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FATCA Registration
FATCA Registration Requirements
Reporting SGFIs should register themselves at the US IRS Online FATCA Registration Portal as FIs within a Model 1 IGA jurisdiction to obtain
a GIIN and to be included on the US IRS FFI List. Thereafter, it should provide its FATCA registration information to IRAS via the Apply for CRS Registration e-Service.
Who should register for FATCA?
You are required to register for FATCA if you are issued a global intermediary identification number (GIIN) and is a custodial institution, a depository institution, an investment entity or a specified insurance company that is a:
- resident in Singapore, excluding its branch outside Singapore; or
- Singapore branch of any financial institution not resident in Singapore
[Regulation 4 of the FATCA Regulations]
Types of Financial Institution under the FATCA
Refer to the Singapore-US Intergovernmental Agreement (IGA) (PDF, 429KB) for more details.
| Financial Institution | Definition |
|---|---|
| Custodial Institution (Article 1 – Section 1h of Singapore-US IGA) | A Custodial Institution is an Entity that holds, as a substantial portion of its business, Financial Assets for the account of others. An entity holds financial assets for the account of others as a substantial portion of its business if the entity’s gross income attributable to the holding of financial assets and related financial services equals or exceeds 20 percent of the entity’s gross income during the shorter of: (i) the three-year period that ends on December 31 (or the final day of a non-calendar year accounting period) prior to the year in which the determination is being made; or (ii) the period during which the entity has been in existence. |
| Depository Institution (Article 1 – Section 1i of Singapore-US IGA) | A Depository Institution is an Entity that accepts deposits in the ordinary course of a banking or similar business. |
| Investment Entity (Article 1 – Section 1j of Singapore-US IGA) | An Entity that conducts as a business (or is managed by an entity that conducts as a business) one or more of the following activities or operations for or on behalf of a customer: (1) trading in money market instruments (cheques, bills, certificates of deposit, derivatives, etc.); foreign exchange; exchange, interest rate and index instruments; transferable securities; or commodity futures trading; (2) individual and collective portfolio management; or (3) otherwise investing, administering, or managing funds or money on behalf of other persons. |
| Specified Insurance Company (Article 1 – Section 1k of Singapore-US IGA) | A Specified Insurance Company is any Entity that is an insurance company (or the holding company of an insurance company) that issues, or is obligated to make payments with respect to a Cash Value Insurance Contract or an Annuity Contract. |
Certain entities are not required to register for FATCA. Please see below for some of the examples.
[Part 4 of the FATCA Regulations]
Examples of entities that are not required to register for FATCA
| S/N | Entities not required to register | Reference |
|---|---|---|
| 1 | Active or Passive Non-Financial Foreign Entity (NFFE) refers to any Non-U.S. Entity that is not an Foreign Financial Institution (FFI) as defined in relevant U.S. Treasury Regulations or is an Entity described in subparagraph B(4)(j) of this section, and also includes any Non-U.S. Entity that is established in Singapore or another Partner Jurisdiction and that is not a Financial Institution. | Annex I Part VI B.2. of the Singapore-US IGA |
| 2 | Non-Reporting FI | Annex II of the Singapore-US IGA |
| 3 | Trustee-documented trust (TDT) | Annex II Part IV A of the Singapore-US IGA |
| 4 | Sponsored Closely Held Investment Vehicle or a Sponsored Investment Entity that is not issued a global intermediary identification number (GIIN) and does not maintain any US Reportable Account | Annex II Part IV B and C of the Singapore-US IGA |
| 5 | Investment entity that meets the “solely because” test because it only renders investment advice or manage portfolios for customers whose financial assets are deposited with another financial institution as defined under Annex II of the Singapore-US IGA | Annex II Part IV D of the Singapore-US IGA |
| 6 | Sponsoring Entity for Sponsored Entities | - |
| 7 | Third-party service provider that is not a Reporting SGFI that assists Reporting SGFIs on their FATCA obligations | - |
How to register for FATCA?
A Qualifying Personal Investment Company (PIC) may qualify for simplified FATCA registration and reporting requirements. Please refer to FATCA Filing for more details.
