Remote opening of an account for a Singapore company with the bank in Curacao may seem a risky deal. But only at the first glance. The main cons, which, to be precise, do not hold up against criticism, are the remoteness of Southeast Asia and quite a tough policy of the financial institutions regarding certain potential clients. In reality, however, this jurisdiction offers foreign businessmen and investors very favorable banking conditions that are much more tangible than any unsubstantiated or insignificant restrictions.
The most important advantage of Curacao is the extremely advantageous geographical position. The island is located in the Caribbean in close proximity to the global financial and economic center, i.e. the United States of America. Therefore, any business processes related to dollar accounts will be significantly simplified. De jure, Curacao is also part of the Kingdom of the Netherlands, although it gained independence from the Netherlands Antilles back in 2010. As a consequence, the influence of the European financial traditions on the country’s economy and banking sector remains quite significant.
On this basis, Curacao can be rightly called one of the most attractive places for banking. It naturally combines complementing European and American approaches, giving the clients a freedom to operate that is unlikely to be possible in any other, more conventional jurisdiction.
For more information on doing business in this country, as well as for a collection of expert materials you can refer to our portal. Should you have any questions after reading the article, please feel free to contact our consultants by email email@example.com.
Remote Opening of an Account for a Singapore Company with the Curacao Bank. Extra Options
If you are just starting a business in Southeast Asia and would like to have an account outside the jurisdiction, the service we are going to talk about below could become your best choice. But what should our clients do if they don not want to wait? We can offer them two interesting alternatives.
All-in-One Comprehensive Service:
- Simultaneous opening of an account for a Singaporean company and the company incorporation per se. The approximate level of expenditure starts from 8,000 EUR, and the deadline usually is 2 to 3 weeks. You will get a brand-new company and an opened account for it. Your involvement with all the procedures will be minimized, although at the client’s request we will be able to give them the opportunity to control each of the stages in person. You can find more information on this service here: Private Limited Liability Company in Singapore.
- A Ready Company with an Existing Account (from 16,500 EUR). This option is to minimize time losses. The whole procedure will only take a few hours and will actually be reduced to filling out the documents. We guarantee you the legal and tax compliance of the company and the absence of claims against it from the financial regulators of both Singapore and Curacao. For more information on this service please see A Ready Company in Singapore.
Documents Required for Opening of an Account for a Singapore Company in the Jurisdiction of Curacao
The bank’s requirements to the applicants are quite favorable. So, in general, there should be no significant issues.
You will be requested to provide the documents of the company’s officials (signatories, beneficiaries, director, etc.):
- An application as per standard form;
- A copy the civil passport and a notarized extract from the civil registry. This extract may also be certified by a consul or ambassador. This document will only be accepted if you are willing to provide the contact information of the person who has certified it (a notary, ambassador or consul).
- A paid utility bill. It will serve a confirmation of the actual residence.
- A standard reference letter that was issued by a first-class bank.
- A standard Memorandum of Association.
- Extract from the Register of the Chamber of Commerce / Official certificate confirming the legal status of the applicant and their financial standing (to the client’s choice. The document must not be older than six months).
- Register of shareholders or certificates of the shares issued.
- Custody receipt.
- Resolution of the Board of Directors.
- Power of Attorney.
Attention! The bank may also require a foreign exchange permit issued by the Central Bank of the jurisdiction (Centrale Bank van Curaçao en Sint Maarten). Most often it was necessary when the account was opened for an international company with the local registration. However, in our practice there have been cases when the bank has asked for this document for the Singaporean companies as well.
Peculiarities of the procedure:
- All the documents must be submitted in English.
- There are no formal requirements on the minimum deposit or account balance, but companies with the zero accounts may face difficulties with the paperwork.
- In order to start the process of incorporation and opening of the account, please discuss all the possible pitfalls with our consultants beforehand. It is very important as we are going contact the bank on your behalf.
Corporate Services Available upon Opening of the Account for a Singapore Company in Curacao
These services are in no way inferior to the financial products offered by reputable European and American banks. The only but a very important difference is the somewhat freer rein and less control from the administration and the supervising authorities.
Here are the available corporate account options:
- Current account. You can pay off your loans using it. This account gives you access to the overdraft.
- Investment account. Provides easy access to the appropriate banking services and products (please see the information on this topic below).
- Multi-currency savings account. This account will allow you to carry out any transactions such as withdrawals, transfers, remittances, etc.
Investment products and services:
- Term deposits (EUR, USD). These deposits can serve as guarantees for lending operations.
- Stocks and stock market. The recommended investment portfolio to be developed for each client individually.
- Liabilities, contractual bonds (both sovereign and corporate). The bank can take over the functions of a custodian, administrator or interest collector.
- Mutual and hedge funds.
- Structured liability commitments.
VISA credit cards (Credit Classic/Gold). Here is the general list of services for both types of cards:
- Extended credit limit.
- Technical and service support 24/7.
- Insurance for travels and long trips.
- Life insurance (250,000 USD), car rental.
Online banking will allow you to:
- Request the statement on the account.
- Change the username and/or access password to the account, e-mail, application language, and other settings.
- Make digital transfers.
- Send mail to sales representatives via secure channels.
- Receive the latest business news.
Terms and conditions offered by the bank and the guaranteed level of security make remote opening of an account for a Singapore company extremely advantageous, especially if you need reliability and an ample choice of financial services. If you are interested in this offer, please feel free to discuss all the details with our experts and make sure that it is more than possible to get a customer-oriented service. We wish you every success in your business endeavors.
I Would Like to Open a Casino in Curacao in 2020. Can this Project be Put into Practice?
Yes, it can. Why not? This type of business is allowed in the jurisdiction, although it is a high-risk business. Difficulties may arise with the account opening, but they can also be resolved. The most significant features of the casinos in Curacao are the following: 1) It is a licensed and completely legal activity. 2) This business is taxed at the rate of 2%. 3) The licensing procedure is very much simplified. 4) There are no requirements for any mandatory office registration. The minimum package of documents (for online casinos) is as follows: 1) Your identification document. 2) Confirmation of your actual address of residence. 3) Reference from the bank where you have already opened an account. 4) Information on your source of income. 5) Application as per standard form. 6) Information on your business operations and software used. In order to open a bank account you will need to contact our experts.
I Would Like to Open a Private Limited Company. Can You Help Me with it?
Of course. This is what the Internationalwealth.info portal is working for. The format you mentioned (NABV) is indeed a very favorable one, especially if we speak about gambling. Its distinctive features are as follows: 1) It provides the opportunity of achieving a zero tax rate (in the case of a properly structured business). But if you make a mistake, you will get the standard rate of 22%. 2) A package of 10% of shares must be registered with the register of shareholders. 3) Meetings are to be held every year and in Curacao only. The presence of trustees is allowed. 4) Reporting and auditing are mandatory. 5) For legal tax evasion, your business must act as an investment company or a holding company. 6) A parent company or anther jurisdiction should be used for accumulating revenues.
I Read that a Private Family Foundation has Many Advantages for Business. Is that true?
Not quite so. This format can be extremely useful in certain situations, but there is no direct connection with any business which could be worth striving. Here are some typical cases when private family funds can be appropriate: 1) Receiving an inheritance without having to pay taxes. 2) An effective income-sharing mechanism for all the interested family members. 3) A donation mechanism that protects the main property. 4) Ownership of real estate or shares that generate actual income. 5) Ownership of any intellectual property (e.g. patents). 6) Receiving royalties. 7) An additional level of protection against instability (political, economic, financial, etc.). 8) Effective preservation of your own assets.