Complete Guidance on how to open your Singapore Bank Account.
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.
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:
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.
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).
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).
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.
Doing business with HONGDA is getting a share in our know-how, expertise and dedication. Our determination leaves our customers with peace in mind, as they know our passion and strive for perfection in all that we do.
To ensure that we keep pushing the boundaries of what our market can expect, we relentlessly strive for increased benefits of doing business with HONGDA. To declare our efforts, our daily work is based on 4 tangible, practical promises to our customers - and just as much to ourselves.
We (can) advise you on the best solution for your business model and send you our comprehensive proposal.
After reviewing the proposal, we sign the service contract and receive your payment.
We send you an application form as well as the list of documents we need from your side.
Sit back, relax and let us take care of everything from here on out.
WFOE/JV: Slow registration time.
The benefit of all is that if you aim to run a business in China, any will allow you to do so.