Company registration in Singapore combined with a corporate account in the Bank of Belize is a good business option that has its obvious benefits. However, clients often consider it a compromise – or a solution that may cause problems in the long run. But is that really so?
Our experience shows that the real image is different. Opening a corporate account with the Bank of Belize for a company incorporated in Singapore is an extremely interesting and promising idea! Its only “disadvantage” is too favorable conditions – by the overall characteristics rather than by individual parameters/criteria.
Why don’t we recommend opening a corporate account for a Singapore company in a more prestigious financial center, such as Switzerland, Liechtenstein, the United Kingdom or even the United States? Well, a company in Singapore can theoretically open an account in any desired jurisdiction, and our experts will help you with that! But it is the Bank of Belize which provides companies with conditions that can be called optimal.
The main advantages of opening a corporate account for a Singapore company with the Bank of Belize:
- Belize’s favorable geographical location close to the United States and the Caribbean
- Tax and financial legislation optimized for offshore business
- Banks in Belize work with residents and non-residents in the same way
- The procedure for opening a corporate account for a Singapore company with the Bank of Belize is as simple as possible
- Affordable prices for opening a corporate account with the Bank of Belize
- Bank of Belize complies with AML/KYC principles, so the company in Singapore is unlikely to face problems typical of the banks in “pure” offshores
- High security of a corporate or personal account with the Bank of Belize
- The currency is pegged to the US dollar, so you are protected from sudden currency nosedives
- Belize is one of the most convenient places if you want to open an account remotely
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with seasoned professionals on international banking and where it is best to open non-resident corporate accounts.
Alternatives for opening a corporate account remotely for a Singapore company with the Bank of Belize
- Ready-made company in Singapore (from EUR 16,500). You become a full owner of a business structure with a zero balance and a clear account. The company’s nominee director is a local resident, but you can take control of everything at any time (obtaining a work visa in Singapore takes several hours).
- Simultaneous procedure of company registration in Singapore and remote opening of an account with the Bank of Belize (from EUR 8,000). This option assumes less financial burden on the budget but provides the same opportunities for our customers.
Other services in Belize that we provide:
- Belize IBC Formation by New Rules in 2022: Package and Optional Services.
- Incorporate a Company in Hong Kong and Open an Account with Caye International Bank (Belize).
- Belize LLC: A Window of Opportunity for Offshore Business in 2022.
- Set Up a Company in Singapore in 2022 + Open an Account with a Local Bank.
- Belize Economic Substance Rules, TIN, Income, FY Reports.
Package of Documents
The list below is up-to-date at the time of writing and covers a standard case. But we admit that the Bank of Belize may unilaterally change the terms of service for both new and existing customers, or that your particular case may require additional work of our experts or partners. Therefore, we ask you to check the current prices with our specialists.
Documents on natural persons required to open an account with the Bank of Belize (beneficiaries, signatories, directors, nominees, other officials of the Singapore company):
- An official application to the Bank of Belize to open a corporate account for the Singapore company
- A copy of a standard foreign passport. Any other document that contains a page with your particulars (full name), photo and personal signature will also be suitable
- Proof of actual residential address. The bank will accept a certified (!) copy of the utility bill or its original
- A letter of recommendation and professional feedback from your notary or accountant (or the notary/accountant who provides services to the company), as well as your business partner. Such documents should be no older than 3 months, and your business relationship with the professional should last for at least 2 years
Corporate documents of the Singapore company required to open a corporate account with the Bank of Belize (notarized copies):
- Declaration of Trust or Share Certificate: if a company in Singapore has corporate shareholders or has issued shares accordingly
- Power of Attorney: if there is one or more corporate director(s)
- Minutes of General Meeting, Articles of Association, Memorandum of Company in Singapore and Operating Agreement
- Samples of signatures for all officials
- A set of standard certificates: Certificate of Incorporation and Certificate of Good Standing (if the business structure has been in existence for more than 12 months)
- Letter of Undertaking (if bearer shares have been issued)
- A document containing information about all the Singapore company founders and shareholders
- Minutes of Appointment of Director (s)
- The latest audit report of the Singapore company
- Processing Statements data (if you want to open a merchant account that allows you to accept payments from VISA, American Express and Mastercard bank cards)
Other services in Singapore that we provide:
- Set Up a Singapore Company with a Hong Kong Account Remotely.
- Set Up a Company in Singapore in 2022 + Open an Account with a Local Bank.
- Open a Corporate and a Private Bank Account in Singapore Visiting the Country in Person.
- A Company in Singapore with an Account in a Sierra Leone Bank.
- Open a Company in Singapore + an Account in the Caribbean Bank.
Bank Services in Belize that will Become Available after Opening an Account for a Singapore Company
In fact, they are no different from those in any onshore jurisdiction, so you will definitely have no reason to “complain” about the bank in Belize. Once again, we would like to reliably claim the following: the Bank of Belize is not a compromise but an effective, proven and reliable solution for a company in Singapore. Therefore, the list of services for the Bank of Belize will be quite extensive, so we mention only the most important ones here.
