How to Open a Singapore Corporate Bank Account

- The present corporate tax rate within HK and Singapore is low in comparison to other international business hubs at 16. 5% and 17% respectively.

- Minimum capital requirements are low only $1.

- The two jurisdictions require annual reporting and have a public register involving shareholders / directors. The complete requirements for opening some sort of Singapore corporate account are normally different for each lender. Still, certain factors are standard to all banks.

Majority of Singapore banks allow the opening of a single corporate account for multi-currency operations. However, the firm can also open different corporate bank makes up about each currency that it hopes to operate. Moving of funds into or out of Singapore bank accounts is not a restricted process. However, the company that plans to open a Singapore corporate account should to consider the rules and restrictions of the country in which the company is incorporated, so that transferring funds into the Singapore bank account or out of that account to the home country does not necessarily face any undue troubles.

The a few major banks of Singapore are Development Bank of Singapore or DBS, Overseas Chinese Banking Corporation or OCBC together with United Overseas Bank or UOB. Some of the class leading foreign banks operating within Singapore are BNP Paribas, Citibank, Standard Chartered, HSBC, Bank with India, Bank of The united states, JP Morgan Chase together with Sumitomo Mitsui Banking Corporation. Our preferred corporate account is with Standard Chartered bank.

The following documents are generally important to open an offshore Singapore corporate account .

• Corporate account opening form duly chock-full and signed by corporation authorised signatories

• Resolution in the Board of Directors of the company permitting the bank account opening and stating the signatories that will operate the bank account

• Certified copy with the company's certificate of incorporation

• Certified copy of the memorandum and articles of association in the company

• Certified copies of passport of the signatories of the account

• Details of proof of residence skin color directors, the signatories with the bank account and ultimate beneficiary owners

• If at all, certified copy of the business enterprise profile of the company from ACRA

Opening of an Singapore corporate account will be easier if all the above mentioned documents are submitted in person by the signatories. If all the signatories to the account opening are present at the time of opening the account, the account opening can be completed in a day or two. Otherwise, normally it takes a few weeks to complete the formalities.
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A growing number of individuals and private businesses are increasingly deciding to include in Singapore and Hong Kong. Both countries supply a good infrastructure, with a pro-business and pro-talent culture that's reflected in the country's immigration plans, regulatory environment, and this openness of its most people. Moreover, their governments have ensured policies related to laws, regulations and taxation that promote the growth involving entrepreneurship and commerce on their respective countries.

Hong Kong and Singapore are consistently topping the list in the Doing Business Report published by the World Bank every year. singapore company incorporation, singapore company incorporation, singapore company incorporationIncorporating a company in Singapore is usually simple and straightforward, requiring fewer legal steps and obligations when compared with other countries around the modern world.