Reason to Open Corporate Account in Singapore
Singapore is the financial hub of Asia and one of the leading commercial centres of the world. There are about 700 local and foreign banks and financial institutions.
1. Singapore is one of the most stable and safest country in the world.
2. Unique Investment Opportunities. Acting as a unique bridge between East and West, Singapore’s foreign trade and investment competitiveness is ranked 2nd globally.
3. Highly Advanced Technology and Financial Platform. Singapore’s banks and financial institutions are highly digitalised and employ cutting edge technology to serve their client better.
4. Free Capital Flow. Singapore is the best country for entrepôt trade and no foreign exchange control.
5. Low Forex Rate. When you intend to change your money frequently, it is crucial to find a service provider that gives you the best exchange rates. Singapore banks are in constant competition to benefit the customers.
6. Highly Professional Wealth Management Team. Monetary Authority of Singapore is very restrictive in relation to approving Capital Market Service License applications, to ensure that the wealth management service provider is highly-skilled and professional.
7. Immigration Opportunity. There are various of immigration schemes that allows you to obtain a legal status in Singapore by investment.
8. Banking secrecy obligation. Under the Singapore Banking Act, all customer information shall not in any way be disclosed by a bank in Singapore or any of its officers to any other person except as expressly provided in the Banking Act.
1. Singapore is one of the most stable and safest country in the world.
2. Unique Investment Opportunities. Acting as a unique bridge between East and West, Singapore’s foreign trade and investment competitiveness is ranked 2nd globally.
3. Highly Advanced Technology and Financial Platform. Singapore’s banks and financial institutions are highly digitalised and employ cutting edge technology to serve their client better.
4. Free Capital Flow. Singapore is the best country for entrepôt trade and no foreign exchange control.
5. Low Forex Rate. When you intend to change your money frequently, it is crucial to find a service provider that gives you the best exchange rates. Singapore banks are in constant competition to benefit the customers.
6. Highly Professional Wealth Management Team. Monetary Authority of Singapore is very restrictive in relation to approving Capital Market Service License applications, to ensure that the wealth management service provider is highly-skilled and professional.
7. Immigration Opportunity. There are various of immigration schemes that allows you to obtain a legal status in Singapore by investment.
8. Banking secrecy obligation. Under the Singapore Banking Act, all customer information shall not in any way be disclosed by a bank in Singapore or any of its officers to any other person except as expressly provided in the Banking Act.
| Online Banking | Business Debit Card | Cheque Book | Personal Visit | Initial Deposit | Requirements for Director Nationality | |
|---|---|---|---|---|---|---|
| Citibank | V | V | V | Required | US$300,000 | Any |
| DBS | V | V | V | Required | US$300,000 | Any |
| OCBC | V | V | V | Required | US$50,000 | Any |
| UOB | V | V | V | Required | US$80,000 | Any |
| RHB | V | V | V | Remote Opening Allowed | US$80,000 | Any |
What is the cost of Offshore Corporate Account opening in Singapore?
US$1400 and we will refund you half if not successful
So far, we maintain 100% successful account opening rate. We analyze your business, negotiate with banks about your business information and your motives to set up an account in Singapore. We handle the bank queries until your corporate account is opened. If you can’t fly down – our corporate care manager would guide you step by step to open an account remotely.What does the package include?
1. Preparing a full set of documents required for bank account opening
2. Certify Passport and ID
3. Assist in filling up bank KYC
4. Arrange and attending meetings with banks
5. Open corporate multi-currency account
6. Assist in preparing additional documents required by banks
7. Attending to queries(If any) raised by banks regard to the account opening
8. Liaising with the Bank for updates and progress
9. A Singapore business address to receive your bank letters
2. Certify Passport and ID
3. Assist in filling up bank KYC
4. Arrange and attending meetings with banks
5. Open corporate multi-currency account
6. Assist in preparing additional documents required by banks
7. Attending to queries(If any) raised by banks regard to the account opening
8. Liaising with the Bank for updates and progress
9. A Singapore business address to receive your bank letters
Reasons to Open Corporate Account in Switzerland
1. Low levels of financial risk and high levels of privacy. 2. The Swiss economy is one of the most stable in the world, as the country has not been involved in any conflicts in hundreds of years. 3. Swiss law requires that banks to have high capital requirements and reliable depositor protection, which practically ensures that any deposits will be safe from financial crisis and conflict. 4. Swiss law prevents the bank from disclosing any information regarding an account (even its existence) without the depositor’s try permission. 5. Strict anti-money-laundering regulations.
| Online Banking | Business Debit Card | Cheque Book | Personal Visit | Initial Deposit | Requirements for Director Nationality | |
|---|---|---|---|---|---|---|
| CIM Banque | V | V | X | Remote Opening Allowed | US$10,000 | Any |
What is the cost of Offshore Corporate Account opening in Singapore?