Step 1: Register for FATCA at US IRS’ FATCA Registration Portal
Reporting SGFIs can register or update their FATCA classification at the US IRS' FATCA Registration Portal as a "Reporting Financial Institution under a Model 1 IGA" and obtain a Global Intermediary Identification Number (GIIN) from the US IRS to be included in the US IRS' Foreign Financial Institution (FFI) List.
Where there are changes to Reporting SGFIs' FATCA Registration Information, Reporting SGFIs should also update the information at the US IRS' FATCA Registration Portal (where applicable) and provide IRAS with the updated information (e.g. GIIN) via the "View/ Update FI Profile" e-Service.
More information on FATCA registration can be found on the US IRS website.
Step 2: Provide the Reporting SGFI’s FATCA Registration Information to IRAS
Reporting SGFIs must provide IRAS with their FATCA Registration Information via the “Apply for CRS Registration” e-Service. You do not need to log in to myTax
Portal to use this e-Service.
A CRS-registered Reporting SGFI should submit only the FATCA Registration Information of the entity under the e-Service. Reporting SGFIs that do not provide their FATCA Registration Information will be unable to file their FATCA returns via myTax Portal.
Please have the following information ready before the application process:
- US IRS-issued GIIN of the Reporting SGFI.
- Singapore Tax Reference Number of the Reporting SGFI, if applicable.
- Singapore Tax Reference Number of the trustee if your financial institution is a Trust.
- Singapore Tax Reference Number of a Point of Contact if:
- your financial institution is not a Trust; or
- your financial institution is a Trust and has a Singapore non-individual Trustee.
Passport Number is required if the Point of Contact does not have a Singapore Tax Reference Number.
- Letter of Authorisation for the Point of Contact
There are two templates of Letter of Authorisation, please prepare and submit the appropriate letter accordingly:
For a step-by-step guide on how to use the e-Service, you may refer to Apply for CRS/FATCA Registration User Guide (PDF, 606KB).
Things to note:
- As the Common Reporting Standard (CRS) and FATCA regulations share some similarities, for entities currently not registered for CRS, you should also consider whether you are required to register for CRS, and submit the registration application for CRS if applicable. Please refer to CRS Registration for more information.
- The First Year of Reporting is the year in which the entity is first determined as a Reporting SGFI for FATCA purposes. For example, if the entity is first determined as a Reporting SGFI as at 31 December 2019, its First Reporting Year for FATCA should be 2019, as that is the first calendar year in which the entity becomes a Reporting SGFI for FATCA purposes and is subject to the reporting and due diligence requirements of FATCA. In this regard, the applicant should indicate ‘2019’ in its FATCA application. For details on filing FATCA returns, please refer to FATCA Filing.
- If you are late in your application for FATCA registration (e.g. you submitted your registration as a Reporting SGFI in 2020 but you met the requirements of a Reporting SGFI in 2018), then upon approval of your application, you are required to submit
the FATCA Returns from 2018 (i.e. First Year of Reporting) to the latest Reporting Year. For details on filing back-year FATCA returns, please refer to FATCA Filing.
The average processing time for the registration application is expected to be 3 weeks. Once the application is processed, an e-mail will be sent to the Point of Contact or individual trustee to inform him/her on the registration outcome
What if your entity is a “Sponsoring Investment Entity”?
If your entity falls within the definition of “Sponsored Investment Entity” category of Non-Reporting SGFI as set out in Section IV, paragraph B of Annex II of the Singapore-US IGA, the Sponsoring Entity is not required to register the entities with the US IRS for FATCA purposes, if the entities do not maintain US Reportable Accounts.
As such, there is no corresponding requirement for the entity to provide their FATCA Registration Information to IRAS until such time that the entities subsequently maintain US Reportable Accounts and are required to obtain a GIIN.
What if your entity is a “Sponsoring Closely Held Investment Vehicle”?
If your entity falls within the definition of “Sponsored Closely Held Investment Vehicle” category of Non-Reporting SGFI as set out in Section IV, paragraph C of Annex II of the Singapore-US IGA, the requirements set out in Annex II of the Singapore-US IGA obliges the Sponsoring Entity to identify such FIs in all reporting completed on such FIs’ behalf. There is no requirement for the Sponsoring Entity to register such FIs with the US IRS for reporting purposes.
