Understanding the Application for a Tax Reference Number for Foreign Incorporated or Foreign Registered Section 13U Funds in Singapore
The Application for Tax Reference Number for Foreign Incorporated or Foreign Registered Section 13U Fund is a crucial process managed by the Inland Revenue Authority of Singapore (IRAS). This form is designed for foreign funds that are either incorporated or registered outside Singapore but are seeking to operate within the country under the Section 13U provisions of the Singapore Income Tax Act 1947 (2020 Revised Edition). Its primary purpose is to allocate a unique tax reference number to these funds, enabling them to comply with Singapore's tax regulations and facilitating their interactions with IRAS.
Who Needs to Fill Out This Form?
This application must be completed by an authorized person of the fund. Eligible signatories include the fund’s director, precedent partner, manager, principal officer, financial controller, tax agent, company secretary, or trustee (if the fund is a trust). It is essential that the applicant has the authority to submit the form on behalf of the fund, as incorrect or unauthorized submissions may lead to delays or legal penalties.
Funds that are part of a Master-Feeder-SPV (Special Purpose Vehicle) structure should submit a separate application for each entity involved, providing the same set of information for each incorporated overseas or registered entity.
How to Complete the Application Form
The form is primarily digital and should be submitted via email to [email protected]. Paper submissions are not accepted. The process is straightforward and takes approximately five minutes to complete, provided all required information is available.
Section 1 – Fund Particulars
- Type of fund: Indicate whether it is a single, master, feeder, or SPV fund.
- Name of the fund: As specified in the MAS Section 13U award letter.
- Legal form: Specify whether it is a company, trust, partnership, or other legal structure.
- Date and place of incorporation/registration: Provide accurate details to establish the fund’s legal status.
- Singapore correspondence address: This address will be used for official notices from IRAS.
- Financial year end: State the fiscal year-end date.
- Date the fund begins deriving income from Singapore:
- Effective date of incentive: If applicable.
- Fund manager details: Include the name and tax reference number.
- Existing UEN: If the fund has a Unique Entity Number, provide it.
Section 2 – Fund Trustee Particulars (if applicable)
- Name, address, and contact details: Complete for the trustee, including email and contact person.
- UEN: Provide if the fund is a trust.
- Financial year end:
Section 3 – Fund Precedent Partner Particulars (if applicable)
- Name and UEN/NRIC/FIN: Details of the precedent partner in a partnership structure.
- Contact details and appointment date:
- Business details: Include whether the business comprises only corporate partners.
Submission and Processing
Once completed, the application must be submitted via email along with the Section 13U award letter issued by the Monetary Authority of Singapore (MAS). IRAS commits to processing the application within 14 working days from the date of receipt. The applicant will be notified of the assigned tax reference number through email.
Important Considerations
Applicants should ensure all fields are completed accurately and truthfully. Providing false or misleading information can result in penalties under the Singapore Income Tax Act 1947. It is recommended to review the form carefully before submission to avoid delays.
Contact and Support
For further assistance or inquiries regarding the application process, IRAS can be contacted at their official address or telephone number. It is advisable to consult the official IRAS website or the relevant MAS guidelines for detailed instructions and updates.
By following these steps, foreign funds can successfully obtain a tax reference number in Singapore, facilitating their compliance with local tax laws and enabling smoother business operations within the country.