US$500 and we guarantee 100% success rate
We will handle the whole process to ensure the positive outcome for your application.What does the package include?
1. Preparing a full set of documents required for bank account opening
2. Certify Passport and ID
3. Assist in filling up bank KYC
4. Submit bank account opening application on your
5. Open corporate multi-currency account
6. Assist in preparing additional documents required by banks
7. Attending to queries (If any) raised by banks regard to the account opening
8. Liaising with the Bank for updates and progress
2. Certify Passport and ID
3. Assist in filling up bank KYC
4. Submit bank account opening application on your
5. Open corporate multi-currency account
6. Assist in preparing additional documents required by banks
7. Attending to queries (If any) raised by banks regard to the account opening
8. Liaising with the Bank for updates and progress
What are the documents required?
- Certificate of incorporation (Original)
- Certificate of incumbency (Dated within six months)
- Memorandum and articles of association (As Certified Public Accounting Firm in Singapore, We will help you certify the true copies according to Singapore bank requirement.)
- Passports of directors/shareholders / all signatories
- Resumes of the director(s)
- Proof of residential address(Bank Statement/Credit card statement/Utility Bill/Phone Bill) of directors/ shareholders/ all signatories (latest three months)
- Supporting documents showing business legitimacy:
– corporate website and brochure (if any)
– at least one invoice/contract with suppliers and customers
– latest one-month Company Bank statements (if any)
– company business activity
Is the BVI/Cayman company required to open a bank account in BVI/Cayman?
No. The BVI/Cayman or other offshore companies can open bank account wherever the owner wishes. So, offshore companies need to open a corporate bank account with the right banks suitable for their business needs.
Do I need to personally come to Singapore to open the bank account?
Most of the banks in Singapore require the client to visit in person, but some of the banks for example: DBS can do the whole process via video call; and if the client is based in China and is considering opening a UOB account, he/she may also visit the UOB Chinese branch to verify the signing process.
Do offshore bank accounts have Known Your Customer (KYC) Policies?
The banks are required to carry out due diligence checks before accepting new clients and the KYC process have become increasingly important and strict in order to prevent the illegal use of banking services. The KYC process and polices varies with different jurisdictions.
What are some disadvantages of having an offshore banking account?
A common disadvantage to opening an offshore bank account is that it can require a high minimum deposit. Some banks require you to maintain a sizeable minimum balance in the account at all times. Depositing your money in an offshore account may not offer much protection in the event of a financial crisis. Moreover, deposits in offshore banks may be guaranteed only up to a certain amount, thus putting your funds at a higher risk.
Can I do bank account opening and company incorporation at the same time?
Technically speaking, you should own the company first before you can open a bank account since you need to open a corporate account under the company’s name.
How long it takes to open the offshore bank account?
Upon the completion of document preparation, you can commence offshore bank account opening which typically takes about two weeks. The timeframe varies as it is subject to 1) bank’s rejection 2) the time taken to fill the forms and perform due diligence checks (if any) 3) different banks processing time.
Two banking information exchange regulations are in force in most of the countries in the world, including the BVI – FATCA that refers to the beneficial owners from the USA and CRS referring to the residents of the states that have committed to this system. According to these regulations, the banking information is passed to the respective Tax Authority of the country of residence of each beneficial owner. These regulations do not affect the persons residing in countries that are not part of the respective Agreements. However, such countries are few and become less every year.
If Acrabiz did not manage to help me open the bank account, do I get a refund?
The bank account opening fee does not guarantee you a successful offshore bank account opening. The success largely depends on the company background and its business needs; ultimately it is subject to bank reviews and approval. Should the bank account opening fails, we will refund 50% of the service fee to the client, as 50% of the fee is for our administrative cost.
How do I fund my offshore bank account?
You could choose to use a wire transfer to send your money directly to your account. Another option is through service providers like Zhongguo Remittance.
What are the documents required to open an offshore bank account?
The documents required are:
- Passport and ID of all director/shareholder/signatories;
- Bank KYC form;
- Certificate of incorporation;
- Certificate of incumbency;
- Memorandum and articles of associations;
- Resumes of directors;
- Other supporting documents showing business legitimacy.
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