Registration of a company in Singapore to run a real business is not that easy. In addition to the difficulties caused by the registration procedure itself, you will have to solve issues arising when you open an account with a bank, seek to use a nominee service, obtain a legal address and conduct tax/financial accounting. The most serious challenges are faced by those businessmen who are interested in opening a corporate bank account for a company in Singapore in a solid and respected bank in Europe where the requirements are much tougher. But all of this should not be an obstacle to joining the thriving business ecosystem of Singapore that offers tremendous opportunities!
With this in mind, we decided to offer you a comprehensive 3-in-1 service. This is the most trouble-free option for clients as you will be able to quickly start a real business while remaining in a “tax shadow”. The service includes the company’s registration in Singapore, opening a corporate account for it with a bank in Europe, and a nominee service.
How you benefit:
- You get considerable savings, but not to the detriment of quality
- We support the client not only at all stages of company registration in Singapore and opening a corporate account with a bank in Europe but also upon successful completion of the project
- Cooperation with one intermediary (Offshore Pro Group)
Singapore + European Banks
There are many available options to consider before you select a really good one for business incorporation. We know that the registration of a company in Singapore + opening a corporate account with a bank in Europe is a combination of services that can hardly be called the most affordable one – and we admit that you can find better options for a tight budget in our service portfolio. But if you are looking for a truly versatile solution for serious business, Singapore company + European bank is the duo we strongly recommend!
Why a company in Singapore:
- There are no taxes on capital gains, dividends, inheritance or real estate
- Favorable personal income tax rates (if you are additionally interested in opening a personal account with a bank in Singapore, we will be glad to help)
- Significant tax incentives for companies in Singapore
- The annual audit procedure is not mandatory for small companies
- Agreements with all relevant trading partners to avoid double taxation
- Free trade agreements with many countries
- An exceptional level of respectability, thanks to which the opening of a corporate personal account with the bank is significantly simplified
- Reliable intellectual property rights protection
- The bureaucratic apparatus has no impact on the business
- An extremely low level of corruption
- Favorable living conditions
The advantages of opening a corporate bank account for a company registered in Singapore are just as obvious:
- Extremely high reputation status
- Excellent level of reliability
- A wide range of services
- Favorable geographical location
- Compliance with all KYC/AML requirements
- Stability tested by decades
- Profitable cooperation conditions
- Understandable and close mentality
Based on this, the business set that includes company registration in Singapore + opening of a corporate account with a European bank + a turnkey nominee service should be recognized as particularly successful and promising.
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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Company Incorporation in Singapore: Documents, Sequence of Steps
Formally, the registration process is simple and straightforward. But practice shows that this is true only if a) the company is registered on behalf of the local resident and b) all stages of company registration in Singapore are controlled by experts from the Q Wealth portal. Things can get really complicated if you are a foreigner and you may be asked to provide an additional set of documents, resulting in considerably longer terms.
The minimum set of documents required to register a company in Singapore (the registrar reserves the right to request additional documents):
- A company name approved by ACRA (Accounting and Corporate Regulatory Authority)
- A brief description of the proposed activity in free form
- Details of all shareholders, directors and secretary
- Legal address
- MAA and Foundation Agreement
Approximate sequence of steps to register a company in Singapore:
- Company name approval. We advise you to prepare several alternatives if the main one is unavailable
- Arranging a package of documents to register a company in Singapore
- Company registration proceedings in Singapore (performed by us without your participation)
- Opening a corporate account with a bank (see details below)
Other points to consider when you set up a company in Singapore:
- The minimum registration period is 1 day, but it usually takes longer than that
- The number of shareholders and their citizenship is not regulated in any way
- There are virtually no requirements for the minimum authorized capital (from SGD 1)
- The Director must be a resident of Singapore or have a residence/work permit
- You can combine the positions of director and shareholder
- In absence of a work permit, you can be a shareholder of the company and its director, but in this case, you will have to use the services of a nominee manager
- If you want to run the company yourself, you will need a work permit (EntrePass) before company formation or you will have to incorporate your company in Singapore on behalf of a nominee person and subsequently get a work permit
- Secretary’s position can only be held by a qualified specialist permanently (!) residing in Singapore
- Legal address. Registration for an office or even an apartment is allowed, but the real substance will be a much more preferable option.
Opening a Corporate Account with a Bank in Europe
When you choose a specific financial institution to open a corporate account in Europe, pay attention to the proposed terms of service, the list of additional services, the convenience of working through the Internet banking system and, of course, the list of requirements for the client.
List of documents
Each bank has its own list, so you will find more or less standard requirements below that are usually set when you open a corporate account in Europe. It is also worth considering that the bank of the Old World will require additional papers in almost 100% of cases.
Documents for opening a corporate bank account in a European bank (typical/minimum requirements):
- A set of standard Singapore company certificates: Certificate of Incorporation, Certificate on the appointment of directors, Certificate of Legal Address Registration, Share Certificate, Certificate of Good Standing, Certificate of Incumbency (if the business structure has been operational for more than 12 months)
- Minutes of General Meeting
- Articles of Association
- General management structure of the Singapore company
- Operating Agreement
- Memorandum of Association
- Singapore company’s Trust Deed
New simplified requirements set out in the latest version of the Companies Act are not accepted by all European banks. Therefore, we recommend focusing on the classic scenario of registering a company in Singapore!
