Registering a company in Singapore and opening a corporate bank account in Hong Kong is a unique product for the international business industry. You don’t just get a fresh working business with a guaranteed financial partner: you also receive a unique chance to enter the market of the entire Asian region with an extremely high reputation right from the start. After all, Singapore and Hong Kong are not just busy world business centers, but jurisdictions that have created truly premium conditions for business!
Package of Documents
Registering a company in Singapore is simplified and standardized as much as possible. But this does not mean that foreigners will be able to easily cope with the task on their own. We urge you, dear readers, to refuse attempts to “save” your resources, as they may not lead to good outcomes.
Registration of a company in Singapore, main documents (the requirements for opening a corporate account in a Hong Kong bank will be outlined later):
- Application for Singapore company registration – completed, signed and sealed (if the applicant is a legal entity) by all the beneficial owners or directors of the company you intend to establish. It is mandatory that at least one beneficiary must sign the application form, which we will e-mail upon request;
- A package of documents for individuals related to the company in Singapore (see below);
- A package of documents for legal entities related to the company in Singapore (see below).
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on which jurisdiction is best for your business, preferred tax regime, company structure.
Registration of a company in Singapore, documents for individuals (beneficial owners, shareholders, directors):
- A certified copy of the passport, signed by the owner and certified by a bank, notary, lawyer or auditor;
- Proof of residence address (a bank statement, a bank reference or a utility/phone bill);
- Documents proving personal information – citizenship, residential address, date and place of birth, occupation, telephone / fax, and email address.
Registration of a company in Singapore, documents for legal entities:
- Certificate of Incorporation*;
- Constituent documents*: Memorandum and Articles of Association;
- A current Business Registration Certificate*;
- Documents of legal entities having the signatory power (legal address of the company, information on the share of ownership in the company by each beneficial owner).
(*- copies are required)
Please note: All documents are provided in English / Chinese and are subject to legalization (in Singapore, documents are not apostilled).
We also offer other services in Singapore:
- A Company in Singapore with a Bank Account in Latvia
- An Account for a Singapore Company in the Payment System of Lithuania
- Establish a Company in Singapore in 2022 and Open an Account with a European Bank
- Opening an Account for a Singapore Company in a UK Payment System
- Incorporate a Company to Launch an ICO in Singapore
- Opening an Account for a Singapore Company with the Bank of Belize Remotely
- Opening an Account for a Singapore Company in the Cook Islands
- Opening an Account for a Singapore Company with the Bank of Antigua and Barbuda
- Open an Account for a Singapore Company with the Bank of Belize
- Remote Account Opening for a Singapore Company with a Seychelles Bank.
The Cost of Registering a Company in Singapore
The minimum investment required to incorporate a business in Singapore is 4,688 USD. It may seem like a lot of money, but it’s really so. In fact, we are sure you will find the total amount required to register a company in Singapore quite affordable (even if we do not include possible additional costs).
Registration of a company in Singapore, basic costs ‒ 680 USD:
- Electronic certificate of company registration in Singapore;
- Share certificates;
- A copy of the Charter;
- A copy of the Memorandum of association;
- Minutes of the first meeting of the company’s Board of directors in Singapore;
- Company seal in Singapore.
Registration of a company in Singapore, nominee service:
- Nominee director (3 months) ‒ 625 USD;
- Nominee director and shareholder (1 year) – 5,000 USD;
- Security deposit ‒ 5,280 USD. After the liquidation of the company in Singapore or the change of service provider (registered agent), the entire amount will be returned;
- Full package (nominee service for a year and a deposit) ‒ 10,280 USD.
Accounting services for a company in Singapore after its registration (like opening a corporate account in Hong Kong, this service is not included in the package price,):
- Maintaining the company’s accounting records in Singapore based on the documents provided by the client, consultations regarding the preparation of primary accounting documentation;
- Converting reports to XBLR format when submitting the annual return (AR) of a company in Singapore.
Audit and filing of corporate tax returns in Singapore (included in the price of the basic package):
- Submission of the preliminary calculation of the company’s taxable income in Singapore;
- Preparation of directors’ report;
- Carrying out an annual audit of the company’s activities in Singapore;
- Preparation of the auditors’ report;
- Calculation and submission of tax returns;
- Registration for GST (Goods and Services Tax, similar to VAT);
- Quarterly GST reporting.
Please note: The minimum cost of financial reporting and audit from the second year onwards is from 800 USD / 2,000 USD
Opening a Corporate Account for a Company Registered in Singapore with a Hong Kong Bank
The first stage has been successfully completed – you have become the legal owner of the company in Singapore. In order to start a real business, we only need to open a corporate bank account in Hong Kong. In fact, this is by far not the only option. In addition to Hong Kong, we will be happy to offer you several interesting and profitable options, each with its own features and advantages. However, Hong Kong is sort of a gold standard for offshore/midshore business. We recommend you to consider it as your first option.
Documents for opening a corporate account for a company in Singapore in a Hong Kong bank:
- Copies of passports of directors and shareholders of the company in Singapore;
- Confirmation of the address of directors and shareholders of the company in Singapore;
- Certificate of incorporation of a company in Singapore;
- M&A documents: Memorandum, Articles of Association;
- 3-month bank statements of directors and shareholders of the company in Singapore;
- A brief business plan.
Please note: If the last point (a short business plan) caused you difficulties when opening a corporate account in a Hong Kong bank, we are ready to help you. The cost of the service is 1,700 USD
Approximate sequence of steps for opening a corporate bank account in Hong Kong:
- To open a bank account in Hong Kong, we will first collect all the documents, then get them certified and legalized;
- The next stage is a meeting with our expert and a representative of the bank in Hong Kong (you do not have to travel anywhere!).
Then we have to wait for a little while. Under normal circumstances, it will take 4-5 weeks to open a corporate bank account in Hong Kong. As for the chance of refusal, we want to note that this probability is quite high in Hong Kong (especially in Hong Kong!), so preparing the package of documents should be taken with all possible responsibility. We also want to remind you that an attempt to open a corporate account in a Hong Kong bank independently is almost guaranteed to lead to a refusal, so it’s better not to try any DIY approaches here.
If you decide to purchase a service package for registering a company in Hong Kong and opening a corporate account with a Hong Kong bank, we practically guarantee the client’s minimal involvement in solving administrative issues and the success of your application. We will be happy to answer any questions via e-mail info@offshore-pro.info or other communication channels).
