When it comes to opening a foreign corporate account, many people immediately start to think that it is best to do it with a reputable bank in Switzerland or Liechtenstein. However, we would like to offer you an alternative option that is not less reliable than Switzerland, but much cheaper.
Nobody argues that an account with a reputable European bank is a prestigious and reliable idea. But if you want to start an international business and get a working corporate account, and prestige and status do not play an important role, opening an account for a Singapore company in a Seychelles bank may be an ideal solution.
Seychelles’ main advantage is the absence of any tax liability for companies doing business outside the islands. All your expenses are a fixed annual fee, depending on the authorized capital size (from USD 100 to USD 1,000). The current fiscal legislation does not provide for any other payments.
The only point you should consider when opening a corporate bank account in Seychelles concerns the paperwork and documents’ submission. Bank employees may require any additional information about the applicant or their company and, in the worst case, even refuse registration without explanation. Therefore, when opening a corporate account for a Singapore company with a Seychelles bank, we strongly recommend you take this procedure as responsibly as possible and listen to the advice of our experts.
Alternative options for a bank account opening in Seychelles for a Singapore company
Our clients who want to find a suitable financial institution for permanent service but already own a company in Singapore can skip this section. But it often happens that both procedures (registration of a business structure and opening an account for it) are performed simultaneously, in parallel mode. If this is your case, take a look at two attractive all-inclusive services that will minimize your expenses.
Options that we are proud to offer you:
- Parallel registration of a Singapore company and opening a bank account in the Seychelles. This is a top-rated service among business people from all over the world. Its main advantage is cost minimization (our assistance fee is more than reasonable – only from EUR 8,300).
- Ready-made company in Singapore with a valid account and a zero balance. This is an extremely attractive offer for people who appreciate the time factor. The entire procedure for processing documents for a Singapore company will take only a few hours. The service cost is from EUR 16,500.
Attention! We clarify that any proposed options do not require your direct participation in the procedure. But if this pattern does not suit you, you can take control of all registration stages!
Our other services in Singapore:
- A Company in Singapore with an Account in a Sierra Leone Bank
- Set Up a Singapore Company with a Hong Kong Account Remotely
- Real Economic Substance in Singapore
- Establish a Company in Singapore in 2022 and Open an Account with a European Bank
- Set Up a Company in Singapore in 2022 + Open an Account with a Local Bank
Corporate bank account in Seychelles – why is it profitable?
You probably already know that this jurisdiction is a tax haven and one of the world leaders in the informal Tax-Free rating. But the extremely low taxation level (maximum USD 1,000 per year) is not the only business advantage of Seychelles.
What benefits will you get if you decide to open a corporate account for a Singapore company with a bank in the Seychelles:
- Lack of currency control.
- Extremely high privacy level (it is significantly higher than in Singapore).
- No requirements for authorized capital.
- Economic and political stability of Seychelles.
- Minimal risk of double taxation (relevant agreements have been signed with many countries).
- Developed infrastructure of the island country.
- Foreign capital ownership is allowed.
- Sufficiently high international reputation of Seychelles banks.
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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Documents for remote account opening with a Seychelles bank for a Singapore company
To minimize the risk of rejection, please contact us via e-mail (info@qwealthreport.com) and discuss all your questions. We will help collect and prepare all documents for a Singapore company, check them for compliance with the bank requirements, and launch the direct procedure for opening a corporate account in Seychelles.
The Seychelles bank does not have notarization requirements. But we recommend legalizing all information submitted in paper form to make the opening process easier. You should also take care of the translation of the certificates, reports, protocols, and invoices into English.
Beneficial owners’ and signatories’ documents required for opening Seychelles corporate bank account:
- Identification document containing a page with a personal signature and a photo. A regular passport is best for verification purposes.
- Official confirmation that the applicant actually lives at the specified address. This can be, for example, a current or card account statement or a paid utility bill (not older than two months).
- Request form for opening a corporate account for a Singapore company with a Seychelles bank. It should contain the reason for choosing this particular bank and jurisdiction.
Company documents required for opening Seychelles corporate bank account:
- Standard package of a Singapore company corporate documents. It includes a Certificate of Registration (Incorporation), Memorandum of Association and Articles of Association, extract on the manager(s) and director(s) appointment, and Certificate of Good Standing. The latter document is required if the company in Singapore was registered more than 12 months ago.
- A detailed description of the company’s business: activity field, partner countries, proven source of funds, etc.
- Company website address in Singapore (if the business is related to the Internet).
Attention! We strongly recommend not to hide any information from a Seychelles bank employee, as the verification of documents will be quite strict. Please discuss any controversial points that may provoke a refusal with our experts!
Terms of corporate banking in Seychelles bank
The Seychelles bank provides exceptionally attractive service conditions for Singapore companies (as companies from other jurisdictions) and is ready to become a reliable business partner. Note that the proposed bank is fully subordinate to the Central Bank of Seychelles, so the probability of its problems with the license is zero.
Advantages of Seychelles bank:
- Initial deposit and minimum account balance: USD 25,000.
- Base currencies: USD, EUR, GBP.
- Incoming payments: free.
- Internal bank transfers: free.
- Monthly and quarterly statements: free.