Documents for persons authorized to sign and manage the account:
- Copy of a foreign passport
- Original power of attorney
Documents for beneficiaries:
- Copy of a foreign passport
- KYC form/CV as detailed as possible (English only)
- Information about the source of funds (documentary evidence will be required)
- Residence address information
What else is likely to be required by a European bank before you get your corporate account:
- A business plan
- A financial report of the Singapore company for the last few years (preferably with the results of the audit)
- Singapore company’s financial flow plan
- Documents confirming the fact of conducting a real business
- General structure of the Singapore company
- Old bank account statements
Unwanted activities (if your Singapore company is engaged in such a business, you are highly likely to be turned down):
- Betting and gambling
- Selected financial services
- Anything that is related to “adult” business (porn) in one way or another
- Consulting services
- Services related to software development and IT services
- Digital marketing
- Trade in arms and dual-use goods
Recommended Banks for Opening a Corporate Account
We have collected the most interesting offers for you that we perceive as universal solutions, even though the list of options worthy of your attention can be much wider. In some cases, it would be more reasonable to opt for specialized solutions, but this is a question that you’d better discuss with our experts.
- CIM-Banque, Switzerland, is a reliable bank offering a full range of specialized services where you can open a corporate account on a remote basis. The institution boasts one of the best Internet banking services. The bank’s activities comply with FINMA requirements, and it is a full member of Swiss Exchange and Swiss Bankers Association (SBA).
Mind that if there is a nominee shareholder in your company’s structure, the bank will not open a corporate account for you!
- Bank Alpinum, Liechtenstein, is one of the most stable and respectable banks in Europe. It is very sensitive to the choice of customers, so you can expect to be turned down with a high degree of probability if your business is not transparent enough or seems dubious in any way. The bank’s main specialization is investment products and solutions for a wide range of clients.
- Silk Road Bank AD Skopje, Macedonia, is a rapidly developing bank whose main advantage is working with traditional offshore companies (which is, alas, a rarity nowadays). We can also emphasize a zero commission on incoming payments and reliable guarantees (including tender, customs, prepayment and others). The account can be opened remotely.
- Bank of Cyprus, Northern Cyprus. The bank has a sympathetic attitude to non-residents and a wide range of proposals for opening accounts. The choice of accounts is really wide (in addition to corporate ones): you can open metal, deposit, investment and even anonymous accounts. The registration procedure is rather complicated, but you will have every chance to achieve success with the help of our experts.
- Bilderlings Limited, United Kingdom, is the first of the two “out-of-competition” participants that belongs to the category of payment systems rather than “traditional” banks. The requirements for the package of documents are modest, but the range of services is practically the same. The standard time required to open a corporate account is 7 days, but there is also a fast-track option.
- Fincofex Limited, United Kingdom, is the second payment system on our list that began its operations in 2018. The list of documents for opening a corporate account is typical, and you are highly likely to be eligible. Customers can request credit cards and credit services. We would also like to emphasize that the institution has a FCA license.
Other services in Singapore that we provide:
- Open a Corporate Bank Account in Singapore Remotely
- Open a Corporate and a Private Bank Account in Singapore Visiting the Country in Person.
- Set Up a Company in Singapore in 2022 + Open an Account with a Local Bank.
- Open a Company in Singapore + an Account in the Caribbean Bank.
- Open an External Asset Management Account with the Bank in Singapore Remotely.
Is it possible to register a company in Singapore and open a corporate account with a bank in Europe without much hassle and within a reasonable period of time? If you choose Offshore Pro Group as your partner, the answer to this question will be definitely positive. If you feel that this is the right time to realize your intention, please contact our experts (info@qwealthreport.com) to make the first step!
Is it true that an account with a European bank opened in 2022 always implies Due Diligence?
Yes, that’s right. The procedure is mandatory and all its aspects are regulated by the third EU directive. At least, it is true for all solid European banks. It involves a four-tier test – the beneficiary itself, the purposes of the operations, correspondent banks and policy-makers. In addition, existing customers are constantly monitored. This implies another requirement regarding the implementation of the KYC provisions: Know Your Customer + KYCB (Know Your Customer’s Business) and KYCC (Know Your Customer’s Customers). No European bank will open an account for you unless these requirements are met.
I want to open an account with a European bank. Can I be turned down?
In fact, applicants are quite often turned down, and this is one of the reasons why we recommend consulting an expert before you make any step forward to assess your particular situation (you can book a free consultation). One of the likely causes is a high-risk business that typically includes the following areas: gambling and gaming, CBD (cannabis), escort services, television marketing, PC software and hardware, collecting activities, selling nutraceuticals, agencies engaged in tourism and ticket booking, any adult services, BTC and e-cigarette transactions. Opening an account in this case will be extremely difficult, but possible. Make sure that all the other documents are in full order and check the content of the corporate website (phone numbers, address, working conditions, Visa/Mastercard logos, etc.).
What do the banks pay attention to while making a decision to open an account for non-residents? Is it the country of residence or something else?
Practice shows that your country of residence is rarely taken into account. If you are not a resident of North Korea, Iran, Syria or any other country with a dubious reputation, all other things being equal, the account will be opened for you. It is important for the bank to know you personally rather than the place where your company is registered. Typical factors that the bank takes into account include the real purpose of opening an account, the scope of the company’s activities, its actual turnover, the list of partners and agents, complete (!) information on beneficiaries, the amount of the minimum deposit and your reputation in the business world. If you take effort, you will find the bank which will turn a blind eye to some requirements. But do not expect stability in this case as the risk of problems arising later will be very high.
