Requirements when using Shopify Payments for Singapore
Before you can use Shopify Payments in Singapore, you need to understand the personal information requirements. These requirements are in place to comply with regulations and prevent financial crimes. In this article, you can find the purpose of collecting personal information, the types of documents accepted, and guidance on ensuring that your documentation meets the necessary criteria.
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Overview of requirements for Shopify Payments in Singapore
Before you can use Shopify Payments in Singapore, you must ensure that you meet the following requirements:
- Eligible business types: Certain types of businesses and services aren't permitted to use Shopify Payments. To determine whether your business is eligible, refer to the list of prohibited business types for Singapore that's outlined in the Shopify Payments Terms of Service (TOS).
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Bank account requirements: Your bank account must meet the following requirements before you can connect it to Shopify Payments:
- The bank account is a full checking account with a bank in Singapore.
- The bank account is in SGD currency.
- The bank account is eligible for recurring transfers from Shopify.
- The bank account is set up for either Fast And Secure Transfers (FAST) or Real Time Gross Settlement (RTGS) transfers. Consult your bank to verify whether your account can accept these types of transfers.
- Personal information requirements: To comply with regulatory requirements and prevent financial crimes, you must provide information about yourself and your business. This includes details about the individual creating the Shopify Payments account, the associated business, and the individuals who own or control the business. Ensure that your documentation is clear, correct, up-to-date, and free of errors or typos.
Incompatible bank accounts
Checking accounts that are set up to accept only wire transfers don't work with Shopify Payments. Savings accounts, flex-currency accounts, and money-transferring services that mimic bank accounts aren't supported by Shopify Payments. Although non-Shopify virtual accounts are supported, you might experience more payout failures with these accounts.
Purpose of collecting personal information
The collection of personal information is necessary to identify merchants using Shopify Payments and to comply with regulatory requirements. This helps prevent money laundering, terrorist financing, and other financial crimes. As regulations evolve, Shopify and its partners might request additional information from you to ensure compliance. These reviewscan occur at any time during the lifespan of your Shopify Payments account.
Required information
The personal information that Shopify is required to collect varies from country to country. In the case of Singapore, the following details are required:
- The individual creating the Shopify Payments account.
- The business associated with the Shopify Payments account.
- The individuals who ultimately own or control the business, including the business owner or a senior executive with legal signing authority.
Acceptable document types
To help with the verification process, you need to provide certain documents to validate your personal information, and in some cases your business information. The following document types are acceptable for individuals and businesses in Singapore.
Identity documents:
- Passport: This is the preferred identity verification document.
- Driver licence: Photographs of front and back are required.
- National Registration Identity Card: Photographs of front and back are required.
- Work Permit, Employment Pass, or Visit Pass: Photographs of front and back are required.
Address documents:
- Government issued Identity document with address: Photographs of front and back are required.
- Correspondences with government agencies: Dated and issued within the last 3 months.
- Bank Account Statement: Dated and issued within the last 3 months.
- Utility Bill: Dated and issued within the last 3 months.
Company and Entity documents
To verify your company or entity details, you need to submit one of the following documents which clearly displays the legal entity name, Unique Entity Number (UEN), and address of your business:
- Proof of registration with Accounting and Corporate Regulatory Authority (ACRA) BizFile.
- Business Profile Extracts from ACRA BizFil.
You must ensure that your business type is correct, and reflects what is shown on the ACRA.
Relationship documents
If you add a Beneficial Owner to your Shopify Payments account, then the Beneficial Owner information you enter must match the information on the documentation you upload. If an Owner is listed on your documentation, but isn't added to your Shopify Payments account, then you must add that owner to your account. Assign the Beneficial Owner role only to individuals that are listed as owners on your documentation.
To verify the ownership of your business or entity, you need to submit one of the following documents which displays your legal entity name and the names of all of your Beneficial Owners:
- Proof of registration with ACRA BizFile.
- Recent Annual Return (only for non-profit organizations).
- Recent Constitution document (only for non-profit organizations).
Power of Attorney or Proof of Authority
Your Account Representative needs to be listed on your business’s government registry as someone in a significant position in your company, and can make decisions regarding your business. This can be either a Beneficial Owner, a Director, or your CEO.
If the person that you listed as Account Representative isn't in any of these roles, then you might be asked to provide Power of Attorney or Proof of Authority. This is a letter signed and notarized by a lawyer, stating that this person has the power to manage your business and its financial affairs.
You can also update your Account Representative to an individual that's listed on your ACRA documents instead.
Proof of Liveness check
All Account Representatives must complete a Liveness check. You receive a notification on your Shopify admin homepage stating that further information is required. After you click the notification, you're directed to an external page where you can review the business information that you previously submitted. After you verify your business information, you must complete the Liveness check using one of the following options:
- Use SingPass to verify the information that you have submitted.
- Use your webcam or phone to upload a selfie.
You also need to verify your photo ID using one of the following options:
- Use your webcam or phone to take a photo of your ID document.
- Upload a photo of your ID document.
Ensuring documentation compliance
When providing your documents, you need to ensure that they meet the necessary criteria. Use the following guidelines to ensure compliance:
- Accuracy and validity: Ensure that the information on your documents is correct and valid.
- Clarity and legibility: Make sure that your documents are clear and large enough to read.
- Completeness: Provide all necessary details and ensure that all information is legible. If a document has been cropped, then ensure all important information remains visible in the frame.
- Consistency: Ensure that the information on your documents matches the information provided during the account setup process.
- Currency: Keep your documents up-to-date with the most recent data possible.
- Error-free: Double-check your documents for any errors or spelling.
- Avoid Copies: Submit original photographs of your documents whenever possible, and avoid scanning or copying them. If your documents were digitally issued, then submit the original, unaltered PDF.