When considering the choice of jurisdictions for opening an account for a Singapore company, our clients usually pay attention to favorable terms and conditions, comprehensiveness of financial services and reliability of the bank. Curacao can be called a very attractive option taking into account all of the above. Curacao is an island state of the Netherlands Antilles.
And there are several reasons for that:
- The country enjoys an extremely favorable geographical position. Curacao is located very close to the United States, the global economic and financial center, but does not comply with the U.S. laws that are highly disapproving of companies whose accounts are open with the offshore banks.
- Curacao offers European traditions of financial services. It is difficult to describe in words the differences with the way American banks work with their clients. But you can trust us these differences are more than tangible.
- The country has traditionally strong ties with the Old Europe. Curacao is an independent state de facto, but de jure it is a constituent country of the Kingdom of the Netherlands. Therefore, the business reputation (or, which is also true, the prestige) of a company the account of which is opened here will be quite high.
- Minimum restrictions at an extremely high level of overall reliability in the long run. Offshore banks in conventionally “small” island states are a potential target for the U.S. financial regulators (CFTC, NFA, FINRA and of course the great and powerful SEC). But in the case of Curacao, the probability of any serious issues will be extremely low.
The global economic trends are now such that in the battle of onshore vs. offshore the balance is tilting in favor of full transparency of business. But in the case of Curacao, we can see a pronounced renaissance of classical offshore jurisdictions including all of the advantages that come together with this status: security, reliability, predictability, stability and more than decent terms of service.
Remote Opening of an Account with the Curacao Bank for a Singapore Company. Alternatives
If the client already has an operating business structure, and they would just like to get a new (main or additional) account for it, then this part of the text can be omitted without compromising the overall understanding of the essence of this service. But it often so happens that both procedures such as opening of the account for a Singapore company and opening of the company are carried out at the same time. What should you do in this case? Is it necessary to agree to bearing additional expenses in terms of time and money?
Fortunately, now you have the alternatives that give a lot more freedom when deciding about the All-in-One service:
- Company incorporation and opening of an account for it within a single service (from 8000 EUR, please see additional information in the article”Private Limited Liability Company in Singapore”). The offer will allow you to significantly speed up the procedure and in many cases you will also be able to cut down your expenses to a great extent. Let us note that the need for your personal involvement is extremely rare, but if you wish, you can take control at each stage.
- The turnkey company (from EUR 16500, please see additional information in the material of “Ready-Made Company in Singapore”). The cost of this service is slightly higher, but in exchange you will have at your disposal all the instruments necessary for doing business in just a couple of hours. The companies we offer have a clean balance sheet and a zero account. There are no claims against them from the supervising and regulatory authorities of both Singapore and Curacao.
Attention! All the information related to the list of required documents and terms and conditions of service (see details below) is provided as of early July 2020. We cannot guarantee that the bank will not unilaterally change the rules of operating, so we undertake to inform you about any and all significant changes.
Documents Required for Opening of an Account for a Singapore Company in the Jurisdiction of Curacao
It is believed that the remote procedure requires more careful and thorough preparations and is associated with the extended package of papers to be provided. In general, this point of view is not beyond the reach of reason, as banks for the most part prefer to see a potential client in person. But do not fear that this will become an insurmountable obstacle. After all, you will have our experts working for you, and their experience will allow you to efficiently get the issues of any complexity resolved.
- The bank does not explicitly require notarizing of all of your documents. However, our practice shows that the reason for refusal is often the fact that there was no confirmation of the papers’ authenticity. That is why we recommend you take this point into account during your preliminary preparations.
- All the documents in the languages other than the main one accepted by the bank (English) must be translated.
- The deadline for opening the account for a Singapore company in the jurisdiction of Curacao is not established and on average it takes about 7 to 10 days.
Documents of individuals to be provided (beneficiary account holders, directors, signatories and other officials):
- Standard application.
- Copy of a passport or any other identification document (you will need a page with your personal facsimile and a photo).
- Document that unequivocally confirms your actual address. The best option is a copy of your paid and notarized utility bill, or a bank account statement. Remember that such documents only have legal force for a limited period of time (3 months).
- Reference letter to the bank from another financial institution with which you have been cooperating for the last 2 years.
- Standard CVs of all beneficiaries and signatories.
Company documents (it is advisable to get them apostilled):
- Set of standard certificates: Certificate of Incorporation, Shareholder Certificate, Certificate of Good Standing (if a company has been operating in the market for more than 12 months).
- Minutes of General Meeting, the Articles of Association, the Memorandum and the Operating Agreement.
