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Singapore -bank-account

Singapore Bank Account Opening

Your Guide on How to Open Your Singapore Bank Account in Shenzhen

    Why open a bank account in Singapore?

    According to the 2018 Global Financial Centres Index (GFCI) report, Singapore, known as one of the “Four Asian Tigers”, is now the fourth largest international financial centre in the world after New York, London, and Hong Kong. Apparently, Singapore's banking&financial system is powerful in the international arena, and its comprehensive strength is stronger than most developed countries in the west.

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    Singapore has clear business rules that attract regional and global companies and banks to set up operations centers. More importantly, Singapore has a sound banking system that can provide good capital support for companies of all sizes.

    7 benefits of opening an account in Singapore

    A Now that there are many foreign banks worldwide, everyone has a wide range of options. But why should you open an account in Singapore instead of other developed countries? Because opening an account in Singapore can bring you the following 7 benefits:

    1. Singapore has no foreign exchange controls, free exchange between different currencies.
    2. Accounts opening witness can even be done in China. If the applicant chooses Hongda as the agency, he/she doesn’t necessarily visit the issuing bank in person. Plus, Hongda can help the the corporate bank account applicant to open a personal bank account for free.
    3. The information required for opening an account is simple and easy to prepare. Besides, the rate of successfully opening an account is high, and the account opening process takes less time to complete.
    4. Singaporean banks do not require large initial deposits.
    5. Bank accounts are easy to manage and you can handle your banking matters online.
    6. Singapore has more than 200 banking institutions, covering up a wide range of services to meet the needs of the account holders.
    7. Companies registered in offshore islands such as BVI and Cayman can also open accounts in Singaporean banks.

    Bank of Singapore Account Opening Steps

    1. Account opening materials that local companies in Singapore need to prepare:

      a) Comprehensive company registration information
      b) Personal Identity Information of the directors and account signatory
      c) Proof of the account signatory’s residence address (issuance date must be within 3 months).
    2.  The account opening information that overseas companies need to provide:

      a) Hong Kong company
           i. Company registration information.
           ii. Copy of the passport of all directors, shareholders and the account signatory.
           iii. Proof of residence address of the signatory of the account (issuance date must be within 3 months).

      b) Tax-exempt island company
           i. Company registration certificate.
           ii. Company structure certificate.
           iii. Charter (M&A).
           iv. Copy of the passport of the directors, shareholders and account signatory.
           v. Proof of address of the signatory of the account (issuance date must be within 3 months).

      c) British company
           i. Company registration certificate.
           ii. Companies House Certification.
           iii. Charter (M&A).
           iv. Copy of the passport of all the directors, shareholders and the account signatory.
           v. Proof of the address of the signatory of the account (issuance date must be within 3 months).
    3.  Additional supporting document for the bank account opening: for all companies

      a) Details of the company structure, including shareholders of the company, share distribution.
      b) Details of the company structure, including the directors of the company and their related personal information.
      c) Director's job resume.
      d) Provide detailed information about three sellers and three buyers who have been doing business with the company, including the name of the buyers and sellers and the country in which they are located.
      e) Provide the company website. If the company is newly established and has not set up a corporate website, the applicant needs to provide the website of an affiliate company for assessment.
      f) Provide invoice documents, business contracts, bills of lading, and existing bank account statements for the last three months (If the company is newly established and not able to provide such information, then the company needs to hand in information about its affiliates as a reference to the bank)
      g) Complete and submit the bank survey.

    The account opening process:

    • The bank will ask the account applicant to fill out the information collection form and will access the possibility of opening an account based on the information provided by the account holder.
    •  The bank signs a contract with the account applicant and starts the account opening preparation.
    • The account applicant needs to confirm the time of opening an account with the bank and then wait for the result of the account opening application.
    • After the account is opened successfully, the account holder needs to transfer money to the account for account activation.

    How can Hongda help you avoid the loss of time and money caused by account opening mistakes and procedures?

    To help you with the bank account opening, not only will Hongda guide and assist you in preparing your account opening documents, filling out application forms, but also helping you prepare your business resumes and KYC declaration form – greatly reducing the time you spend on preparation and allowing you to focus on your business without any distractions. Hongda’s professional account opening team will audit all the information in advance. Therefore, we will contact the bank at any time to follow up on your account status and ensure that you can get your bank account as soon as possible during the entire account opening process.

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    As global economic instability has further intensified, Singapore has remained a bastion of economic stability with the number of overseas investors opening accounts in Singapore increasing year-on-year.

    At present, the regulations and policies of the Singaporean bank&financial system are constantly being adjusted, the applications and audits are becoming more and more strict, and the overall trend suggests that the Singaporean government will be even more strict on the bank account opening than ever before. Today you hesitate to make a decision to avoid risks, tomorrow you might regret not doing anything about it at that time. Don't wait until the crisis comes, and regret that you didn't prepare for the crisis. Contact Hongda now and get the best solution for yourself!

     
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