Singapore Banking

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Opening of Singapore Corporate Bank Accounts for local & Offshore Companies

GNV Consultancy can help you to set up your new Corporate Bank Account for your Singapore or Offshore Company.

Incorporate with us and save time

To save the clients valuable time, GNV Consultancy will helps you to have the direct meeting with the bank officer in order to sign up your company incorporation papers in our office premises, and thus open your bank accounts without the need to visit the bank.

Bank Account Opening for Singapore Companies

Because of the increasing complexities and regulatory requirements of the banks, most of the banks in Singapore require the personal presence of the authorized signatories and company officers in order to open a company bank account. But with exceptions, with the signature witnessed by a notary public overseas some banks allow you to open a bank account without your physical presence.
Requirement of the minimum balance in the account depends upon the bank to bank. The minimum average balance requirement at OCBC, DBS, UOB and Standard Chartered is $10,000 per month. To attract more clients, OCBC bank has waived the minimum average balance requirement for first 6 months to only $500.
If the monthly requirement is not fulfill then the charge of amount $15-50 will apply. The minimum balance requirement at foreign banks such as HSBC and Citibank is higher and in the range of S$25K - 50K.

Bank Account Opening for Offshore Companies

In the Singapore banks the accounting opening procedure is same as for Singapore companies except that more extensive “KYC” (Know your Client) due diligence process is required before opening of a bank account.
Some common questions the bank would ask are

  1. intended business activities, customers
  2. where the source of funds will be coming from
  3. the anticipated annual turnover
  4. the size of transactions
  5. detailed background of the beneficiaries
  6. bank reference letters
  7. proof of beneficial ownership, etc.

Requirement of Certificate of Incumbency and Certificate of Good Standing for your offshore company is mandatory for some banks. Different banks deals with this like Citibank Singapore, HSBC bank, Standard chartered bank, OCBC bank, UOB bank, DBS bank, ABN-AMRO.

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