Tax Identification Number (TIN): What is it and does my business need one?

Key takeaways

• A Tax Identification Number (TIN) is a unique number governments assign to individuals and businesses for tax purposes. In Australia, the equivalents are the Tax File Number (TFN) and Australian Business Number (ABN).

• Different countries use different names for TINs. In Singapore, TINs take the form of an NRIC, FIN, or UEN depending on whether you're a citizen, foreign worker, or business.

• Once you have your TIN, you can open a Business Account with Airwallex to get local Singapore banking details, collect payments from 70+ countries, convert currencies at interbank rates, and manage your finances across borders.

Receiving a request for a Tax Identification Number can cause confusion. Banks, employers, and government forms often ask for a Tax Identification Number (TIN) without explaining what it means or the local equivalent.

A TIN is just a unique number that links you or your business to your country's tax system. In Australia, we use the Tax File Number (TFN) for individuals and the Australian Business Number (ABN) for businesses. Other countries have their own versions, and if you're expanding into markets like Singapore, you'll need to know how that system works too. This article explains what TINs are around the world, with a closer look at Singapore's system for businesses that want to operate there.

What is a Tax Identification Number?

A Tax Identification Number (TIN) is a unique identifier that governments assign to individuals and businesses for tax purposes. It's how governments track who owes what, and it's what banks and financial institutions ask for when they need to verify your identity.

Almost every country has some kind of TIN, even though the name changes from place to place. In the US, it's a Social Security Number (SSN) or Employer Identification Number (EIN). In the UK, it's a Unique Taxpayer Reference (UTR) or National Insurance Number. So the first step is knowing what your TIN is called, and where to find it, whether you're filing personal taxes or setting up a business overseas.

What is Australia's Tax Identification Number?

Australia doesn't officially use the term "TIN," but we do have direct equivalents. For individuals, that's the Tax File Number (TFN), a nine-digit number issued by the Australian Taxation Office (ATO). You'll use your TFN when you start a new job, lodge your tax return, or open a bank account.

For businesses, the equivalent is the Australian Business Number (ABN), an 11-digit identifier issued by the Australian Business Register. You'll use your ABN on invoices, when registering for GST, and when dealing with other businesses or government agencies. If you're a sole trader, you might have both a TFN for your personal taxes and an ABN for your business dealings.

So when a bank or overseas institution asks for your "TIN," they're asking for your TFN or ABN, depending on whether you're acting as an individual or a business.

TINs by country

Every country has its own version of a TIN, and if you're doing business across multiple markets, you'll probably need to provide TINs for each jurisdiction. Here's a quick reference for some of the most common markets:

If you're expanding into Singapore, you'll need to understand the three types of TINs used there, which we'll cover next.

Types of Tax Identification Numbers in Singapore

In Singapore, there are three main types of Tax Identification Numbers, and each one applies to a different group of people or entities:

National Registration Identity Card (NRIC)

The NRIC is assigned to Singapore citizens and Permanent Residents at age 15 or when they're granted permanent residency. In Singapore, the NRIC number also works as your Tax Identification Number, often called the Tax Reference Number (TRN). This unique nine-character identifier is used across government and administrative processes, including:

• Registering for healthcare services

• Applying for insurance

• Checking into hotels

• Subscribing to phone lines

• Filing personal income taxes

• Opening bank accounts

• Applying for loans and credit cards

Foreign Identification Number (FIN)

Singapore has a large foreign workforce, and the FIN is how non-residents are identified for tax and administrative purposes. It's a unique nine-character number issued to foreigners who hold a valid employment pass, work permit, student's pass, or another type of long-term visit pass in Singapore.

The FIN works in a similar way to the NRIC, letting foreign workers meet their tax requirements whilst living in Singapore. It's also essential for everyday tasks like opening bank accounts, signing rental agreements, and completing legal and financial procedures during your stay.

Unique Entity Number (UEN)

The UEN is assigned to registered entities such as businesses, local companies, foreign businesses registered in Singapore, and other organisations. All registered businesses, including companies, sole proprietorships, partnerships, and limited liability partnerships, are required to have a UEN.

