To be fair, I am presenting MOM’s response received today on Company Stamp for your consideration.
“Our requirement to have company stamp endorsing our documents reduces the likelihood of unauthorised transactions or applications by a third party. Such cases do happen and companies become invariably implicated or inconvenienced due to fraudulent transactions.
While there is no legal requirement for companies to have a company stamp, such a requirement will safeguard the interests of our customers such as yourself. We will also accept alternative means of authorisation such as an official company letter in lieu of a company stamp endorsement.” Unquote.
Questions for your consideration.
- What is a Company Stamp?
- Can anyone make a Company Stamp?
- How much to make a Company Stamp?
- How does a Company Stamp protect your company if it is not legally binding to use a Company Stamp in official documents and contracts?
- Is it different from Company Seal?
- What is a Company Letterhead?
- What are the statutory information that must be found on a letterhead?
- How to make Company Letterheads? Must I ask the printer to print or can I print them using my printer?
- When is a letterhead a letterhead and when is it not a letterhead?
If the primary objective is to prevent false or fraudulent applications and transactions, you verify the person that is making the application / transaction by checking the identity card/passport.
I don’t think a Company Stamp or Company Letterhead can prevent a fraudulent application/transaction.
Dear Mr. Wong, till now using company stamps and letter head or even company agreement and contract will not safeguard a company from fraudulent transaction. I have experienced a staff of mine duplicate a company agreement and stamp on his own expense. It is identical and also with running serial number. I would like to give the readers some points to reduce such fradulent transaction and possible CBT.Every contract signed will be recorded in a log book with the serial number.Contracts which are held by the accounts manager or sales rep will be recorded and signed out. It must be presented when required.Phone verification is required as well.Lastly the remaining contracts and company stamps must be locked and secured.This may not be foolproofed but all companies are reminded to take safety precaution against possible CBT.