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.

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).
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 reviews can 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, when available
Driver licence: scans of front and back are required
National Registration Identity Card: scans of front and back are required
Work Pass or Long Term Pass: scans of front and back are required

Address documents:

Passport
Government issued Identity document with address
Correspondences with government agencies: dated within the last 3 months
Bank statement: issued within the last 3 months
Recent utility bill: issued within the last 3 months

Company and Entity documents

All legal entity types might be required to submit the following documentation:

Proof of registration with ACRA BizFile
Ultimate Beneficial Ownership Attestation: download a template from Stripe Support
Certificate of Registration with Registry of Societies (ROS)

For ownership verification, you might be required to submit the following documentation:

Proof of registration with ACRA BizFile
Ultimate Beneficial Ownership Attestation: download a template from Stripe Support
Recent Annual Return (only for non-profit organizations)
Recent Constitution document (only for non-profit organizations)

Proof of Liveness check

If you accept donations, crowdfunding, or provide financial services using Shopify Payments in Singapore, then you must complete a Liveness check after you add your personal and business information. 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'll need to 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
Uploading 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.