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Setting up Fazz Business for Singapore

  • Updated

Overview

Kindly follow the steps below to create an Fazz Business Account and provide your business information and documents:

  1. Sign-up for an Fazz Business Account here
  2. Once done, login into your account
  3. Verify your Fazz Business Account
  4. Provide your business information and documents
  5. That’s all. We will get back to you regarding the account verification status!

Prior to beginning the onboarding process, the merchant is advised to prepare the following documents;

  1. ACRA Business file (within 3 months from the date of submission)
  2. Memorandum Articles of Association/Company's Constitution
  3. Board Resolution (if there is more than 1 directors)
  4. Full Shareholding Chart (if there is 2 or more layers)
  5. Coloured NRIC/Passport of the account manager, directors and beneficial owners
  6. Coloured Document with Proof of Address for account manager, directors and beneficial owners


Definition of Beneficiaries

  1. Owners:
    • Individual(s) who directly or indirectly, through any contract, arrangement,
      understanding, relationship or otherwise, owns or controls 25% or more of the equity
      interests of the Company, including their ownership or control percentage.
  2. Controllers:
    • Individual(s) who does not own more than 25% in the Company, but exercises control of the Company through the following means would be deemed as Controllers:
      • shareholding pooling agreement;
      • lender whose loan secures a controlling influence over the Company’s decision;
      • natural person connected to natural persons who possess ownership;
      • natural person who has close and intimate family relationships, historial or contractual associations;
      • natural person who can use, enjoy or benefit from the assets owned by the Company.
  3. Senior Management:
    • Where this is no Owner or Controller, please indicate the individual(s) who has executive
      authority in the Company where he/she could exercise executive control over the daily or
      regular affairs of the Company
      • Chief Executive Officer,
      • Chief Financial Officer or responsible for strategic decisions that fundamentally affect the business practice or general direction of the Company would be deemed as Senior Management.

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