- Assistance from bank employees (online, by phone, or via e-mail).
- Ability to link a Visa Debit Card to an account.
- Advanced online banking system Net Banking.
- Convenient and functional official website.
Seychelles bank servicing fees for a Singapore company:
- Monthly fee (for each currency): USD 15.
- Transfers up to USD 500,000: USD 50 + correspondent fee.
- Transfers over USD 500,000: USD 150 + correspondent fee.
- Transfers within jurisdiction: USD 15.
- Correspondent fee: USD 25.
- SWIFT payment tracking: 60 USD / 25 USD + correspondent fee (to confirm and stop the transaction, respectively).
Seychelles bank internet banking fees:
- Connection, activation, subscription, internal bank transfers between your accounts: free.
- Transfers to third-party accounts in the same bank: USD 10 USD.
- Foreign transfers via SWIFT: USD 50.
- Fixed deposits (from 1 to 36 months): minimum balance USD 500,000.
Attention! Fees are current as of the article publication date and may be subject to change. For up-to-date data, please contact our experts in any convenient way.
VISA Electron Debit card basic conditions in Seychelles bank:
- Available currencies: USD, EUR.
- Built-in security chip.
- Over 5 million compatible ATMs worldwide.
- 24/7 technical support.
- Online banking.
- Many usage options: shopping (via mail, telephone, and Internet channels), booking cars and hotels, etc.
- Favorable exchange rate.
VISA Electron Debit card service fees in Seychelles bank:
- Card forwarding to the owner: EUR 80 / EUR 24 (by courier and mail).
- Card reissue: EUR 24.
- Payment via terminal: 2% of the amount.
- Cash withdrawal and balance check at ATM: EUR 8.
- Annual maintenance fee: EUR 80.
- Exchange fee: 3%.
The proposed financial institution uses algorithms and methods that meet modern security requirements. Therefore, the risk of hacking the communication channel will be minimal.
The main technologies for protecting a client when using online banking in Seychelles bank:
- 128-bit SSL encryption.
- Network screen.
- Automatic logout after a specified period of time (time-based logout).
- Blocking access to the card for a day in case of entering erroneous identification data.
- Individual password generation.
- Blocking access at the client’s request.
Mortgage and investment programs
Solid corporate clients can participate in financing the Eden Island project. It provides an opportunity to invest free funds in real estate, and the financial entry threshold is relatively low. Eden Island lies close to the capital of Seychelles (Victoria, about 3.5 km), and its area is 56 hectares.
In addition to the magnificent, almost untouched nature and fantastic ocean views, Eden has a developed tourist infrastructure. The choice of investment objects is extensive. The proposed property area ranges from 88 to 609 square meters, and the land plot sizes range from 250 to 3000 square meters. The island has modern equipped piers ready to service super-yachts with a length of up to 100 m.
Our other services in Seychelles:
- Seychelles Limited Partnership
- Set Up a Company (BC) in the Seychelles
- Open a Private Bank Account in the Seychelles Remotely
- An IBC in Seychelles with Full Professional Service and Apostille
- Registration of an Offshore Company in Seychelles
Opening an account for a Singapore company will surely change your mind about what a modern banking service in one of the best offshore zones on the planet should be like. We will be happy to provide you with any additional information on this service and take care of all the necessary efforts. Contact us at the above address to get a boost in business development!
What are the main corporate requirements for opening a company in Seychelles?
Seychelles has a classic offshore status, so the conditions are very transparent and not burdensome. Therefore, there will be no difficulties with registering a new legal entity in this jurisdiction.
1) Director – minimum one person, no residency requirements. Information about directors becomes available to local agents but is not included in the public register.
2) Secretary. There are no requirements for the secretary’s mandatory presence, status, or skill level.
3) Shareholders. The company must have at least one shareholder. This data is not entered into the register, and information about beneficial owners is not disclosed but is available to local agents. Shareholders can be legal entities.
What are the basic conditions for doing business in Seychelles in 2022?
The conditions have remained very favorable. COVID-19 has made some adjustments, but they have not significantly impacted the business. Pay attention to the following facts:
1) You can buy ready-made companies.
2) The legal system is common English and French.
3) A regional registered office is required.
4) Available legal forms of business: PCC, LP, CLS.
5) Approximate company registration terms are no more than two days (excluding force majeure circumstances).
6) An explicit indication of the legal form is required in the company name.
7) Some restrictions exist on the words and expressions used when choosing the name of the future company.
8) Information kept in the public domain: minutes of the general meeting* and decisions made; registers* (* – shareholders, directors).
I am planning to open a business in Seychelles. Tell me a little about jurisdiction.
If you need expert information on the country, we recommend contacting our specialists. But some facts will be interesting and important at the stage of initial analysis:
1) The form of government is a republic.
2) 50th place in the world in terms of corruption.
3) The climate is tropical and humid.
4) Main ethnic groups: French, Indians, Africans, Arabs, Chinese.
5) The local currency is the Seychellois rupee (SCR); the SCR/USD rate is 1:0.055
6) Official languages are English, French, and Creole.
Features of business in Seychelles:
not subject to currency control
EUR, USD, and other currencies can be used for payments
the IBC format is used for offshore companies
a high (but not absolute) level of anonymity