Your UEN is the one number you'll use across all government interactions, from tax filings to licence applications. Businesses use their UEN when filing taxes, applying for licences, reporting corporate changes, and applying for import and export permits. The UEN system makes sure each entity's records are maintained consistently across all government agencies.

Why you need a TIN

No matter where you operate, having a TIN is a basic part of running a legitimate business. It's how governments identify you for tax purposes, and it's what financial institutions need to verify your identity. Here's why it matters:

Legal compliance

Having a UEN, which serves as your business's TIN, is required if you're operating in Singapore. It helps make sure businesses follow the rules set by government agencies and avoid penalties.

Tax reporting

Your UEN is essential for anything tax-related. It lets your business access tax filing services with the Inland Revenue Authority of Singapore (IRAS) and acts as a unique identifier for your business across all tax interactions.

Business transactions

A UEN is essential for a wide range of business transactions, including opening corporate bank accounts, engaging in invoices and contracts, and procuring trade licences such as import and export permits. It serves as a unique identifier, making sure your transactions are recorded and monitored properly, which simplifies verification processes for the government.

If you want to expand your business operations to Singapore, getting a UEN is vital if you want to secure an export permit and carry out legitimate cross-border trade.

Central Provident Fund (CPF) contributions

The Central Provident Fund is a mandatory social security savings programme, supported by both employer and employee contributions. To pay their employees' CPF contributions, businesses need to submit their company's UEN and their employees' NRIC or FIN numbers to the CPF Board. This keeps records accurate and lets the government monitor CPF payments and levy taxes accordingly.

Do you need a TIN in Singapore?

If you're setting up operations in Singapore, both your business and your employees will need TINs. Here's how it works:

For your business

If you're registering a business in Singapore, you'll need to apply for a UEN. This applies to businesses, local companies, LLPs, societies, and representative offices.

But if you're only setting up a branch or division of an existing Singapore-registered business, you don't need to apply for a new UEN. The UEN of your current business entity can be used for all its branches or divisions within Singapore. That said, some government agencies may assign sub-entity codes to your UEN in their systems so they can identify and interact with those branches and divisions.

For your employees

Singapore citizens and Permanent Residents can use their NRIC number, which is assigned to citizens at age 15⁴ and to Permanent Residents upon being granted residency, as their TIN. Foreign employees will automatically receive a Foreign Identification Number (FIN) once their work pass or long-term immigration pass has been approved by the Ministry of Manpower (MOM) or the Immigration & Checkpoints Authority (ICA). That FIN will be used as their TIN.

As an employer, you need to make sure each employee has a valid TIN before they start work. This Tax Reference Number helps IRAS track and monitor the individual's personal income taxes. If you don't collect and verify employee TINs, IRAS may issue penalties and fines.

How to get a TIN in Singapore

All registered businesses in Singapore are automatically assigned a TIN once incorporation is successful. Here's what you need to know about the registration process, the costs, and how to find your TIN if you already have one.

Registering a new business with ACRA

You'll need to register with the Accounting and Corporate Regulatory Authority (ACRA) when starting a business in Singapore. Once you've completed your Singaporean company incorporation, ACRA will issue your Certificate of Incorporation, which features your Unique Entity Number. The UEN, which usually matches your ACRA Registration Number, serves as a permanent identifier for your business, and you won't ever have to renew it.

You can register your company online through ACRA's business registration portal. You'll need to provide key information such as your company name, entity type, registered address, and details of directors and shareholders, then make your payment to ACRA. After that, ACRA will review your application and, if it's approved, issue your business certificate with your UEN. You can also engage a service provider to help with the ACRA registration process.

How much does it cost?

Getting a TIN in Singapore is relatively affordable. Businesses are assigned a UEN without any extra fees when they register their company with ACRA. To register a private limited company in Singapore, you'll need to pay a S$15 name reservation fee¹ and S$300 company registration fee to ACRA². If you're a foreigner looking to incorporate a company in Singapore, you'll need to use a qualified agent, which will incur extra costs.

