What is a CorpPass?
Very often, enterprises and other non-profit companies must deal with state agencies for the transferring of money. To make such dealings comfortable, safe, and quick, a corporate digital identity known as Singapore Corporate Access (CorpPass) was introduced.
CorpPass will serve as a form of digital identification for all businesses in Singapore. It will be the only login method to facilitate business transactions with the government of Singapore. This came into effect on September 1, 2018. It also ended the use of other previously-existing login methods such as SingPass and EASY.
There are currently over 130 state digital facilities provided by around 50 state companies in which CorpPass plays a critical role.
Why was CorpPass needed?
The primary concern leading up to the launch of this new corporate digital entity was the safety and protection of money transfer data. Singapore state e-services or SingPass, the older online money transfer platform, lacked personal privacy and required multiple IDs for money transferring.
However, CorpPass’s role is to make all of one’s dealings conducted through a single ID and keep clients’ personal identity safe and protected. CorpPass improves one’s personal privacy and protects any sensitive business information. This can be done because CorpPass segregates the login ID used for personal transactions and the login ID used for corporate ones. Approximately 1,500 enterprises have already shifted to CorpPass and the state is thinking of making CorpPass registration mandatory towards the end of the year. Thus, it is advisable to register for CorpPass as soon as possible.
Why is it necessary to register for CorpPass?
Unlike previous money transferring platforms SingPass and EASY, CorpPass completely separates personal dealings from corporate dealings. This creates complete protection of privacy. It also helps the state to easily track all the money transferring records and point out any discrepancies.
The government of Singapore has planned to make CorpPass mandatory for all business agencies in the country from September 1, 2018. This means the older platforms like SIngPass and EASY will no longer be effective for enterprise dealings. Around 80% of enterprises have already begun using to this advanced service, with others soon to follow.
Who needs a CorpPass?
Not all enterprises require a CorpPass. CorpPass will be the preferred transferring platform for all enterprises which hold a Unique Entity Number (UEN). All foreign agencies looking to work with state organizations will also need a CorpPass account. The only enterprises excluded from this policy are non-UEN enterprises.
Benefits of CorpPass
The following are some benefits of CorpPass registration:
1. Convenient transaction service
Before CorpPass, money transferring platforms like SingPass and EASY demanded multiple accounts for the money transfers. CorpPass registration will make money transfers easier as it allows all dealing with the state companies to be done using only one ID.
2. Secure personal privacy
SingPass and EASY allowed one to give personal ID to others to make different money dealings. This left the person’s own data vulnerable. CorpPass provides far more protection and security of personal privacy. It separates personal dealings from enterprise dealings completely and helps the user and government to easily keep track of all the money transfers made.
Steps to register for a CorpPass
The CorpPass website provides four different CorpPass account varieties to choose from. These are:
- CorpPass Admin
- CorpPass Sub-admin
- CorpPass Enquiry User
- CorpPass User
Those who plan to register for a CorpPass for their business may follow these simple steps to do so.
1. Select a registered officer (RO)
An RO is person in charge who is also an ACRA or a UEN holder of the enterprise. This person may be an owner, director, partner, board member, or corporate secretary. An RO accepts a CorpPass Admin registration for the agency.
2. Identify the CorpPass role
An RO does not need an individual CorpPass admin account if the RO has an administer. However, ROs who want to hold a CorpPass admin account may open their own CorpPass account.
3. Become a CorpPass admin
The RO will select a person whose sole duty is the handling of CorpPass-related matters of the company. The RO will select this person from the administrative, finance, or HR directors of the company. The person who registers for the CorpPass admin account has to be a SingPass holder.
An enterprise may have a maximum of two CorpPass admins.
4. Make a CorpPass user account
A CorpPass user account is made to handle business dealings with the government. A worker from the HR department will be selected to execute this corporate service. For this purpose, the CorpPass admin will open any necessary user accounts. There is no limit to the number of user accounts which may be created.