- Standard certificate of shareholders and directors.
- The document appointing the director.
- Power of Attorney (it is necessary if the company is managed by a corporate director).
- Signature samples of all of the company’s owners.
- Standard letter of adoption (if bearer shares were issued).
- Partially (limited) liability agreement.
Opening of an Account for a Singapore Company in Curacao and the Standard Service Rates
The terms and conditions of operating offered by the financial institution are very client-friendly especially compared to those of prestigious banks of Switzerland or Luxembourg. The main currency is USD (the amount in EUR at the time of writing is given in brackets). You can find out about the rates for other operations from our specialists.
- Minimum deposit: from 5000 (4257).
- Annual maintenance fee for an active and inactive account: 200 (170) / 250 (212).
- Account closing 200 (170).
- Monthly statement on the account status: free of charge
- Additional address: 180 (153).
- Order a new one: 250 (212).
- Annual security deposit: 250 (212).
- Prepayment fee (the balance will be restored at the end of the month): 50 (42).
- Internal: 2.50 (2.13).
- Local (including SWIFT): 15 (13).
- International, up to 12,500 (10639): from 10 (8.5) / 1.2%.
- International, up to 125,000 (106399): from 17.5 (14.9) / 0.63%.
- International, up to 250,000 (212819): from 80 (68) / 0.42%. Terms of the transfer for a larger amount are calculated on the case-by-case basis.
- SWIFT (copy): 25 (21).
- Regular payments (standing order), local and international: 15 (12,8) / 35 (29.8).
Upon Opening of a Bank Account for a Singapore Company in Curacao You Will Get Access to the Following Services:
The bank provides their clients with a complete list of current financial services and strives to ensure the maximum level of security and convenience. We will be happy to tell you about all the additional opportunities and assist you in finding the right ones.
- Full-fledged operations without restrictions and geographical reference 24/7.
- Checking your current balance.
- Statement on account at any time.
- 24/7 customer support.
- Corporate email.
- on real estate.
- Short- and medium-term financing.
- Letters of credit.
- Financing of import and export deals.
We are honored to have the opportunity of recommending you a proven and reliable business partner, the bank in Curacao. The financial institution offers very favorable operating terms and conditions and guarantees the absolute safety and security of all operations. Should you have any questions on opening a bank account for a Singapore company, please feel free to contact our experts. We wish you a successful business.
Is It True That the Rates in Curacao in 2020 are Very High, and Doing Business There Turns Out Unprofitable?
The answer to the first question will depend on the level of your income. When compared to the large cities across the world, Curacao “loses” to the U.S. by 3 times. But the situation changes when you take into consideration that the average salary over there is 1,101 USD. For example (all prices are given in USD), a lunch will cost you 7.8 / 8.4 / 70 (a McDonald’s meal, a full lunch at a cafe for one person and a lunch in a good restaurant for two including alcohol). Clothing: 55 /60 / 92 (jeans, dress in a chain store, sneakers). As for the business opportunities, Curacao is a classic offshore providing excellent prospects for any company. For example, it is not so difficult to obtain a gambling license here though this business falls within a category of high-risk businesses.
I Was Told That the Banking Sector of Curacao is Very Underdeveloped. Is That Right?
We have to state that you were deceived in the most shameless way. Curacao is certainly not Switzerland, but the banking services is very much developed here, and if your priority is a corporate offshore account then you will get what you want, and with a minimum of hassle. There are several types of banks operating in the island: 1) Local banks 2) Branches of large international financial institutions 3) Numerous credit organizations 4) Savings banks Their main task is to preserve, but not to augment the assets. 5) Credit and savings funds 6) Financial and credit institutions managed from abroad These institutions are completely independent from the authorities of Curacao and offer their services exclusively to non-residents.
I Would Like to Start a Company in Curacao in 2020. What Are the Minimum Requirements?
Our experts will tell you about it in detail. In the FAQ format, we can only say that the procedure is simple and not overloaded with excessive requirements. Actually, these requirements are very reasonable: 1) At least 1 director (resident, may be a legal entity). 2) Absolute protection of personal information. It is not disclosed to the local agent and is not included in any public and available registers. 3) Secretarial position is not compulsory and the secretary does not necessarily have to be a resident. There are also no requirements for their qualifications. Secretaries can be individuals only. 4) The minimum number of shareholders is 1, without residency restrictions. The information is not entered to the open register. Legal entities can be shareholders as well. 5) Beneficiaries. Information on them is also kept secret. Curacao is considered an offshore jurisdiction for most of the countries.