Ultimate Beneficial Ownership Requirements: Singapore

Verification of beneficial ownership is required for private companies, private partnerships, and non-profits. It requires verifying the following details against government registries:

Depending on your legal entity type, the registry in question is:

Should your submitted information on Stripe not match or be absent from the registry data, we recommend updating your information with the registry board or reviewing/updating the details submitted to Stripe. Until an exact match is made, you might face restrictions on accepting payments or receiving payouts to your bank account.

Companies

If Stripe can’t verify the business ownership, you must collect a proof of registration document from the business, as well as for any holding company owning 25% or more shares of the business. If the company has no owners with 25% or more shares, we will need to verify business owners with a stake that is 10% or higher. If the company has no owners with more than 10% of the shares, we perform directorship verification instead.

Partnerships

Partnerships are required to verify the relationship between the business and all partners and managers.

Non-Profits

In the case of non-profits, all key executives and office bearers will be considered as the beneficial owners. This includes the President (including Assistant/ Deputy), Executive Director (including Assistant/ Deputy), CEO (including Assistant/ Deputy), Treasurer (including Assistant/ Deputy), Secretary/ General Secretary (including Assistant/ Deputy), Chairman (including Assistant/ Deputy) and Trustee.

Accepted Evidence/Documents

To complete ultimate beneficial ownership verification, we require the following documentation:

If one of your business' shareholders is a company, you are required to upload ownership documentation for any holding companies as well.