What Is UEN and What Is Its Value?
One of Singapore’s most important identifiers, the Unique Entity Number (also known as UEN), is an alphanumeric code that may be used to identify a Singaporean firm or organization. The Accounting and Corporate Regulatory Authority awards it as a unique identifier for the firm (ACRA). To do business legally in Singapore, every company, corporation, or other legal organization must have a UEN as of 2009.
The UEN is generated and provided to an entity when it has been successfully registered with ACRA. The certificate is issued free of charge and cannot be altered even if the business name or other corporate data changes. The standard identification number may be used to describe the unique identifier assigned to a variety of different types of organizations, including government agencies, for-profit businesses, and nonprofits.
As with an individual’s National Registration Identity Card (NRIC), each partnership, company, and sole proprietorship has its own Unique Entity Number (UEN).
What does SUN, or Special UEN, stand for?
It is impossible for a firm owner who does not have access to the UEN’s code to modify the code created by the system. A UEN will be issued to the registered entity immediately after the successful establishment of the company.
To construct the SUN, you must choose one or more UENs from a predetermined set of reserved codes. Sequential numbers, combinations including “8,” recurring numerical patterns, or ending with triple identical numbers are only few of the traits that set suns apart from other celestial bodies. SUNs are readily recognized and identified with certain firms or organizations because of their features.
Who is responsible for issuing UENs?
When a person meets the legal criteria, they are issued with a UEN through government-mandated entities known as UEN Issuer Agencies. Individuals and organizations are registered by these officials, each with a distinct amount of power and capacity.
To whom is a UEN mandatory and who is exempt?
Singapore’s government mandates that all businesses must be registered and assigned a Unique Entity Number (UEN) before they may engage in any lawful activity. A UEN should be obtained as soon as feasible for all businesses and organisations in the country, including limited liability partnerships (LLPs), health care facilities, companies, and trade unions, as well as representative offices and societies. This is something to keep in mind, especially if you deal with the government often, continuously, or continuously.
A UEN, however, cannot be used to issue the following:
These persons are required to utilize their national identification numbers rather than their social security numbers.
Non-governmental organizations based outside of the nation where they are headquartered. Companies from other countries that have only ever transacted business with the United States are not included in this category.
In the context of a Singaporean organization, subordinate entities relate to branches and divisions. Branch numbers granted by a parent firm may, however, be used solely for internal communication inside that company. These numbers are not legally recognized.
A UEN’s function is not entirely clear
A UEN acts as a unique identification for a business or company in its simplest form. For example, it is useful for filing tax returns, seeking approval for business endeavors like export/import operations, and bidding for government contracts. Because of the UEN, your company will be able to communicate with the government in a time- and money-saving manner. Your organization will benefit in the long term from this.