The opportunity to open a corporate account for a company registered in Singapore with a Liechtenstein bank is a complex issue. With all the advantages of such an endeavour, it is extremely difficult to implement it. It is commonly believed that a solid European jurisdiction necessarily means a high entry threshold, exorbitant requirements for the package of documents, mandatory transparency, and obvious restrictions, especially for offshore business.
But what if traditional offshore banks do not suit you? What if you want to find not just a good solution for your company in Singapore, but the best possible one? If you want to open a corporate account that would accommodate the future growth of your business, a useful asset for the future? There are two possible strategies. The first one is not to go ahead with Liechtenstein altogether, and look for a bank in mid-shore jurisdictions, which might probably suit you better than real offshores. However, the second strategy is much more fruitful. You can contact the experts of the Q Wealth portal and ask them to explain in detail all the features of our service connected with opening a corporate account for a company in Singapore with a reputable and reputable bank in Liechtenstein. The offer is intended for those of our readers who want to find a reliable financial partner for their business in Singapore, but are not ready to handle the harsh conditions of classic European banks first-hand.
Why a Liechtenstein Bank?
The simplest answer is because it is the best solution. However, we do realize that this answer, though correct in essence, does not contain any useful information that may help you to make a decision. Therefore, we decided to remind you about all the advantages this jurisdiction offers in working with corporate clients. You can always get additional information on Liechtenstein from our experts.
Following are the advantages Liechtenstein banks can offer if you want to open a corporate account for a company from Singapore:
- Transparent and liberal financial legislation;
- Good geographical location: Liechtenstein is situated in the center of Europe;
- Unhindered financial flows;
- Extremely high stability of the national currency (Swiss Franc – CHF);
- Lenient tax legislation;
- An efficient financial system that has had no shocks and destructive crises for many decades;
- Well-developed information infrastructure;
- Guaranteed confidentiality (situations when private information is transferred to third parties are unthinkable and completely impossible);
- Effective anti-money laundering (AML – Anti Money Laundering) and counter-financing of terrorism (CFT – Counter Financing of Terrorism) mechanisms;
- Zero government debt.
Considering all these factors, opening a corporate account for a Singaporean company in a Liechtenstein bank is not just an interesting idea, but a project that is beneficial in all respects – a serious, profitable, promising, and reliable one. In some specific cases there are alternative options that may be better for certain business situations, but this can be clarified only during an individual consultation.
We also offer other services in Singapore:
The Cost of Opening a Corporate Account and Service Fees
The conditions that the bank in Liechtenstein offers to its customers are very favorable. The costs here are not as large as one may expect, given the status of Liechtenstein. But this jurisdiction will still not be perfectly suitable for your company if minimizing current expenses is your absolute priority.
Please note: The first deposit must be transferred before (!) the bank in Liechtenstein makes the final decision about opening a corporate account for a company in Singapore
Basic bank fees in Liechtenstein:
- Opening an account ‒ 1000 CHF. The remote option is possible, but experience shows that the bank often insists on the potential client’s personal visit;
- Initial deposit ‒ 10000 CFH / USD / EUR (1000 EUR out of this amount will be debited for the service of opening the account).
- Minimum balance – 5000 EUR.
Please note: If the documents for opening a corporate account for a company registered in Singapore with a bank of Liechtenstein are revoked, the funds will be returned after deduction of the commission (charged for consideration of documents) and the postage costs of the financial institution.
Approximate service costs:
- The cost of service per year – 1500 CHF;
- Closing an account ‒ 1500 CHF;
- Outgoing (minimum 125 CHF) and incoming transfers – 0.1% of the amount;
- Additional commission for transactions to countries with a high level of risk – 0.1% (at least 100 CHF). The list of such countries can be found on the bank’s official website.
Please note that certain types of business are classified as unreliable by the bank in Liechtenstein. If your company in Singapore operates in one of the following areas, it is indeed better for you to look for another bank):
- Gambling, sweepstakes;
- Any financial services that involve the use of the funds of other companies. These are forex, binary options, stocks and securities trading, currency exchange (fiat, electronic, or cryptocurrency), issuing and receiving borrowed funds, private investments, etc.
- Business connected with “adult” services (porn);
- Any intermediary and consulting services;
- Software development, IT sector;
- All activities related to internet marketing and SEO services;
- Business related to trading of military and special equipment, weapons and their components, ammunition and dual-use equipment.
Some important conditions for opening a corporate account in a Liechtenstein bank for a company registered in Singapore:
- There are no branches of the bank in Liechtenstein;
- Account management is carried out only through Internet banking;
- On average, the process of opening an account for a company in Singapore and its registration takes about 10 days;
- The bank takes a fairly strict approach to the formation of its client base and adheres to the principle of KYC (Know Your Customer) in everything. Therefore, it reserves the right to request any additional documents it deems necessary;
- The bank’s working languages are English, German, and Russian;
- Issued cards: Mastercard, Visa;
- Additional services: financial portfolio management.
