When registering for GST, you may be required to provide a guarantee.
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When is a guarantee required
We adopt a risk-based approach in reviewing applications for registration and schemes. You may be requested to provide a guarantee when registering for GST or applying/ renewing GST schemes.
The guarantee is usually required to cover a period of 2 years for GST registrations. In the case of GST schemes, the guarantee will cover the effective period of the GST schemes which may be from 3 to 5 years.
Amount and form of guarantee
We will notify you on the amount of guarantee required upon processing your application for GST registration or GST schemes.
The guarantee must be from a financial institution.
As part of our efforts to build a digital government, digital guarantees (or eGuarantees) can now be purchased from a number of financial institutions. You will enjoy time savings from a faster lodgement process (from 7 days to 1 day). You will also enjoy cost savings as there is no
longer a need to incur courier charges to deliver the guarantee to IRAS. Please visit eGuarantee@Gov for more information on eGuarantees.
Click here for a specimen copy of the guarantee.