Open a Corporate Bank Account in Singapore Remotely

The demand for corporate banking services in Singapore is growing from year to year. And such popularity can be explained by a sharp increase in capital outflow from the West to Singapore. It is a truly well-reputed jurisdiction with a well-regulated and secure banking system through which all banking operations ensure reliable and long-term solutions for any type of business. We would like to offer you opening a corporate bank account in Singapore without you having to visit the country.

Advantaged of the Singapore Banking Industry

Being one of the leading financial centers in the world, Singapore offers corporate clients world-class banking and related financial services. 

Stringent security laws apply to the banking sector, especially with regard to the disclosure of information on the existing bank accounts and their owners. We will show several important facts on banking in Singapore below:

• The banking industry of Singapore is fully integrated into the global financial system and operates without any financial control imposed by the Government, which means that having a corporate bank account you will be able to enjoy fast and cheap solutions for sending and receiving payments from and to anywhere in the world.
• Rate policy and the minimum balance requirements may vary from one bank to another, but overall, most fees are competitive and fair.
• Most banks in Singapore offer multi-currency accounts that will allow you to store your money and make banking transactions in the currency that is most preferable to you.

On the Singapore Bank That We Offer

The banking institution we would like to offer you has been operating since 1932 and is the second largest bank in Singapore in terms of its assets. When you become a client of this institution, you will get access to the full range of its financial services, including retail, corporate, trade, treasury, stock exchange, insurance, investment services, and asset management assistance.

In addition, the bank in Singapore is pro-actively focused on the small and medium-sized business market and has very attractive financial products specifically for this segment. Also, besides Singapore, the banking institution has representative offices in 19 countries and regions, and the number of its branches reaches more than 540.

Cost of the Corporate Bank Account Maintenance in Singapore

The bank offers its potential clients opening of a multi-currency business account that is ideal for international operations. This financial instrument supports 13 currencies:

USD, EUR, AUD, JPY, GBP, CNH, HKD, CAD, NZD, CHF, SEK, DKK, NOK.

The rate policy of the Singapore bank envisages two types of rates, for local and non-resident companies, and you will find these rates below.

* The average balance in Swiss francs, euro or yen exceeding certain thresholds will be subject to an additional maintenance charge.

** The average monthly account balance is determined on the basis of aggregated balances in all currencies, and if the average balance in Swiss francs, euro or yen exceeds certain thresholds, an additional maintenance fee will be charged.

*** No fee is applicable if you have a SGD account.

Having opened a corporate account with the bank in Singapore, you will be provided with access to the up-to-date Internet banking system as well as to the cash-flow service, and you will also be able to order business cards. You can find out any additional information and ask your questions on this financial instrument by emailing us at: info@offshore-pro.info. 

Due Diligence Procedure at the Bank in Singapore

The main reason why Singapore’s banking system works so smoothly and seamlessly is the thorough verification the banks carry out in relation to their potential clients. This approach guarantees establishing of business relations with reliable and honest companies only. 

Also, Singapore has implemented a legal framework and strategy to comply with the guidelines and regulations combatting money laundering and terrorism financing. This means that every Singapore bank must carry out a detailed KYC assessment (“Know Your Client”) in relation to any new applicants before it can accept them as its clients. 

This is not a discretionary step, but a prescribed and mandatory procedure established by the international banking rules and banks of Singapore. The client due diligence (CDD) procedure involves verifying the identity of all the company’s key persons, the source of the company’s funds, and understanding of the company’s core business. 

In addition, the main officials and participants of the company are checked for belonging to PEP (public persons).

Documents Required for Opening a Corporate Bank Account in Singapore

In order to perform a remote procedure of opening a corporate bank account for your company, you will have to present the following documents:

• Certificate of Incorporation;
• Memorandum and Articles of Association;
• Certificate of Incumbency (the list of current company’s officials that will be no older than 12 months).

If your company is involved in trade or investments, it will be necessary to provide certain additional documents.

Trade company: bills and invoices, the list of suppliers / clients, contracts and agreements.

Investment holding company: confirmation of investments (agreement on shareholding or documents confirming the legal status of their ownership), director’s CV, personal bank statement for 3 months for the director or the beneficiary.

• Director’s CV;
• Passport copies of the signatories and directors;
• Document confirming the addresses of the signatories and directors (telephone bills, bank statement from another bank, letter from a state institution). These papers must be no older than 3 months.

Procedure for Opening a Bank Account in Singapore Remotely

1. Please feel free to contact us at: info@offshore-pro.info to discuss all the details with our expert.
2. After that we will ask you to pay for our assistance in opening your corporate account which is 5999 EUR.
3. The next step is to deliver a complete package of your documents. It will be submitted to the bank for verification.
4. Upon successful verification you will get access to your account and the Internet banking system.

Would you like to learn more about how one can expand the geography of their payments using modern financial instruments? Please write to us at info@offshore-pro.info right now.