A Company in Singapore with a Bank Account in Latvia

Company registration in Singapore is an exciting step towards a better future as you become a part of the community with a stable economy, beneficial tax policies, and strategic location. Once your company is established, you will find yourself in an environment that boosts business growth and development rather than subjects you to endless compliance checks.

If you are a foreigner, you may be unaware of the regulations applicable in Singapore. Getting involved in each detail might consume quite a lot of time, so we strongly recommend using the services of companies like Offshore Pro Group which will spare you the hassle of dealing with the business incorporation matters and provide services like nominee director (shareholder, secretary) or registered address.

We offer you to lay good foundations for your business by registering a company in Singapore and opening a corporate account with a bank in Latvia on a remote basis. This is a complex service that allows you to start a legitimate business in Singapore in the shortest term possible with the minimal hassle involved. We offer a quick and affordable solution that gives you an opportunity to choose a wide range of additional services. A good start is a vital part of a good journey!

Why Singapore

The jurisdiction attracts absolutely different businesses due to many factors. Some of them will be important for big international business, while others, on the contrary, make the company registration in Singapore profitable for start-ups. There are also peculiarities valued by companies engaged in investment activities. But in any case, it should be recognized that Singapore is an excellent jurisdiction for conducting any legal business!

The main advantages of incorporating a company in Singapore:

• Singapore boasts an international reputation as a stable jurisdiction with a strong financial infrastructure and a well-regulated economy
• Ideal ASEAN market access (ASEAN – Association of Southeast Asian Nations)
• Healthy financial sector: a stable national currency, no inflation or currency nosedives
• The potential customer base includes at least a billion customers. Company formation in Singapore will give you an opportunity to do business throughout the Asian region. And if you consider the resources of China and India, the market will be just huge!
• Simplified company registration in Singapore
• There are virtually no requirements for the minimum authorized capital (you can start with SGD 1)
• A company in Singapore can do almost all kinds of business without obtaining additional licenses
• Significant benefits for small and medium-sized businesses (applicable if the company’s turnover does not exceed SGD 10 million)
• Singapore company maintenance is very simple and straightforward
• You can benefit from state support of business at all levels
• Favorable tax legislation that provides significant relief and deductions
• Enhanced banking capabilities. We propose to open a corporate account for a Singapore company with a Bank in Latvia for our clients who work mainly in Europe as it seems reasonable. But this does not mean that you will not be able to open a corporate account with a Singapore bank after company incorporation in Singapore.
• Newly registered Singapore companies are often eligible to get appealing tax incentives and exemptions
• Singapore is currently ranked as one of the countries with the lowest corruption rate

Essential Requirements, Conditions and Costs

As we said earlier, the registration of a Singapore company is a pretty straightforward process, but we would like to dissuade you from venturing on your own due to the following reasons: 

• First of all, Singapore does not allow a foreign individual or legal entity to self-register their company, so you will inevitably need a professional (registered agent) to file the documents on your behalf.
• Second, at least one director of a Singapore company must be a legal resident at any time of the company’s existence, and that’s where we can help. 
• Third, you will need a secretary who must also be a resident of Singapore, and we can provide a responsible person for that.
• Another reason to invest in professional services is the difficulty of opening a corporate account with a bank in Latvia for a Singapore company since it is extremely difficult to properly prepare all the documents for a company in Singapore at the stage of its registration without proper experience. In simple words, we analyze the details of your case and make recommendations on filling the documents to ensure maximum clarity for the bank – and finally expose you to a smooth account opening experience!

Requirements for Mandatory Officials of the Singapore Company:

Shareholders

• from 1 to 50 persons (the best number is about 20)
• nominee shareholders are allowed
• individuals and legal entities can be shareholders
• 100% foreign ownership of Singapore companies is permitted

Director (s)

• at least one of them must be a resident of Singapore (Singapore citizen, Permanent Resident, or holder of an EntrePass visa)
• nominee directors are allowed
• not bankrupt
• aged at least 18
• no history of convictions

Secretary

• a resident of Singapore
• a natural person
• appointed no later than 6 months after company incorporation
• prepares and files all required documentation to keep the company compliant

Auditor

• appointed no later than 3 months after company incorporation
• most start-up companies are exempted from audit

Requirements for a Singapore company name:

