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 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
• Driver's licence (photographs of the front and back are required)
• National registration identity card (photographs of the front and back are required)
• Work permit, employment pass, or visit pass (photographs of the front and back are required)

Address documents:

• Government-issued identity document with address (photographs of the 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.
• Notarized capitalization table or notarized board meeting minutes
• Recent annual return (only for nonprofit organizations)
• Recent constitution document (only for nonprofit organizations)

Proof of representative Authority

Your account representative must be an individual who is listed on the ACRA’s business registry as a significant position within your business. The following is a list of individuals that can be listed as the account representative depending on the business type you select when setting up Shopify Payments:

• Sole Proprietorships: The account representative must be the business owner.
• Private Companies, Publicly Listed Companies, and Companies Limited by Guarantee: The account representative must be a director or the Chief Executive Officer (CEO) of the company.
• Partnerships: The account representative must be a partner or a business owner.
• Registered Charities: The account representative must be one of the directors or key executives listed on the Singaporean Charity Portal.
• All other nonprofits: The account representative must be a directors or key executive.

If the individual that you list as the Account Representative isn't in any of these roles, then you might be asked to provide Proof of Authority for that person. This can be one of the following documents:

• Nonprofits: A recent annual return, or a recent constitution document.
• All other business types: A government registration document showing the person’s name and role in the ACRA.

You can also update your Account Representative to someone in the appropriate role, or have your information with the ACRA updated.

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.

Learn more about the Proof of Liveness check.

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.