SINGAPORE: Companies will no longer need to affix their company stamps on government forms starting this October, unless required by legislation.
This includes tender-related documents submitted through government e-procurement portal GeBIZ.
The initiative is one of two that the Pro-Enterprise Panel (PEP) announced on Thursday (Aug 16) to streamline regulatory requirements and reduce compliance costs for business-to-government (B2G) transactions.
According to quotations given by five customised stamp makers in Singapore, one rectangular- or circular-shaped stamp that is smaller than the palm costs an average of S$30.
The initiative comes after feedback that the requirement for the sole purpose of identity verification was “outdated and unnecessary”. Companies gave feedback that the process was “cumbersome and time-consuming” since they had to download, print, physically stamp, scan the documents and then send it back to agencies by email.
The removal of the stamping requirement also comes as other forms of verification, like digital platforms and signatures, now provide alternatives to the traditional method, as the government moves towards the digitalisation of services.
The other initiative by the PEP removes the requirement for the submission of audited statements when companies with an annual sales turnover of less than S$5 million want to apply for, or renew their Government Supplier Registration status.
From June this year, these companies were already able to submit unaudited financial statement with underwriting for registration.
According to the Ministry of Finance and PEP, the initiative was welcomed by small- and medium-size enterprises (SMEs), and is expected to benefit an estimated 3,900 suppliers.
Companies have given feedback that the requirement to provide an audited statement was costly to businesses, in particular for SMEs which have an annual turnover of less than S$5 million, according to authorities.
With this initiative, companies do not have to furnish the same documents each time a government agency requires them to provide financial information when they bid for a tender.