• Uniqueness
• Not similar to well-known brands
• Use of the ending Private Limited/Pte Ltd
• Some words/expressions require the regulator’s approval (beware of words like academy, education, university, bank, insurance, etc. They are likely to attract the attention of regulatory authorities that may decide to check your company for license requirements violation)

Requirements for the company’s office in Singapore:

• Registered address in Singapore (a physical address only, a P.O. Box is not accepted)
• The office should work for at least 3 hours on one of the workdays
• The registration number of the Singapore company should be available on all official documents

The cost of company incorporation in Singapore:

• Company incorporation in Singapore – USD 680
• The legal address of the Singapore company – USD 500
• Secretary, secretarial services – USD 680
• Services of a director (Singapore resident) – USD 2,500
• Refundable deposit for the director’s services (Singapore resident) – USD 2,500
• Nominee shareholder (for 6 months) – USD 1,250

Annual renewal of the company’s business in Singapore:

• The company’s legal address – USD 500
• Secretary, secretarial services – USD 680
• Services of the local director (Singapore resident) – USD 2,500
• Accounting statements (from…) ‒ USD 1,600

Other services in Singapore that we provide:

• Opening an Account for a Singapore Company in the Payment System of Lithuania.
• Open a Corporate and a Private Bank Account in Singapore Visiting the Country in Person.
• Opening an Account for a Singapore Company in a UK Payment System.
• Remote account opening for a Singapore company with a Seychelles bank.
• Opening an Account for a Singapore Company with the Bank of Antigua and Barbuda.

Corporate Account in the Bank of Latvia

The banking sector of Latvia can be characterized as a stable system with a high level of service and progressive financial legislation. Special attention is paid to the protection of bank secrecy in the country. Latvian banks provide a wide range of financial services, including opening bank accounts, making currency payments, issuing payment cards, investment proposals, and much more. Perfectly developed technologies of remote control add to the attractiveness of this financial jurisdiction.

Bank of Latvia, main achievements:

• 2004 – Latvia’s second fastest-growing bank in Central Europe (according to The Banker)
• 2009 – the most profitable bank in Latvia
• 2009-2010 – the best bank in Latvia (according to Business New Europe)
• 2015 – the Bank of Latvia receives PCI-DSS Level 1 certification
• 2015 – winner of the SPEAR’S Russia Wealth Management Awards
• In 2004, Global Finance magazine awarded it the title of the Best Bank of Latvia in the field of currency transactions

Bank of Latvia, features to benefit from:

• Faultlessly accurate, safe and time-tested payment system
• Advantageous rates for the conversion and cross-conversion of almost all world currencies
• Modern hi-tech solutions used in online banking
• Package signing of payments and multiple signature for current account users

Bank of Latvia, account types:

• Multicurrency settlement account
• Bank card account
• Investment account
• Transaction account
• Savings account

Bank of Latvia, features of remote banking:

• Full support of online banking
• Round-the-clock operating mode
• Paid and free options for users
• Well-developed home banking
• Access to the account from mobile devices (Mobile-Bank, free of charge)

Bank of Latvia, Internet banking functions:

• The amount of one payment cannot exceed EUR 50,000
• Daily limit — up to EUR 300,000
• Changes in limits upon the client’s request
• Powerful security features (ID numbers, password generation, Digipass DP700)
• Enterprise Link/Enterprise Link PRO for corporate clients (the function will become available after the company is registered in Singapore and a corporate account is opened with a bank in Latvia)

Bank of Latvia, additional opportunities for corporate clients:

• Investment and deposit accounts
• Capital management services (provided through a Bank of Latvia subsidiary)

Bank of Latvia, investment options for corporate clients:

• CashReserveFund (USD) – short-term deposits in short-term and/or medium-term debt securities with a low and/or moderate level of risk
• FixedIncomeInvestmentGrade (USD) – deposits in debt securities with a high investment level
• FixedIncomeHighYield (USD) – long-term deposits in debt securities with a level of risk that depends on the economic stability
• GlobalEquity (USD) – a long-term (from 5 years) contribution to the equity fund
• Opportunity Fund I – a closed-end investment fund

Bank of Latvia, deposit accounts:

• Classic account
• Account with interest capitalization
• Savings account
• Account with periodic interest payments
• Children’s savings deposit “Oxford”
• Multi-currency account
• Account with a possibility of overdraft
• Investment gold account

