All About Singapore Rubber Stamp Part One
If you are thinking about starting your own business in Singapore, one thing you should think about is getting your rubber stamp. If you're not acquainted with it, let's read more about this tiny but extremely useful tool.
What Is A Rubber Stamp?
A business stamp, also known as a common stamp, is a tactic used in common law jurisdictions such as Singapore. It may be used as an official stamp by a corporation to verify or approve valuable documents like share certificates, contracts, or deeds.
What Does A Rubber Stamp Look Like?
In Singapore, a business stamp is made of a silver substance that is used to emboss papers. To be considered authentic, the design of a business stamp must include the company's name and registration number.
When Is A Rubber Stamp Used?
A business stamp is often used for contracts that are required by statute to be stamped. For example, a document is executed as a deed by a corporation, such as those relating to banking and property transactions.
It is necessary to note that, as of March 31, 2017, a rubber stamp is no longer required for certain forms of documents if the following conditions are met under Section 41B of the Companies Act:
1. The secretary of the corporation and the company's management-speak on behalf of the company.
2. On behalf of the group by at least two of its directors
3. On behalf of the firm, by a company director, with a witness who can testify to the signature
Not just that, but Section 41A of the Companies Act states that having a rubber stamp is not required.
If a person is required to sign a contract on behalf of more than one entity, the person must sign the document separately; otherwise, the document would not be considered signed.
And if a rubber stamp is not as often used as it once was, it is still valuable, and many people order from a reputable rubber stamp manufacturing.