business. A position of authority is defined differently for companies and non-profits:

• Company: your business' representative needs to be listed on ACRA Bizfile as a key officer
• Non-profit: your business' representative needs to be listed on charities.gov.sg as an office bearer (President, Executive Director, CEO, Treasurer, Secretary, Chairman, or Trustee)

If the information on ACRA or charities.gov.sg is not up-to-date, you'll have to update this information in order to verify your Stripe account.

What should I do if one of my beneficial owners is a holding company?

If one of your beneficial owners is a holding company you can follow the steps outlined on this public resource