Services associated with the company’s corporate account in Singapore with the Bank of Belize:
- Personal checkbook
- A Belize bank card with a daily limit up to USD 500
- Zero commission in the bank’s ATMs
- Fast transactions between current and savings accounts
- Replenishment of the Singapore company’s corporate account with the Bank of Belize through an ATM
- Full-fledged Internet banking
- Free statements
- A possibility of automatic transfer of funds from the savings account if there are no funds left on the current account
- An extensive network of correspondent banks
- Internet banking available
- SWIFT international transfer facility
The opportunities provided by the Belize bank’s corporate credit card (USD only):
- Good interest rate
- Non-stop client service
- Monitoring of illegal (unauthorized) transactions in real time
- Additional insurance
- Round-the-clock access to remote controls
- Extract in paper and/or electronic form
- Extended credit limit: from USD 1 to USD 25,000
- Loans secured by collateral (150%)
General characteristics of VISA Travel Money and Mastercard Prepaid cards:
- USD only
- Identification by a 13-digit number on the back
- 3-digit security code
- The owner’s name is not displayed
- Online verification of transaction and balance
- The maximum balance is no more than USD 10,000
- Bank fee for card issuance: USD 10
The distinctive features of the Bank of Belize Mastercard Prepaid are:
- An additional 16-digit identification number on the front side
- Suitable for online purchases
- Custom design
- Maximum one-time replenishment – no more than USD 2,500
- Replenishment fee (regardless of amount): USD 25
- Fee for expense transactions: cashing – USD 3, purchases – USD 1, cancellation – USD 1.25
- Annual fee: USD 2
Distinctive features of Visa Travel Money of the Bank of Belize:
- The maximum one-time replenishment is no more than USD 10,000
- Replenishment fee (USD and EUR, respectively, for amounts up to USD 1,000, 5,000 and 10,000): 25 (22.4) / 50 (44.76) / 100 (89.53)
- Cash withdrawal at an ATM of another bank: USD 3.50
- Annual fee: USD 25
Conditions for demand deposits in the Bank of Belize:
- Minimum amount: USD 3,000 or equivalent
- Interest is paid at the end of the term
- Replenishments and withdrawals are not limited
- Account statements
- Multicurrency accounts: EUR, GBP, CAD
Terms and conditions for fixed term deposits with the Bank of Belize:
- USD only
- Minimum amount: USD 25,000
- The interest rate depends on the amount and term of the deposit (from 6 to 12 months)
We have tried to make it as easy as possible for our clients to open an account for a company in Singapore with the Bank of Belize, although the procedure itself is quite complex and requires consideration of many unobvious things. Therefore, if you need such a service, do not hesitate to contact us for expert assistance at firstname.lastname@example.org. We wish you good luck in all your business endeavors!
How to register a company in Belize in 2022? What are the main requirements?
We can propose an unusual option: don’t limit yourself to just a bank account – establish a full-fledged business structure here!
If you are really interested in this idea, please pay attention to the following:
1) Belize is a “pure” offshore, so an IBC would be the best company form. You can provide the name in any language but be sure to add a code indicating the company form.
2) There is no open register, and you will not find any information about the company in the public domain.
3) Certain types of business require additional licensing. This applies to legal services, transport, insurance, banking and some others.
4) A non-resident legal entity has the right to own any real estate, purchase land and carry out commercial transactions.
5) The standard amount of the authorized capital is USD 50,000 (in any currency).
What is the most important corporate information about Belize for business?
It is the same as in any other jurisdiction, but we will still mention the most important points:
1) You can buy a company in Belize instead of opening a new one.
2) The general legal system is based on the Anglo-Saxon law.
3) The minimum registration period is no more than 1 day. The information is entered into the register within a few hours.
4) The name of the structure can be provided in English only.
5) Company legal form: IBC, Joint Venture, Limited Partnership, Branch, Trust, General Partnership, Sole Proprietorship, Representative Office.
6) There are no requirements for mandatory presence of a local registered agent.
7) The currency used to deposit the authorized capital is USD, and there are no minimum requirements.
8) The country’s currency is Belize dollar (BZD), BZD/USD rate is 1:0.5.
9) Bearer shares are not permitted.
What are the officials of a Belize company? Are there any standard requirements?
The legislation does not impose any requirements that you would consider exorbitant:
1) Director – at least 1. The resident status does not matter, and the position may be held by legal entities or natural persons. The information becomes available to the local agent but is not included in open registries.
2) Secretary. The position is optional, and there are no requirements for residency status or qualification conditions. But a secretary’s position may only be held by a natural person.
3) Shareholders. At least 1 person, the data is not entered in the register. A shareholder can be a person without resident status, a natural person or a legal entity.
4) Beneficiary. Under the law, the beneficiary is guaranteed a sufficiently high degree of anonymity since there are no requirements for mandatory disclosure of information about him (this also refers to the local agent).