Bank of Latvia, payment cards:

• VISA/MasterCard Business cards simplify the process of using corporate funds to make payments and purchases and settle other company expenses
• VISA/MasterCard Gold cards promote the cardholder’s image and give a possibility of using discounts
• Visa/MasterCard Platinum grants cardholders the right to increased attention when they are served in Latvia
• Credit card Jūrmala is the analog of a platinum card, the highest existing credit card category. It is issued for the VIP clients and special foreign guests of the Bank in Latvia
• MasterCard World Elite is the highest quality international card for the Latvia Bank’s elite clients

Bank of Latvia, e-commerce:

• The best choice for the bank’s customers that conduct online business
• Simplified online payment by credit/debit cards
• Choose any of the world’s 18 currencies
• Processing of payments via SOAP protocol

Company Registration in Singapore + Opening a Corporate Account with a Bank in Latvia

Now that you have had a look at the details of our 2-in-1 offer, you may want to know how to order the service and what documents you may need. First of all, send your application to us at info@offshore-pro.info, and the experts at Offshore Pro Group will contact you to answer the questions and advise on the procedure for company registration in Singapore and opening a corporate account with a bank in Latvia. We will be happy to help with any non-standard requests, too, because we have a pool of highly-qualified specialists! And below you can see a list of documents required for a standard case.

Information to be prepared by the client for company registration in Singapore (a corporate account with a bank in Latvia will be opened later):

• Desired company name in Singapore + a shortlist of three if your first choice is not available
• Data on the company structure in Singapore – the number of directors and shareholders, beneficiaries, information and documents for each of them
• Make a decision on whether you need a nominee service (remember that the registers of directors and shareholders in Singapore are public!)
• Present the company structure: specify the number of directors and shareholders, indicate the beneficiaries, and present their particulars
• Amount of authorized capital
• Number of shares, their nominal value

Company registration in Singapore, documents on directors and shareholders:

• A copy of the foreign passport (certified by a notary), full names and delivery address for the courier service

• Proof of residential address – bank account statements, utility bills, the page with the residence permit

Company registration in Singapore, documents for the beneficiary (ies) and managers:

• Copy of a foreign passport (certified by a notary)
• Documentary proof of address
• A completed application for opening an account where you indicate the scope of the company’s activities in Singapore, its name, details of beneficiaries, shareholders and directors, including citizenship, country of residence, website (if any), address, profession, and other information

Registration of a company in Singapore, documents for the legal entity:

• Company name registered by ACRA
• Certificate of Incorporation
• Memorandum/Articles of Association
• Certificate of Good Standing
• Documentary evidence of the authority to open an account and manage the company’s account in Singapore
• Extract from the Register of Companies (the business profile from BizFile, which is the identity card of your company)
• Power of Attorney
• Description of the company’s business in Singapore (in free form) and SSIC Code
• Details of directors and KYC information
• Registered business address in Singapore
• Share capital details

Options for remote opening of a corporate account with a bank in Latvia:

• Identification in one of the bank’s representative offices in Latvia, EU or CIS countries. After the company has been registered in Singapore, bank forms have been filled out and documentation has been prepared, Offshore Pro Group specialists agree on the date of the meeting for identification and signing of the forms at the bank’s representative office.
• Opening a corporate account for a Singapore company with a bank in Latvia on a completely remote basis. You send a package of due diligence documents that should be notarized in the territory of Norway, one of the EU countries, Russia, one of the CIS countries or Switzerland, or apostilled. An apostilled package of company documents will also be required. If this scheme is used, no visit to Latvia or any other country is generally required.
• Remote corporate account opening for a Singapore company in a bank of Latvia with identification at a meeting with a representative of Offshore Pro Group. During the meeting, our representative (who is a bank agent) will identify you and certify the documents. The possibility of the meeting will be agreed in advance.

Other services in Latvia that we provide:

• Open Non-Resident Corporate Bank Accounts in Latvia Remotely.
• Open an Account with an Acquiring Bank in Latvia Remotely.
• Open a Corporate Bank Account in Latvia with Access to Investment Services.
• How to Open Corporate Bank Accounts in Latvia Remotely.
• Open Non-Resident Corporate Bank Accounts in Latvia Remotely.

To launch the company registration process in Singapore with a bank account in Latvia, please contact us by e-mail at info@offshore-pro.info.