As such, where such entity does not maintain US Reportable Accounts, there is no corresponding requirement for the entity to provide its FATCA Registration Information to IRAS, until such time that the entity subsequently maintain US Reportable Accounts that are required to be reported to the IRAS.
Simplified FATCA Registration and Filing Requirements for Qualifying Personal Investment Companies (PICs)
PICs that are liable to register for FATCA and have reporting obligations should file their annual returns via myTax Portal. However, a Qualifying PIC, that is, a PIC that does not have a tax reference number (e.g. UEN, ASGD or ITR Number) and meets all the following criteria below may qualify for simplified FATCA registration and reporting requirements.
- the PIC is incorporated overseas and is a tax resident in Singapore;
- the PIC qualifies for S13F and S13N exemptions under the Income Tax Act 1947;
- the PIC is 100% owned by a SGFI; and
- the PIC does not maintain any reportable accounts as defined in the FATCA Regulations
Qualifying PICs would be required to file its FATCA return annually using the simplified AEOI registration and reporting form.
How to notify IRAS of a Trustee-Documented Trust (TDT)?
A Trustee-Documented Trust qualifies as a Non-Reporting FI because the trustee of the trust is a Reporting SGFI and the trustee undertakes the due diligence and reporting obligations of the trust. A TDT need not apply to register with IRAS for FATCA purposes.
The trustee of a TDT has to provide certain details on the TDT such as its name and Tax Reference Number, if applicable, to IRAS before the trustee can submit a FATCA Return on the trust’s behalf.
To create or update its TDT records, the trustee can go to myTax Portal > Select More > AEOI > View/Edit Trustee-Documented Trusts e-Service.
Alternatively, the trustee can create or update multiple TDT records using a PDF form (PDF, 540KB).
How to update Point of Contact?
You should periodically review your POC and update IRAS as soon as possible on changes in the POC so that you will receive prompt notification on your FATCA matters.
To update your POC, please send us the duly signed Letter of Authorisation (LOA) and relevant contact details of the POC (e.g. office and/or mobile number and e-mail address) to [email protected] or [email protected].
Please prepare and submit the appropriate letter accordingly:
FATCA Deregistration
Deregistration is the cancellation of your FATCA registration with IRAS. Prior to the deregistration application, Reporting SGFI would be required to cancel its registration agreement separately on the US IRS FATCA Portal.
Who should deregister for FATCA?
You should cancel your FATCA agreement with the US IRS and deregister with IRAS as soon as applicable if you are:
- in the process of liquidation or has been liquidated;
- preparing to strike-off the entity with ACRA or already struck-off by ACRA;
- no longer a Reporting SGFI (e.g. due to update of status to an Active or Passive Non-Financial Foreign Entity (NFFE), cessation of Capital Markets Services (CMS) license issued by the Monetary Authority of Singapore, etc.); or
- are no longer a tax resident of Singapore;
Things to note:
- As the CRS and FATCA regulations share some similarities, for Reporting SGFIs that are also registered for CRS, please note that you should also consider whether you are required to deregister for CRS, and submit the deregistration application for CRS if applicable. Please refer to CRS Deregistration for more information.
- You should submit your final FATCA return and any outstanding FATCA returns and ensure that the returns are accepted before you submit an application to deregister the entity.
How to deregister for FATCA?
You should deregister from the US IRS FFI List via the US IRS Portal before submitting a deregistration application with IRAS. You can refer to the instructions detailed under Section 5.6.3 of the US IRS FATCA Registration Online User Guide to deregister for FATCA via the US IRS Portal.
Once you have deregistered from the US IRS FFI List, please proceed to submit your deregistration application with IRAS via myTax Portal > Select More > AEOI > Apply to Deregister for AEOI e-Service.
We strongly encourage you to submit the deregistration application online before the entity becomes inactive (e.g. liquidated or struck-off).
Step-by-step guide on deregistration via myTax Portal
Step 1: File your final and outstanding FATCA Returns
Prior to deregistration, you should ensure that there is no outstanding FATCA Returns. You should also make an advance filing to report any Reportable Accounts in the year of liquidation or cessation of activities that qualify the entity as a Reporting SGFI. For example, if the entity is closing or no longer a Reporting SGFI in 2021, it should report a final return for Reporting Year 2021 as it is the year it ceases to be a Reporting SGFI. If there is no reportable account to file, you should submit a Nil return.
