How to Apply for an eGuarantee in Singapore?
Organisation : Ministry of Finance (MOF), Monetary Authority of Singapore (MAS) Singapore
Facility Name : Apply for an eGuarantee
Country : Singapore
Website : https://www.eguarantee.gov.sg/purchase-eguarantee/3steps/
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How to Apply for an eGuarantee Singapore?
Step 1: Obtain
Obtain the following details from the Agency you are dealing with when applying for an eGuarantee (see below for details and example).
Final Extension Period :
If you are using the Guarantee Templates GOV_POC_NFD or LTA_SWA this refers to the final extension period for which the Guarantee shall be extended for in days.
The Agency that you are dealing with will inform you on the final extension period, and it should be in multiples of 30 days (e.g. 30 days, 60 days, 90 days, etc).
If the Guarantee Template does not allow for automatic extension, leave this blank.
Please contact the Agency you are dealing with if you have any queries on your application details.
Step 2: Select
Select your preferred eGuarantee provider.
Step 3: Apply
Provide the relevant information to the FI
The FI will process your application and send the eGuarantee to the Agency. The Agency will process it and advise you on the next steps required. There is no need for you to collect the eGuarantee and courier it to the Agency.
Note: No original hardcopy Guarantee will be issued.
FAG on eGuarantee
Frequently Asked Questions on eGuarantee
What are Guarantees?
Guarantees are issued by Financial Institutions as an undertaking that the business or individual will fulfill its contractual or licensing obligations/ regulatory requirements. They can be in the form of a banker’s guarantee, insurer’s guarantee or insurer’s bond.
Guarantees are used by the Government:
As security deposits and tender deposits for procurement, revenue and land sales contracts; and
For licensing obligations/ regulatory requirements, e.g. employment agency licensing, dog breed licensing, GST registration.
Why should I apply for an eGuarantee instead of a paper guarantee?
You can enjoy a faster lodgement process. Typically, it takes you up to 5-7 days from application to delivery of the guarantee to the Agency. With eGuarantee@Gov, the application and issuance process can be completed within a day. You can also enjoy cost savings as there is no longer a need to collect the paper guarantee from the bank or insurance company and deliver them to the Agency.
What type of eGuarantee can I apply for?
You can apply for guarantees for
i) procurement of general goods and services and construction services,
ii) revenue contracts,
iii) land sale tenders, and
iv) licensing obligations/ regulatory requirements.
Please approach the Agency you are dealing with to find out the type of eGuarantee it requires.
How do I check on the status of my eGuarantee? Who should I contact regarding the status of my eGuarantee application.
The bank or insurance company will inform you that it has issued the eGuarantee. Once your eGuarantee has been lodged successfully, the Agency will inform you on the next step of your procurement, revenue contracts, land sale tenders or licensing process. You may contact the Agency regarding the status of your eGuarantee if it has been lodged successfully.
How is eGuaranee@Gov different from the Electronic Bankers’ Guarantee Programme?
eGuarantee@Gov is an expansion of the Electronic Bankers’ Guarantee Programme used by Singapore Customs. It will tap on the Networked Trade Platform (NTP) and include more types of guarantees required by government agencies. More Financial Institutions (FIs) will also participate so applicants can have more choices of the FI they wish to purchase eGuarantees from. FIs will also benefit from greater participation by applicants.
Additional Simplified Procedure
To apply for an eGuarantee in Singapore, you can follow these steps:
Obtain the required information from the agency you are dealing with. This includes the Guarantee Template Reference Code, Case Reference Number, Guarantee Sum, and Currency.
Select your preferred eGuarantee provider. You can find a list of participating eGuarantee providers on the eGuarantee@Gov website.
Apply for the eGuarantee through your selected eGuarantee provider. The application process may vary depending on the eGuarantee provider. However, you will generally need to provide the following information:
** Your name and contact information
** The agency you are dealing with
** The Guarantee Template Reference Code, Case Reference Number, Guarantee Sum, and Currency
** Any other relevant information
Pay the required fees. The fees will vary depending on the eGuarantee provider and the amount of the guarantee.
Submit your application. Once you have submitted your application, the eGuarantee provider will review it and issue the eGuarantee directly to the agency you are dealing with.
Here are some additional tips for applying for an eGuarantee:
** Make sure that you have all of the required information before you start the application process.
** Carefully review the application form before you submit it.
** Make sure that you pay the required fees in full.
** Keep a copy of your application and the eGuarantee document for your records.