For any individual or business operating in Singapore’s highly regulated and efficient economy, compliance is the bedrock of success. A fundamental component of this compliance framework is the Tax Identification Number (TIN). It is the unique identifier that the Inland Revenue Authority of Singapore (IRAS) and other government bodies use to track your financial and regulatory obligations.
Understanding what your TIN is, why it’s essential, and how to use it correctly is crucial for smooth business operations—from filing taxes and opening bank accounts to processing payments.
This guide provides a complete breakdown of the Tax Identification Number system in Singapore, explaining how it applies to different entities and its importance when partnering with payment platforms like Razorpay Singapore.
Key Takeaways
- A Unique Identifier: A TIN is a unique number assigned to individuals and business entities for all tax-related matters in Singapore.
- No Separate Application Needed: Your TIN is automatically assigned. It is not a separate number you need to apply for.
- For Individuals: It’s your NRIC (for Singapore Citizens/PRs) or FIN (for foreigners).
- For Businesses: It’s your UEN (Unique Entity Number).
- Essential for All Business Activities: Your TIN is required for filing taxes with IRAS, opening corporate bank accounts, invoicing other businesses, and general regulatory compliance.
- Required for Payment Platform Onboarding: Payment platforms like Razorpay Singapore are required by law to collect and verify your TIN (UEN) as part of the Know Your Customer (KYC) process to ensure a secure and compliant payment ecosystem.
What Is a Tax Identification Number (TIN) in Singapore?
A Tax Identification Number (TIN) is the reference number used by IRAS to identify a taxpayer. Unlike in some other countries, Singapore does not issue a dedicated “TIN card” or a separate number solely for tax. Instead, an existing identification number is designated as the TIN.
Here’s a simple breakdown:
| Entity Type | What is the TIN? | Issuing Authority |
| Singapore Citizen / Permanent Resident (PR) | NRIC (National Registration Identity Card) number | Immigration & Checkpoints Authority (ICA) |
| Foreigner working or residing in Singapore | FIN (Foreign Identification Number) | Ministry of Manpower (MOM) or ICA |
| Business or Company (incl. Sole Proprietorships) | UEN (Unique Entity Number) | Accounting and Corporate Regulatory Authority (ACRA) |
Why Your TIN is Crucial for Business Operations
Your business’s TIN (your UEN) is far more than just a number for tax forms. It is central to your company’s legal and financial identity.
- Mandatory for Tax Filing: Your UEN is the primary identifier for all corporate tax matters with IRAS, including filing your annual Estimated Chargeable Income (ECI) and Form C/C-S.
- Required for Financial Services: Banks in Singapore require your UEN to open a corporate bank account, apply for business loans, and set up other financial facilities.
- Essential for B2B Transactions: When you issue an invoice to or receive one from another GST-registered business, including the UEN is standard practice for proper accounting and tax claims.
- Regulatory Compliance: Your UEN is used as a single identifier across multiple government agencies, streamlining processes for licenses, permits, and other regulatory interactions.
How to Obtain Your TIN in Singapore
The process is straightforward because the TIN is integrated into standard registration processes.
For Businesses (Getting a UEN):
Your UEN is issued automatically when you register your business with the Accounting and Corporate Regulatory Authority (ACRA).
- Go to the BizFile+ portal.
- Choose your business structure (e.g., Sole Proprietorship, Private Limited Company).
- Complete the online incorporation/registration process.
- Upon successful registration, ACRA will issue a Unique Entity Number (UEN). This number is your business’s official TIN for all purposes.
For Individuals:
- Singapore Citizens & PRs: Your NRIC number, assigned at birth or upon receiving PR status, automatically serves as your TIN.
- Foreigners: Your FIN is assigned when you successfully apply for a relevant pass (e.g., Employment Pass, S Pass, Dependant’s Pass) from the Ministry of Manpower (MOM) or ICA.
Why Razorpay Singapore Requires Your TIN
When you sign up for a business account with a payment service provider like Razorpay Singapore, you will be asked for your TIN (UEN for businesses). This is not just a company policy; it is a strict regulatory requirement.
- Identity Verification (KYC/KYB): Under regulations set by the Monetary Authority of Singapore (MAS), we are required to perform Know Your Customer (KYC) and Know Your Business (KYB) checks. Verifying your UEN confirms that your business is a legitimate, registered entity in Singapore.
- Tax and Legal Compliance: It ensures that all financial transactions are properly documented and auditable, which is essential for tax reporting and preventing financial crime.
- Enabling Payouts: A verified UEN is linked to your corporate bank account, ensuring that the funds we collect on your behalf are paid out to the correct legal entity.
Did You Know?
The UEN system was introduced in 2009 to create a single, unified identification number for businesses to interact with all government agencies.
Before this, a business might have had separate numbers for ACRA, IRAS, and the CPF Board.
The UEN streamlines this entire process.
Conclusion
In Singapore’s structured and regulated environment, your Tax Identification Number is a cornerstone of your financial identity. For businesses, the UEN obtained upon registration with ACRA is the key that unlocks everything from tax filing and banking to accepting digital payments.
Understanding and correctly using your TIN ensures you remain compliant, operate efficiently, and build a foundation of trust with financial partners like Razorpay Singapore.
Ready to Streamline Your Business Payments?
Ensure your business is fully compliant and ready to accept payments seamlessly.
Sign up with Razorpay Singapore today and use your TIN to set up a secure, verified business account.
Frequently Asked Questions (FAQs)
Is my NRIC or FIN number my personal TIN?
Yes. For all individual tax matters in Singapore, your NRIC (for Citizens/PRs) or FIN (for foreigners) is considered your Tax Identification Number.
Do I need to apply separately to IRAS to get a TIN?
No. Your TIN is automatically the UEN that is issued to your business by ACRA during registration. You do not need a separate application with IRAS.
How do I find my company’s UEN?
Your UEN is stated on your official business registration documents from ACRA. You can also search for any registered entity and verify its UEN for free using the ACRA public search directory.
I am a freelancer. What is my TIN?
If you have not registered a business with ACRA, you will be treated as an individual for tax purposes, and your TIN will be your NRIC or FIN. If you have registered a sole proprietorship, your TIN for business matters will be the UEN assigned to that sole proprietorship.
Why was my Razorpay Singapore application rejected due to my TIN?
This can happen if the UEN provided does not match the official ACRA records, if the business is inactive, or if there are inconsistencies.
