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открыть компанию в Сингапуре со счётом в банке Белиза
Main page » Services and products
January 9, 2023

Cost:

from 12600 EUR

Open a Company in Singapore in 2023 with an Account in an Island Jurisdiction or Belize

Table of contents
  • Why Singapore?
  • Why Offshore Banks?
  • Registration of a Company in Singapore and Opening a Corporate Account with an Offshore Bank
  • Selection of a Jurisdiction and a Bank to Open a Corporate Account
  • Registration of a Company in Singapore and Opening a Corporate Account with an Offshore Bank: Package Offers

Registration of a company in Singapore is a truly challenging task if you venture on your own. As a result, some people put so much effort into business incorporation that they forget about the opening of a corporate account or put it off till later. Worst of all, some businessmen independently embark on company registration in Singapore and the opening of a corporate account with a bank just to save some money, and…

Needless to say, they finish by engaging the professionals to do the job. But why? Well, let’s start with the fact that self-registration of a company in Singapore is impossible in principle as your interests should be represented by an intermediary – a resident of Singapore. And you will probably agree that it would be better not to spend much time or money just to accept this fact.

Open a company in Singapore

Another really bad mistake is choosing the cheapest jurisdiction to open a corporate account with a bank, which may soon lead to problems in business. The account will have to be reopened, resulting in a budget deficit instead of the savings planned. As a result, a relatively typical task of company incorporation in Singapore and opening a corporate bank account for it turns into a very costly and long procedure with unclear prospects.

Can such a scenario be avoided? No doubt. If you are really interested in registering a company in Singapore and opening an account with a competent bank in a suitable jurisdiction, simply contact our experts. The complex task we are talking about is quite feasible, but accept that you will need to invest some money in the success of the matter.

It should be noted that the combination of Singapore and a suitable island jurisdiction (Vanuatu, Cook Islands, Seychelles, Belize) is ideal for offshore products of the All-in-One class. The idea of registering a company in one jurisdiction and opening a corporate account in another one gives many real advantages for the business and significantly reduces the risks of refusal. And that is the option we are going to talk about in this post.

Why Singapore?

It is almost perfect for company incorporation as there is no jurisdiction that offers better conditions in the business world than Singapore. And the apparent leadership in certain categories does not mean a good balance of overall characteristics. Based on our experience, we offer Singapore as a really good jurisdiction for company registration.

Advantages of jurisdiction for incorporating a company:

  • High degree of economic freedom
  • Developed financial infrastructure
  • Excellent working conditions for start-up companies
  • Minimal impact of the administrative apparatus on the business
  • An extremely high value of the image (reputation) component
  • Singapore is not on offshore blacklists (this is a classic midshore!)
  • There are no currency controls or restrictions on capital movements
  • Singapore is a great alternative to traditional offshores
  • There are no restrictions on choosing a country to open a corporate account with the bank
  • The company in Singapore enjoys all the preferences of double taxation treaties

Why Offshore Banks?

There may be many reasons for choosing a financial institution in the offshore jurisdiction, and this is in no way a universal solution as offshores still have their shortcomings when it comes to opening a corporate account. However, keep in mind that an offshore bank will never annoy a potential client with endless questions at the stage of opening a corporate account, and neither will it block the account out of mere suspicion about an individual transaction.

Advantages of tax-free jurisdictions for opening a corporate account:

  • Minimal risk of failure
  • Simplified formal procedure
  • Full range of financial services
  • Opening a corporate account with the bank that you choose (rather than the bank which chooses you)
  • Developed means of remote banking
  • The maximum possible level of confidentiality. It is regrettable to note that we cannot talk about true anonymity when we open a corporate account.
  • Affordable service rates
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Registration of a Company in Singapore and Opening a Corporate Account with an Offshore Bank

As we said, this task is quite difficult but not impossible. If you make careful preparations and follow all the recommendations of our experts, the probability of refusal will tend to zero.

Documents for company incorporation in Singapore:

  • Approved company name. We advise you to prepare several options in case one of them is rejected.
  • Proposed activity profile (your code under SSIC)
  • Details of shareholders, director(s) and secretary
  • Legal address. Please note that it is best to immediately plan a full substance if you decide on company incorporation in Singapore, although this option will require more costs.
  • The company constitution. It can be standard (registration is much faster) or customized. The second option is more promising in terms of capabilities, but it requires a little more time for implementation.

Additional documents for company incorporation in Singapore (likely to be required):

  • For residents of Singapore: a standard identification document and (if the shareholder is a legal entity) a copy of all documents, including BizFile and M&A.
  • For non-residents of Singapore: a copy of the current foreign passport and a letter of recommendation from the bank where the person was previously serviced (a statement of account will also be suitable).

Documents for opening a corporate account with an offshore bank (the minimum package is based on the example of Al Salam Bank Seychelles, but the bank may require additional confirmations):

  • Identification document (for example, a foreign passport)
  • The address of the actual residence (documentary evidence is required)
  • A standard request form for opening a corporate account with a bank
  • A detailed description of the business you are planning to conduct
  • The address of the official website (if the business is somehow connected with access to the World Wide Web)
  • The list of partners and jurisdictions you intend to work with
  • Origin of funds
  • Complete package of documents for the company
  • Standard Certificate of Registration
  • Charter and M&A (in Singapore, these two documents were replaced by the Constitution)
  • The document that confirms the appointment of the manager
  • Certificate of Good Standing

Points to pay special attention to when you open a corporate account with a bank:

  • The bank always reserves the right to request any additional documents. It happens even when the company is registered in Singapore, but not so often.
  • All documents, if they are executed in a language other than English, must be translated and notarized.
  • Some banks have formal and informal prohibitions and restrictions on cooperation with customers from certain countries and/or engaged in certain types of business.

