Opening a corporate account for a Singapore company is not as obvious a task as it might seem. It has several solutions, and all of them are far from perfect. Banks of reputable European jurisdictions (most often these are classic onshore companies) will require a fairly large package of documents from the company when opening a corporate account and are extremely reluctant to work with businesses that use a nominee service. In addition, the level of confidentiality they provide can only be called minimally sufficient.
Offshores are simpler in this regard. The level of requirements for potential customers is much lower in them. But if your company in Singapore conducts real business, it is important to take into account not only the conditions of the bank, but also the reputation of the jurisdiction, and offshore companies do not look very good in this regard. But there is a solution to this predicament. If you are interested in opening a corporate account for a company in Singapore, you should take a closer look at the Bank of Macedonia.
Alternative options for opening a corporate account for a company in Singapore (if you are not ready to wait):
- A ready-made company in Singapore. We have all the necessary documents; all we need to do is to put in the data of the new owner. The director is local. If you want to manage the company personally, you will need a valid work visa (which will take a few more hours to obtain).
- The “2-in-1” service – registration of a company in Singapore + opening a corporate account in a Macedonian bank. The offer is aimed at those of our readers who are just planning to start their business in Singapore. The estimated costs are about 8000 EUR.
Other services connected with Singapore we can offer:
- Set Up a Singapore Company with a Hong Kong Account Remotely.
- The Best Way to Open a Foreign Bank Account in Singapore.
- Open a Corporate Bank Account in Singapore Remotely
- Opening an Account for a Singapore Company in Liechtenstein
- Opening an Account for a Singapore Company with the Bank of Belize Remotely
- Opening an Account for a Singapore Company in a UK Payment System
- Set Up a Company in Singapore in 2022 + Open an Account with a Local Bank
Please note: Our services are available in many more jurisdictions. Make sure you contact our experts at firstname.lastname@example.org to get a full list of countries and bank services
The country that gained independence from Yugoslavia less than 30 years ago has come a long way in its development. It is one of the 5 candidate states for membership in the European Union. Tax legislation is one of the most liberal ones in Europe. It has close economic ties with the EU, China and Turkey.
Other Advantages of Macedonia:
- The country does not have an information exchange with regulatory institutions, so you are guaranteed that your trade secrets will be kept;
- Macedonia is not on the black list of offshore territories;
- It is allowed to open a corporate account in a Macedonian bank for a company using a nominee service;
- Convenient geographical position in close proximity to the economic centers of Europe;
- The type of activity of companies for which you may need to open a corporate account is not regulated in any way in Macedonia.
Prices and Fees
The fee that a Macedonian bank charges for opening a corporate account for a company in Singapore is quite affordable. The same can be said about current activities – the bank’s commission is minimal. If all the documents are properly prepared, the procedure for opening a corporate account for a company in Singapore in a Macedonian bank will take no more than 15 business days. But we strongly advise you to initiate the process only when you are sure that have everything you need at hand.
Corporate account for a company in Singapore in a Macedonian bank, basic rates:
- Opening one account: 200 EUR;
- Opening an account in another currency: 200 EUR;
- Monthly bank commission is set for each client individually (unofficially, it can amount from 50 EUR to 100 EUR);
- Incoming payments: free;
- Outgoing payments: 0.5% from the amount (but no less than 250 EUR) + commission of the correspondent banks. If the minimum average annual account balance does not exceed EUR 1 million, there is no commission.
Please note: There is an opportunity to open a corporate account in a Macedonian bank for a classic offshore company!
Package of Documents
The list is not final, although when writing this article, we checked the bank’s official website. The bank in Macedonia reserves the right to request any other documents, and the applicant will have only 2 months to complete them (see above).
Opening a corporate account for a company in Singapore, organizational issues:
- The Macedonian bank reserves the right to request apostilization of documents (depending on the jurisdiction of the company);
- The originals of the documents submitted by the potential client will be returned by the Macedonian bank, regardless of the outcome of the application;
- Notarized copies and powers of attorney will be kept by the bank in Macedonia.
Opening a corporate account for a company in Singapore – documents for the company (the date of apostille should be no more than 1 month):
- All statutory documents;
- Certificate of Good Standing;
- Certificate of Incumbency;
- Organizational chart of the company;
- An official letter from the head of the company in Singapore, which will describe all the company’s activities.
Opening a corporate account for a company in Singapore – documents for the person who will be entitled to manage the account and the beneficial owner of the company (the requirements are identical):
- Personal ID;
- Travel passport;
- Identification code;
- Standard CV (Curriculum Vitae, resume);
- Bank recommendation, in English only;
- A utility bill dated within the last 3 months (gas, electricity).
Opening a corporate account for a company in Singapore – documents for a formal manager, shareholder or secretary (if the company uses a nominee service):
- Personal ID (if the position is held by an individual);
- Certificate of Incorporation*;
- Memorandum of Association*;
- Protocol on Appointment of the Director*;
- Certificate of Good Standing* (no older than 1 month);
- Certificate of Incumbency* (no older than 1 month).
* If the person (head, secretary, or shareholder) is a legal entity.
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with seasoned professionals on international banking and where it is best to open non-resident corporate accounts.
The Procedure for Opening a Corporate Account for a Company in Singapore in a Macedonian Bank
When a client turns to our specialists for help, they are guaranteed to be relieved of most of the hassle associated with the selection of documents and getting them apostilled and / or notarized. You will be able to control each stage of registration independently, but in most cases, there is no real need to spend time and delve into the details of the procedure.
Recommended procedure for opening a corporate account for a company in Singapore with a Macedonian bank:
- Submitting a provisional application (email@example.com)
- Discussing the specifics of the order, coordination of all details, selection of additional services;
- Paying the invoice for our services;
- Filling out a questionnaire;
- Signing a standard banking form;
- Preparing a package of documents. If any of them are missing, we will help restore them;
- Applying to a Macedonian bank to open a corporate account for a company in Singapore.
Other services connected with Macedonia we can offer:
- Open a Corporate Bank Account in North Macedonia Remotely.
- Open a Private Bank Account in the Republic of Macedonia Remotely.
- Bank accounts Macedonia: open remotely.
Our experience shows that when you decide to an account for a company in Singapore in a Macedonian bank, a well-designed package of documents and the knowledge of the intricacies of the banking system reduces the likelihood of refusal to almost zero. We support our clients in all their business endeavors and are ready to provide comprehensive expert assistance. Good luck to you!