Opening a corporate account for a company in Singapore remotely is a complex and responsible procedure that requires taking into account many nuances. And given that we are talking about a Swiss bank, in most cases it will require a fairly significant budget to implement this task in practice. For this and other reasons, most business people “shy away” from the difficulties and choose an easier and less expensive option.
But why choose a simply good way to do things if you can afford the best one? With our help, opening a corporate account for a company in Singapore in a Swiss bank remotely becomes not only affordable, but also perfectly manageable. The basic costs – from 3999 EUR – is really a breakthrough in offshore business, an uncompromising option for those entrepreneurs who set ambitious goals and are ready to do everything it takes to succeed.
Why Switzerland?
For people who have a good understanding of international business, this question is basically meaningless. A corporate bank account in Switzerland is the golden standard without any compromises or alternatives for everyone who holds reliability, security, predictability and privacy as their top priorities. Especially if the company’s reputation in Singapore is very high.
Benefits of opening a corporate bank account in Switzerland for a company registered in Singapore:
- Extremely high level of confidentiality;
- Wide investment opportunities;
- Advanced features for business;
- Multicurrency of a corporate account in Switzerland is a default feature;
- Exceptional reliability of the banking system;
- The most complete implementation of online opportunities;
- The favorable geographic location of Switzerland in the very center of Europe;
- All Swiss banks that we recommend to our clients are members of the Swiss Stock Exchange and the Association of Swiss Banks and are supervised by FINMA (Swiss Financial Market Supervisory Authority).
A list of basic financial services that you can use immediately after successfully opening a corporate account for a company in Singapore in a Swiss bank:
- Wide range of accounts;
- Loans and overdrafts;
- Favorable mortgage;
- Expanded opportunities for investment, as well as the protection and diversification of assets;
- Insurance programs;
- Digital, mobile and online banking;
- Powerful business banking;
- Services for expats.
Approximate rates of the bank in Switzerland:
- Free services: direct account opening, internet banking, one debit card. If the deposit is less than a certain threshold (for example, 20,000 CHF), the service may become paid;
- Accounts maintenance (there may be one or more): 120 CHF quarterly + 750 CHF per year. If the account is in precious metals, the quarterly expenses will be 90 CHF;
- Closing an account: 300 CHF;
- Bank guarantees: no more than 1% of funds;
- Administration fees: 500 CHF;
- Commission on incoming payments: from 15 to 550 CHF (in the worst case – 0.035% of the transaction amount);
- Fee for outgoing payments: depends on the type of transaction (e-bank or payment order) and region/currency. On average, from 10 CHF (0.025%) to 40 CHF (0.045%);
- Maintenance of postal communication, storage of outgoing and incoming correspondence, online consultations and some other services are additionally paid.
Other services we can offer for Singapore:
- Set Up a Singapore Company with a Hong Kong Account Remotely.
- The Best Way to Open a Foreign Bank Account in Singapore.
- Open a Corporate Bank Account in Singapore Remotely
- Opening an Account for a Singapore Company in Liechtenstein
- Opening an Account for a Singapore Company with the Bank of Belize Remotely
- Opening an Account for a Singapore Company in a UK Payment System
- Set Up a Company in Singapore in 2022 + Open an Account with a Local Bank
Opening a Corporate Account for a Company in Singapore in a Bank in Switzerland
We provide the data that is topical at the time of writing this article. Please note that the geopolitical realities may change. Make sure you discuss the current situation and the specific interests or needs you might have with our experts. Contact them today at info@qwealthreport.com
Please note: the data on a company in Singapore is not checked at the initial stage, but the bank employee in Switzerland who will contact you after a short time may ask for documentary certification of the information you submitted or may ask you to provide additional documents.
What information you need to prepare to successfully open a corporate account for a company registered in Singapore with a bank in Switzerland:
- Company details in Singapore: name, address, website, etc.;
- Detailed information on transactions: their number, volume, recipients and senders, and jurisdictions in which they are registered. Here, as one of the jurisdictions of departure, gently indicate Singapore;
- The contact person. It can be a director, a shareholder, or a BO. In your case, in addition to the typical profile information you will need to indicate the type of signature and the preferred language. Please note that when opening a corporate bank account in Switzerland for a company in Singapore, you can specify several people in this section;
- Information about the main people representing the company: director, shareholder and beneficial owner (several persons can be added in each section).
A package of documents you need to successfully open a corporate account in a Swiss bank for a company registered in Singapore:
- Copy of the travel passport;
- Copy of an official document confirming the fact of permanent residence in a particular jurisdiction;
- Copies of documents that confirm the existence of your company in Singapore and its active / active status. Such documents should be issued within one year.
