Company stamp, company chop, and company seal are common terms that all mean essentially the same thing, i.e., the physical tool used by a business or companies for official imprint on several papers and other documents.
In the changing environments, some traditions are maintained for adaptation to current needs. Company stamps or company seals in Singapore is a prime example. Though, these stamps have for a while represented the corporate identity but since 2017, it’s not compulsory anymore. This article, therefore, seeks to explore how stamps, chops, and seals are important to companies based in modern day Singapore. If you are reading this article planning to incorporate your company in Singapore or overseas, you might want to explore FastLane’s company incorporation service.
Content Outline
Company Stamps: Guardians of Tradition
Professionalism and authentic nature has always been associated with company stamps, imprinted with a company’s name and registration number. In the past, they had been used to stamp company marks on important documents like contracts and certificates to show the sincerity of the business towards honoring its commitments and transactions. They symbolized trust and maintained corporate heritage.
When and Why Are Company Stamps Used
While not legally mandated, many Singaporean companies continue to use company stamps in specific scenarios:
- Deeds: However, they have company stamps that can only be used in very formal documents that do not amount to mere contracts.
- Corporate Documents: The company stamp becomes part of share certificates and other important documents of the company making it look formal.
- Legal Compliance: Under the Companies Act, a company must not only have its registration number stated in any of its documents but also conspicuous enough. While a letterhead may suffice, most companies opt for more clarity with a company stamp.
The above can easily be satisfied by a chop with a company stamp, which usually has the name of the company and its registration number. Of course, a company chop is not required in the event the company has already indicated its name and registration number on such documents.
The Evolution of Company Stamps
The function of company stamps has changed with the trends in the modern business environment. Though they were important in the validation or chop and sign of document and authenticity, their importance has faded away compared to the signatures of directors and CEOs.
Acquiring a Company Stamp in Singapore
Acquiring a company seal in Singapore is easy. Several service providers provide tailored business stamps. Clients can select a design, fill the space for the company’s Unique Entity Number (UEN) and any other necessary details. This stamp is usually ready within a few days, thus giving business a chance to start using it immediately. With respect to this stamp, there is no rigid legal direction as to which details it should comprise; it is basically dependent on an individual’s preferred choice.
Is Having a Company Stamp a Legal Requirement
In accordance with Section 41A of the Companies Act in Singapore, starting from 2017, using a company stamp became optional. The company stamp is no longer required, but it still represents corporate identity and tradition. This shows an act of courtesy to the past, and the continuing practices that have shaped the Singaporean scene for corporations.
In Conclusion
However, the part played by company stamps in Singapore has undergone a change. They are now not vital for legal validity, but they continue to serve as emblems of corporate essence and history. Such a practice can be continued by companies which have the option of adjusting to the changing landscape of business and also respecting the traditions which have been in place for ages. FastLane offers comprehensive company secretary services to ensure daily compliance for your business.