How to find your existing TIN

Your TIN is printed on several documents you probably already have. Think of it like your Medicare number. If you've lost the card, you don't apply again. You just need to know where to look.

In Singapore:

• NRIC: Printed on your identity card

• FIN: Printed on your work pass or long-term visit pass

• UEN: Listed on your ACRA Certificate of Incorporation and can be looked up on the BizFile+ portal

In Australia:

• TFN: Found on your tax return, ATO correspondence, or by logging into myGov

• ABN: Can be looked up on the Australian Business Register (ABR) website

Why your bank or financial institution asks for your TIN

If a bank or financial institution has asked for your TIN, it's because they're legally required to collect it under the Common Reporting Standard (CRS)³. CRS is a global framework that requires financial institutions to collect and share tax information across borders.

More than 100 countries take part in CRS, including Australia, Singapore, the UK, and most of Europe.

For you, that means any legitimate financial institution will ask for your TIN when you open an account. It's a sign that the institution takes compliance seriously, and it's a standard part of the Know Your Customer (KYC) process that helps prevent money laundering and fraud.

How Airwallex can help your business go global

Your business will need a TIN to open a business account and run its financial operations. Before your business can access financial offerings from fintechs and banks, you'll need to provide a TIN as part of the Know Your Customer (KYC) process. TINs help service providers verify your business's identity and prevent illegal activities such as money laundering and fraud.

Once you have your TIN, you can open a Business Account with Airwallex and start managing your global finances from one place, whether you're running a single company or managing multiple entities across jurisdictions. Here's what you can do:

• Open local banking details in 20+ countries and collect payments from 70+ countries directly in your Airwallex account

• Convert currencies at interbank rates and save up to 80% on FX fees compared to traditional banks

• Issue Corporate Cards for your team in 60+ markets with built-in spend controls and real-time visibility

• Manage expenses and pay bills across multiple entities and currencies from a single dashboard

Frequently asked questions

What is a taxpayer identification number in Australia?

Australia's version of a TIN is the Tax File Number (TFN) for individuals and the Australian Business Number (ABN) for businesses. The TFN is issued by the Australian Taxation Office (ATO), whilst the ABN is issued through the Australian Business Register. So when an overseas bank or institution asks for your "TIN," they're asking for your TFN or ABN, depending on whether you're acting as an individual or a business.

Where do I find my TIN?

Your TIN is usually printed on official documents you already have, such as your tax return, identity card, or certificate of incorporation. In Australia, you can find your TFN on ATO correspondence or by logging into myGov, and you can look up your ABN on the Australian Business Register website. In Singapore, your NRIC is on your identity card, your FIN is on your work pass, and your UEN is on your ACRA Certificate of Incorporation or the BizFile+ portal.

Why does my bank ask for my TIN?

Banks and financial institutions are legally required to collect your TIN under the Common Reporting Standard (CRS), a global framework for sharing tax information between countries. This is part of the Know Your Customer (KYC) process that helps prevent money laundering and tax evasion. More than 100 countries participate in CRS, so this request is standard practice for any legitimate financial institution.

Are Tax Identification Numbers expensive to get?

No. In most countries, TINs are free or included as part of business registration. In Singapore, businesses receive a free Unique Entity Number (UEN) from ACRA upon successful company incorporation, though there are government fees associated with registering a new business (S$15 for name reservation and S$300 for company registration).¹ ² In Australia, TFNs and ABNs are free to obtain.

Sources 

1. https://www.bizfile.gov.sg/instruction/name-application

2. https://www.bizfile.gov.sg/instruction/entity-registration 

3. https://www.ato.gov.au/individuals-and-families/investments-and-assets/foreign-resident-investments/foreign-tax-resident-reporting 

4. https://sso.agc.gov.sg/SL/NRA1965-RG2?DocDate=20171221

This information doesn’t take into account your objectives, financial situation, or needs. If you are a customer of Airwallex Pty Ltd (AFSL No. 487221) read the Product Disclosure Statement (PDS) for the Direct Services available here.