Selection of a Jurisdiction and a Bank to Open a Corporate Account

We cooperate with several financial institutions, and you can choose almost any of them. Ask our experts for detailed information about each bank, including the terms of cooperation, tariffs for the main operations, and a description of the additional services.

Basic options:

  • Opening a corporate account with Pacific Private Bank (Vanuatu). The Bank focuses on three areas: wealth management, private banking, and asset management. Therefore, a corporate account opened here can be used not only for business but also for capital protection. The list of services meets present-day requirements, and bank cards are issued and accepted all over the world.

Notice blue

Mind that the bank does not perform transactions in USD. If you use EUR, transfers are made only through the SEPA system and are subject to a fairly large commission!

  • Opening a corporate account with Capital Security Bank Limited (Cook Islands). This is a solid bank that focuses on wealthy customers. The main types of accounts opened are a trading account, an investment account, and an account in precious metals. You can also take advantage of Internet banking.

Notice blue

The bank does not open accounts for customers from “dubious” countries and makes a tougher check for some jurisdictions. There are also restrictions on the type of business.

  • Opening a corporate account with Al Salam Bank Seychelles. A corporate account for a company in Singapore, opened in this bank, gives its owner many advantages. Also, you will have access to a wide range of investment financing opportunities and interesting mortgage programs that allow you to buy real estate on the island of Eden.
  • Opening a corporate account with Caye International Bank Limited (Belize). This is one of the most famous offshore banks. The main products offered are a corporate offshore deposit account and a fixed-rate deposit account. There is an online banking system, and the bank can issue plastic cards for you. Last but not least, service rates are quite affordable.
  • Opening a corporate account with Heritage Bank Limited (Belize). Unlike Caye International Bank Limited, this bank does not limit the list of customers. If a corporate account with Heritage Bank Limited is opened correctly, you will receive the following opportunities: a personal checkbook, bank cards, transfers between savings and settlement accounts, free statements, and advanced Internet banking.

Other services in Singapore that we provide:

  • Set Up a Singapore Company with a Hong Kong Account Remotely.
  • Real Economic Substance in Singapore.
  • Open a Trust in Singapore with a Bank Account in Saint Lucia.
  • Open an Account for a Singapore Company with the Curacao Bank.
  • Reasons to set up an external asset management bank account in Singapore.

Registration of a Company in Singapore and Opening a Corporate Account with an Offshore Bank: Package Offers

We have developed a wide range of specialized services for our clients in the field of offshore business and capital management. The matter is that business people often prefer the approach which can be briefly described as an All-Inclusive formula, so we will be happy to present them with a new service: company registration as a package service.

Comprehensive service options:

  • Basic (USD 8,660): Company registration + registered address + secretarial and director’s services for 1 year + security deposit + appointment of a shareholder and director (a foreigner) + delivery of a package of documents from Singapore.
  • Business (USD 11,680): All services in the Basic package + an account with a Swiss bank on a turnkey basis + a set of documents for opening an account (up to 12 pcs.).
  • Premium (USD 13,760, renewal – from USD 5,280, annual nominee service – USD 1,680): All services of the Basic and Business packages + nominee service (director + shareholder) + trust declaration (issue, certification) + additional delivery of documents from Panama.

Notice blue

Due to a recent increase in the number of abandoned companies and the rising costs for their official closure, we are forced to raise the cost of the security deposit from EUR 2,000 to EUR 4,600. You have to pay a part of this amount (EUR 2,080) immediately upon company registration, and the balance (EUR 2,520) can be paid in equal shares over 11 months.

Are you still sure that registering a company in Singapore and opening an account with an offshore bank is too expensive? Contact us in any convenient way (info@offshore-pro.info, alternative communication channels) and give us a chance to prove that this is not the case. We will be happy to make your dream come true!

Does an offshore bank account have any special advantages in 2022?

The latest trends in the world economy make classic offshores less popular due to increased attention from regulators and potential difficulties in the short term. But they also have significant advantages: the maximum possible level of confidentiality, minimum (or zero) taxes, simplified account management from anywhere in the world, excellent protection from risks in their home jurisdiction, and support at the government level (the authorities are interested in new investors).

Do you open an account with an offshore bank for legal entities only?

No, of course not. Natural persons can also use the service, especially since there are practically no other opportunities to maintain bank secrecy (with large reservations). Depending on the bank, you can open the following accounts: a classic private account (they are often used as investment accounts), a corporate account, a deposit account (popular with individuals and legal entities), a transit account (ensures the maximum anonymity possible under the current laws) and an operational account (used to transfer funds to the accounts of individuals or legal entities). But we would like to remind you once again that it is impossible to completely conceal information about the beneficiaries in present-day circumstances (this also applies to widely advertised accounts in Panama).

What are the shortcomings of bank accounts opened in a foreign jurisdiction?

Let’s say that these are not shortcomings but rather points worth considering (of course, we are talking only about lawful schemes). These are minimum deposit and balance requirements (not everywhere), not very favorable interest on deposits, rather high service rates, difficulties conducting transactions with cash assets, and a complicated procedure for non-residents to open an account (KYC). An account with an offshore bank solves some of these problems but adds others (increased risks, excessive attention from financial regulators, insufficient reputation status, etc.). Therefore, the final choice should be balanced and well-thought-out.

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