List of Documents for Opening a Corporate account in a Liechtenstein Bank
The KYC principle makes the initial registration procedure rather tedious, so we strongly recommend discussing all the details with our managers (contact us at info@qwealthreport.com). The bank accepts originals or notarized copies of the documents (may require apostille). The documents will be kept by the bank after the procedure is completed.
Following is the list of documents required to open a corporate account in a Liechtenstein bank:
- Full package of corporate documents of the company in Singapore (originals);
- Certificate of Good Standing*;
- Certificate of Incumbency*;
- Business plan for a company in Singapore;
- Statement of accounts in other banks for a company in Singapore;
- Examples of invoices;
- Letters of recommendation;
- Typical examples of agreements and contracts for the provision of services to a company in Singapore;
- Chart showing incoming and outgoing payments;
- Full organizational chart of the Singaporean company.
(* for a company that has been doing business for at least 1 year)
The list of documents for the manager of the Singaporean company needed to work with a corporate account in a Liechtenstein bank:
- ID;
- Travel passport;
- Identification code;
- Resume;
- Bank recommendation;
- Utility bills for the last 3 months (required to confirm the actual residence address).
The list of documents for the beneficial owner of the company in Singapore:
- ID;
- Travel passport;
- Identification code;
- Resume;
- Bank recommendation;
- Utility bills for the last 3 months (required to confirm the actual residence address).
The list of documents for a nominee, secretary or shareholder of a company in Singapore (provided that a nominee service is used):
- Passport (if the nominee is an individual);
- Certificate of incorporation, articles of association, memorandum of association;
- Protocol on the appointment of the director (if the director is a legal entity);
- Certificate of Good Standing (if the company was officially registered more than 12 months ago).
Discuss the details with an expert
Check the list of required documents, and get the details of the process, terms, and costs.
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Procedure for opening a corporate bank account in Liechtenstein for a company from Singapore
It isn’t easy to figure out all the subtleties on your own. Therefore, if you really need to open a corporate bank account in Liechtenstein, contact our experts and discuss all the details with them. We will make sure that your case is handled according to the All-In-One (all inclusive) system and guaranteed to achieve the desired result in the shortest possible time.
Approximate procedure for opening a corporate account for a company in Singapore in a Liechtenstein bank:
- Preliminary discussion of all details with our expert;
- Filling out a questionnaire;
- Signing the bank form (beneficiaries, attorney);
- Drawing up a package of documents;
- An initial fee;
- Submitting an application to the bank of Liechtenstein.
Our other services for Liechtenstein:
Our experience shows that the probability of a positive decision tends to 100% if everything is done correctly, the client’s company works completely officially and does not use gray dubious schemes. We sincerely wish you success in all your business endeavors and are ready to provide reliable legal support in the most difficult situations!
Registering a business in Liechtenstein in 2022: is it still profitable?
It certainly is. We can tell you more: it is even more profitable than at any point in the past. There are many reasons for this, so we will state only the most important of them here: 1) The status of the jurisdiction; 2) Absolute stability (in politics, economy, and relations with neighboring countries); 3) Predictability of decisions made by the state; 4) Low taxes; 5) No currency control; 6) Well-developed financial sector; 7) A wide range of organizational and legal forms of business; 8) A favorable geographical location; 9) Deliberate distancing from membership in the EU and NATO, provided that the jurisdiction is still part of the European Economic Area and the Schengen Agreement. The country is perhaps not one of the cheapest locations, but it cannot be listed among the most expensive ones either, especially if you have your own business there.
What are the main forms of business in Liechtenstein?
With our help, you can register a company of one of four different types. 1) An institution similar to a holding. There are no members (participants), shareholders and, as a result, no shares either. Management is carried out by the founder and the board of directors. 2) A traditional joint stock company. The minimum number of people on the board is one – the director himself. Bearer shares are allowed. Data on the joint stock company participants is not publicly available. 3) A limited liability company. It requires a minimum of one director and two participants, either legal entities or individual entrepreneurs. The information is also not disclosed. 4) A foundation. The governing body is the board, at least one of its members must be a citizen of the jurisdiction. Requirements for the founders (nationality, individual entrepreneur or legal entity) are not specified. Beneficial owners are not disclosed.
What do I need to keep in mind if I want to open a company in Liechtenstein in 2022?
The question is not very simple, so we strongly recommend that you clarify all the possible issues with our experts as part of an individual consultation. Generally, we can speak of the following peculiarities and requirements: 1) Authorized capital – 30 or 50 thousand. CHF (depending on the division into shares). 2) Registered address and office are mandatory requirements; these details are kept in the register. 3) Shareholder meetings outside the borders of Liechtenstein are allowed. 4) At least one director must have the status of a resident of the country. 5) There is no capital tax. 6) The standard income tax rate for legal entities is 12.5%, but there are significant benefits and concessions in certain cases. 7) Annual audit and financial reporting are mandatory. 8) Non-residents do not have the right to open companies that would do business within the country. Note that the typical period for registering a new company is about 2 weeks.
