If you spent some time searching options to open an account for a company registered in Singapore, you probably came across payment systems that are called 21st-century banks and serve as a real alternative to traditional financial institutions. The majority of people who do not know much about the world of modern IT technologies think that payment systems are used by individuals only, which is absolutely untrue.
In fact, payment systems (in the UK or any other developed jurisdiction) are serious instruments for doing business. Opening a corporate account in the payment system is the same as opening an account with a traditional bank, but this is a faster and cheaper procedure that implies a lower risk of refusal and less stringent requirements for companies.
Alternative All-Inclusive Services for Our Customers
- Incorporation of a company in Singapore and opening an account for it. The price is higher, but it allows you to save your time and focus on business operations while our experts are working on your case. Costs: from EUR 7,000
- A registered company with a clean history, zero balance, and a valid account that you can get within no more than 3-4 hours. Costs: from EUR 15,500
Payment Systems: Advantages and Disadvantages
This financial instrument has appeared fairly recently but it quickly turned into a major market player alongside traditional banks. Despite their popularity, “ordinary” payment systems have not yet become a universal instrument for doing business and we cannot advise 100% of our customers to use them, but opening an account in the UK payment system for a Singapore company is a completely different case. The UK payment system that we recommend to you has all the advantages of traditional financial institutions and is devoid of their disadvantages.
Pros of opening an account for a company in Singapore in the UK payment system:
- Saves the time
- Simplified cost control
- Minimizes risks
- The minimum system commission (with reservations)
- Exceptionally easy to use
- A much higher level of convenience
Things to consider if you are interested in opening an account in the UK payment system for a company in Singapore (potential limitations and drawbacks):
- Possible restrictions due to the aggravation of the situation around Ukraine. We will be able to tell you whether you may be somehow impacted only after we take a detailed look at your case. In general, the UK’s payment system depends on politics much less than traditional banks
- Difficulties in direct money transfer between different payment systems
- Insufficient level of anonymity
- The need for a stable high-speed Internet connection
As you can easily notice, the general advantages of payment systems considerably outweigh their disadvantages. Therefore, we sincerely congratulate you on the right and thoughtful decision. And below we will discuss the specific conditions that the UK payment system will provide you.
Other popular 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 Bank Account in Singapore Remotely.
- A Company in Singapore with an Account in a Sierra Leone Bank.
- Open a Company in Singapore + an Account in the Caribbean Bank.
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Check the list of required documents, and get the details of the process, terms, and costs.
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Documents Required to Open a Corporate Account for a Singapore Company in the UK Payment System
The list of documents you will need is rather modest, and it is not surprising as the United Kingdom is informally referred to as ‘the best offshore zone.’ And even though this claim has been questioned recently, the reputation of UK financial companies remains unchallenged, and you can get quite tangible benefits from it. It should be noted that the standard period for consideration of your application to open a corporate account in the payment system does not exceed 3 days!
Things to pay attention to when preparing documents required to open a corporate account in the UK payment system for a Singapore company:
- Documents should be provided in the form of scanned copies (not a photo made with the help of a smartphone)
- Your documents may be turned down if they contain illegible text blocks (due to loss of focus) or any other defects, so be sure to scan them properly
- Documents in languages other than English should be translated and signed
- There is no obligation to certify absolutely all documents, but we still recommend not to save on their notarization
- If you do not have a clear understanding of the entire procedure for opening an account in the UK payment system for a Singapore company, discuss all controversial points with our experts. If something goes wrong, you may face delays or even refusal to open an account – and this is the experience we can protect our clients from.
Documents for the beneficiaries and executives of the Singapore company required to open a corporate account in the payment system of the United Kingdom:
- A foreign passport
- Official proof of actual residence at a specific address. A paid utility bill (heating, gas, light, drainage bill, etc.) will suit best for this purpose
- A brief autobiography in a free form
Documents for the Singapore company:
- A standard Certificate of Incorporation for your Singapore company
- Articles of Association
- Memorandum of Association
- Operating Agreement (the last three documents are included in the so-called Certificate of Formation)
- Certificate of Registration
- Documents confirming the appointment of managers
- Brief description of the basic business spheres and technology of the company’s operation in the market: turnovers, payment schemes, counterparties, fixed assets, etc.
- Proof that the company actually conducts business and does not exist only on paper. Any official financial statement, declaration, or even account statement will do.
Mind that you will have to pass the verification procedure after you have paid the commission and the account has been opened. It is carried out remotely using a special online form.
Tariffs for opening a corporate account in the UK payment system for a Singapore company and its maintenance:
- Application consideration: GBP 250
- Commission charged for the consideration of the package of documents and opening of the account: GBP 2,000
- Monthly maintenance of the corporate account in the UK payment system: GBP 30
- Maintenance of an inactive account (if it has not been used in the past 5 months): GBP 500
- Transactions in the SEPA zone: GBP 20
- Transactions outside the SEPA zone: from GBP 30 or 0.2%
- Top-up (per each transaction): GBP 20 or 0.5%
Basic capabilities of UK payment system corporate clients:
- Multicurrency accounts (EUR + GBP + USD). In general, the system supports 26 currencies
- Direct transfers to a specific account in any bank
- Receipt of payments for goods and services to your own account
- Optional business insurance
- Exclusive payment cards (see details below)
- Conversion of currencies at a favorable rate
- International money transfers
- Obtaining detailed information on income and expenditure (updated 24 hours a day, 7 days a week)
The most significant advantages of the UK payment system for non-residents:
- A prestigious jurisdiction
- Remote monitoring of account status from anywhere in the world
- Exceptional customer loyalty
- Commercial information on the movements in your account is not transferred to the fiscal authorities or international supervisory authorities
Servicing of plastic cards in the UK payment system:
- Full support for all MasterCard features
- Four exclusive design options
- Contactless payment function
- 3D secure certificate
- Remote access to absolutely all services
Features of the online banking for the UK payment system:
- Round-the-clock monitoring of the account status
- All kinds of payments
- Fast replenishment of the account
- Instant online statements for the required period of time
Other popular services in the UK that we can provide:
- Personal accounts in the UK with a British payment system for non-residents.
- The UK Merchant Processing Account for Non-Residents in 48 Hours.
- FinTech Corporate Accounts for B2B Companies – Remotely.
- Register a UK Ltd Remotely.
- UK Company + Bank Account in 24 hours | Premium Office Offer.
Many business people would like to use the services of a solid and reputable institution located in a traditional and respectable jurisdiction. While it is believed that opening an account for a company in Singapore in the UK payment system is a luxury service available only to selected customers, we are ready to prove to you that this is not the case. We will be happy to answer any questions and discuss your individual needs and wishes!
If you need a main or backup foreign bank account, do not delay solving this issue. Write to info@offshore-pro.info or fill in the form for selection of a foreign non-resident bank account or payment system online.