What else should you look for when opening a corporate bank account for a company registered in Singapore in a bank in Switzerland:
- It is enough to organize a videoconference to communicate with a bank employee;
- If the potential client is a company in Singapore, references are usually not required;
- Type of account to be opened: settlement and savings account;
- We recommend notarizing and apostilling all the provided copies, although formally this is no longer necessary;
- After the account is opened, a virtual or physical DIGIPASS is issued free of charge, but you will have to pay 100 CHF in case it is lost. If it is a piece of hardware, before entering the 6-digit code you will need to log in to the official website of the bank in Switzerland.
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Procedure for Opening a Corporate Account in Switzerland for a Company in Singapore
The whole procedure of remote account opening for a company registered in Singapore in a Swiss bank is really simplified, so there shouldn’t be any particular problems, especially if you use the assistance of an expert of our portal.
The main stages of opening a corporate account in a Swiss bank for a company registered in Singapore (Most of the stages will be organized by our experts; please make sure you ask then any questions you might have in this regard):
- Preparing all the necessary documents (for the individuals and the company in Singapore);
- Initial registration on the bank’s website;
- Obtaining a password for a single entry into your personal account;
- Uploading scans using the link sent (their notarization is formally considered unnecessary, but you can go through this procedure to be on the safe side);
- A short (5-10 minute) interview with a bank employee (after verification);
- Obtaining an EDS (electronic digital signature). It will be needed for remote signing of the agreement with the bank;
- Checking the company information in Singapore by the compliance department, after which you receive temporary data with an IBAN number (International Bank Account Number – international bank account number). This information is needed so that you can transfer the first deposit.
Please note: If the information provided is legally “clean” and factually true, the bank, in most cases, makes a positive decision to open a corporate account with a Swiss bank for a company registered in Singapore!
Other services we can offer for Switzerland:
- Corporate Account for a Trading Company in a Swiss Bank.
- The Swiss-Hanseatic Connection: A Swiss Commercial Bank Account Based on Company Registration and Substance in Estonia.
- Company Registration in Hong Kong + Bank Account in Switzerland.
- Company Incorporation in Switzerland.
- Legal residence in Switzerland by tax agreement.
- Holdings in Switzerland in comparison to holdings in other European countries.
- What type of company should you register in Switzerland?.
- Doing Business in Switzerland – Guide to Privileges.
- Setting Up a Business in Switzerland as a Foreigner.
You can find many more articles on doing business in Switzerland on our portal. Also, you are welcome to request a consultation with one of our experts to discuss the specifics of your business and your possible interests in Switzerland. We recommend you to seek preliminary advice on the selection of a foreign bank account. In some cases, if we have the slightest doubt that a bank in Switzerland will open an account for a company in Switzerland, it makes sense to go through the Pre-Approval procedure for the selected bank. If you have any questions regarding the documents or the procedures, please contact our specialists for help via info@qwealthreport.com or any other communication channels).
What are the main reasons to open a business in Switzerland in 2022?
It is believed that this jurisdiction is too expensive for startups, but this is not really true. There are options for minimizing costs, and our experts will be happy to tell you all about them. At the very least, you should consider the following aspects:
1) A simplified procedure for obtaining a residence permit (a period of 3 months, you can apply for yourself and family members);
2) Favorable tax rates for residents, although the fiscal system in the jurisdiction is quite complex;
3) Only two legal forms: a JSC (AS, SA, Ltd) and an LLC (GmbH, SARL, classic LLC), the minimum authorized capital is 100,000 and 20,000 CHF, respectively;
4) Really simplified procedures for registering a company;
5) Transparent working conditions that encourage legitimate business. Therefore, we repeat, it would be wrong to assume that Switzerland is impossible for a novice business owner.
Why will your business in Switzerland be profitable in 2022?
Nobody can say that for sure. But the jurisdiction has created all the conditions for business. The main thing is to use them wisely and believe in yourself. We can list only the main arguments in support of this statement:
1) Extremely high business status;
2) Simplified access to European markets;
3) Increased stability of the financial system;
4) No currency control;
5) The most developed infrastructure;
6) No double taxation;
7) Transparent and understandable legal system;
8) Non-rigid tax legislation;
9) Virtually no corruption;
10) Maximum possible protection of banking and commercial secrets.
We must also note a very high standard of living, which may allow you, your children, and your family to be completely safe and provide the opportunity to take advantage of all the benefits of an advanced European jurisdiction.
What is the difference between different organizational and legal forms of business in Switzerland?
1) Joint stock company (SA, AG, LTD): authorized capital – from 100,000 CHF. The highest priority for obtaining additional funding. The highest probability of concluding profitable contracts.
2) Limited Liability Company (GmbH, SARL, LLC). Simplified registration procedure (with appropriate peculiarity). Lower administrative expenses. This organizational form is in the highest demand among both small and medium-sized businesses.
3) Information regarding requirements to both organizational forms: 1 director and 1 shareholder, and an office in Switzerland. The company must hold meetings. Reporting and accounting are mandatory. Please note that if you correctly approach the organizational stage and properly prepare the procedure for registering a new company in Switzerland, it will take about 2-3 weeks counting from the day your documents were accepted.
