When you start selling, PayNow to your mobile number is the easiest way to get paid. A customer scans your QR code, the money lands in your account, and you pack the order.
But since PayNow nicknames were discontinued in June, your customer’s banking app shows your own name, partly masked. So someone buying from “Glowy Candles” at your market stall sees a name they don’t recognise, and asks “is this you ah?” before paying.
A UEN fixes that. PayNow to a UEN shows customers your registered business name, and the money goes into a business account instead of mixing with your personal spending.
For a sole proprietor, it takes four steps. The government fees are small. Most of the cost is in the bank account, so here is what each step costs before you start.
Do You Need to Register?
ACRA says you must register a business if you carry out any activity for profit on a regular basis, or if you use any name other than your own full name. The main exemption is a business that trades under your full NRIC name only. The full list is in section 4 of the Business Names Registration Act.
So if you sell regularly under a brand like Glowy Candles, you should be registered anyway. Registering is also how you get a UEN, the number your PayNow will use.
You need to be at least 18 and have Singpass. This guide covers sole proprietorships only. A company (Pte Ltd) is a different registration with different rules, which ACRA explains in choosing a business structure.
Step 1: Register Your Business With ACRA
Everything happens on Bizfile, ACRA’s online portal, in two parts.
- Reserve your business name (S$15): ACRA reviews the name in up to three working days. The fee is non-refundable if the name is unavailable. Once it’s approved, you have up to 120 days to register.
- Register the business (S$100 for one year): A three-year registration costs S$160, but it’s only available if you meet CPF Board conditions. Most registrations are approved soon after payment.
You’ll need a business address and a business email, plus your NRIC, residential address and mobile number.
If you run the business from home, ACRA lets you use your home address, but you need approval first: from HDB under the Home Office Scheme (a one-off S$20, applied for on GoBusiness), or from URA for private property. A P.O. Box is not allowed.
Once you’re approved, you get your UEN and a free copy of your Business Profile. Download the Business Profile now, because the bank will ask for it in the next step.
Step 2: Open a Business Bank Account
PayNow for a UEN has to point to an account in the business’s name. UOB, for example, says you need an SGD current account registered to that UEN to receive payments.
Not every bank is clear about whether sole proprietors qualify. These two are:
- UOB eBusiness Account: The FAQ lists sole proprietorships as eligible.
- OCBC Business Growth Account: OCBC’s business account application form has “Sole Proprietor” as a business type, and PayNow sign-up is part of the same form.
DBS’s SME pricing guide lists its standard business accounts under “Singapore Incorporated” businesses, so ask DBS before you apply as a sole proprietor.
This is where most of the cost sits:
| Fee | UOB eBusiness | OCBC Business Growth |
|---|---|---|
| Initial deposit | S$1,000 | S$1,000 |
| Minimum balance | S$5,000 average daily | S$1,000 monthly average |
| Fall-below fee | S$15 a month (waived for the first 12 months) | S$20 a month |
| Account fee | S$35 a year | S$10 a month (first 2 months waived) |
Sources: UOB eBusiness Account, OCBC Business Pricing Guide.
The deposit is still your money. But the balance has to stay above the minimum, or the fall-below fee kicks in every month. OCBC asks you to keep less money in the account. UOB charges a smaller account fee, but once the 12-month waiver ends you need S$5,000 sitting in the account to avoid the fall-below fee.
Step 3: Link Your UEN to PayNow
Once the account is open, register your UEN for PayNow (banks call this PayNow Corporate) in your business banking:
- OCBC: In the OCBC Business app, go to Settings, then Manage PayNow & SGQR. In OCBC Velocity, it’s under Tools. Online registration is immediate. The paper form takes up to 5 business days.
- UOB: In the UOB SME app, go to More Services, then Manage/Register PayNow. Submit the form, and you can receive payments once the status shows “Registered”.
Neither bank charges you to receive PayNow for now. Both list a S$0.20 fee per incoming transaction that is waived until 31 December 2028 (UOB, OCBC).
Your personal PayNow on your mobile number doesn’t change. Keep it for friends and family.
Step 4: Switch to Your New UEN QR Code
Before you replace anything, test it. Ask a friend to send S$1 to your UEN from their own banking app. Check that their screen shows your business name, and that the S$1 lands in the business account.
Then swap the old QR codes everywhere they live:
- Online orders and invoices: Make a PayNow UEN QR code with the amount and order number inside, using our free PayNow QR generator. If a customer needs a receipt, the invoice generator puts the same QR on an invoice.
- Your market stall: Use our Android app to make a QR with the amount for each sale. If you’d rather have one printed QR on the table, OCBC’s form lets you request an SGQR sticker label, which it mails to you within 10 working days.
- Everywhere else: Your Instagram bio and highlights, your WhatsApp catalogue, and any printed cards that still show your old QR.
What It Costs in the First Year
| Cost | Year one | Each year after |
|---|---|---|
| ACRA business name | S$15 | S$0 |
| ACRA registration, then renewal (1 year) | S$100 | S$30 |
| HDB Home Office Scheme (HDB address only) | S$20 | S$0 |
| Total before bank fees | S$135 | S$30 |
| UOB eBusiness account fee | S$35 | S$35 |
| OCBC Business Growth account fee | S$100 | S$120 |
So with UOB, the first year costs S$170 and each year after costs S$65. With OCBC, it’s S$235 in the first year and S$150 after. Both assume you keep the minimum balance, so add the fall-below fee for any month you don’t.
Renewal is S$30 for one year or S$90 for three, and you can renew up to 60 days before expiry. ACRA also needs your MediSave contributions to be paid or on an instalment plan before it will process a renewal.
Once your UEN is linked, make your first UEN QR code with our free PayNow QR generator.