You can submit an advance filing (e.g. filing for Reporting Year 2021 in the year 2021) at myTax Portal > Select More > AEOI > Submit CRS or FATCA Return select ‘Advance Reporting Year’. Refer to FATCA Filing for more details on the filing requirements and process.
Once you have received confirmation that the FATCA Returns have been accepted, you can submit the deregistration application via myTax Portal > Select More > AEOI > Apply to Deregister for AEOI e-Service.
Note that third-party service provider of the Reporting SGFI will not be able to access the deregistration e-Service.
Step 2: Prepare documents required for deregistration
Please have the following documents ready for the deregistration:
- Cover letter (printed on company’s letterhead) containing the following:
- entity name and Tax Reference Number;
- reason for the deregistration;
- new entity classification (e.g. Active or Passive NFE), if applicable;
- the date in which the entity ceases to be a Reporting SGFI or dates of the impending liquidation/struck-off, if available; and
- signature of the director
Please refer to the sample cover letter for deregistration (DOC, 29KB).
- Supporting documents, if applicable, such as:
- communication from MAS confirming the cessation of the CMS license;
- communication confirming the entity is preparing for liquidation or in the process of liquidation and struck-off; or
- documentary evidence confirming that the entity is not a tax resident of Singapore
- As you can only upload 1 document on the e-Service, please combine all the documents in one PDF file for uploading (note: maximum file size allowed 2MB)
Step 3: Submit deregistration application
Submit the deregistration application via myTax Portal > Select More > AEOI > Apply to Deregister for AEOI e-Service.
For more information, you may refer to the step-by-step user guide on how to apply to deregister for AEOI (PDF, 337KB).
The average processing time for the deregistration application is expected to be 3 weeks. IRAS will process your application and may contact you for more information. Once the application is processed, a notice will be available on myTax Portal to inform him/her on the deregistration outcome.
If your entity has been dissolved or struck-off and is no longer able to access myTax Portal, you should follow the steps below and e-mail [email protected] with the following information and supporting documents.
Information and supporting documents required
Step 1: File your final and outstanding FATCA Returns
Prior to deregistration, you should ensure that there are no outstanding FATCA returns. You should also make an advance filing to report any Reportable Accounts in the year of liquidation or cessation of activities that qualify the entity as a Reporting SGFI. For example, if the entity has been liquidated or struck-off in the year 2021, it should report a final return for Reporting Year 2021 as it is the year it ceases to be a Reporting SGFI. If there is no reportable account to file, you should submit a Nil return.
As the FATCA returns must be filed via myTax Portal, the appointed liquidator will need to request access to myTax Portal on your behalf via Corppass. Please refer to the step-by-step guide on how liquidators can access the AEOI e-Services on behalf of the liquidated entity via Corppass (PDF, 2,072KB).
To submit an advance filing (e.g. filing for Reporting Year 2021 in the year 2021), go to myTax Portal > Select More > AEOI > Submit CRS or FATCA Return and select ‘Advance Reporting Year’. Refer to FATCA Filing for more details on the filing requirements and process.
Step 2: Submit deregistration application via e-mail
Once the FATCA Returns have been accepted, either you or the liquidator can submit the deregistration application via e-mail to [email protected].
In your e-mail:
- indicate the Tax Reference Number, Entity name and the date of liquidation or struck-off.
- inform IRAS on the successfully filing of reportable financial accounts which are to be reported for the relevant reporting years or Nil returns (e.g. in the year of liquidation and back years, if any)
- attach the supporting documents such as:
- Latest ACRA business profile;
- ACRA gazette; and
- Notice of appointment of liquidator
How do trustees end-date the FATCA reporting of a Trustee-Documented Trust (TDT)?
The trustee can terminate a TDT if it no longer manages it. The trustee can terminate by end-dating it via myTax Portal.
You should ensure that there are no outstanding FATCA returns before end-dating the reporting of a TDT.
The trustee can end-date the reporting of a TDT via myTax Portal > Select More > AEOI > View/Edit Trustee-Documented
Trusts e-Service > click ‘Edit’ on the selected TDT > input the effective year to end date it. Alternatively, the trustee can end-date multiple TDT records using a TDT Update form (PDF, 540KB).