Set up Corporate Account in Singapore Payment System Remotely

One of the four Asian tigers, Singapore, a powerful and culturally diverse global financial center, boasts a reputable and well-trusted banking industry. Holding an account with any such financial institution guarantees a stable and flawless company operation. With its business-friendly environment, offering a diverse range of opportunities for personal and professional growth, the city-state is a passport to success.  

Q Wealth suggests you create a corporate account in a Singapore payment system licensed as an EMI institution. Any non-sanctioned jurisdiction offers a possibility to set up payment accounts in the a.m. Singapore EMI. Non-resident accounts enjoy immense popularity among Singapore system users, and the latter may utilize them as they see fit. You are welcome to create a USD or SGD multicurrency Singapore account online – your entity will benefit from this and operate more efficiently if you utilize non-resident accounts as an effective financial tool.

Contact us to arrange a consultation. You have two choices. The first is a complimentary, fifteen-minute meeting, which is best to get some questions answered or an overview of a service. The second option is a paid, one-hour meeting (currently 300 euros, reduced from 500 euros for a limited time) with an expert in offshore banking, to explore how we can assist you and address your specific needs.

Payment account in the Singapore system: advantages for payment system users and non-resident account holders

Setting up a corporate account in Singapore is not exactly a straightforward path, and this is particularly true for non-resident accounts. It is a long and challenging procedure. Difficulties for users originally surfaced in the mid-2010s, and the situation has been exacerbated year by year, as domestic enterprises and transnational businesses increasingly require corporate accounts in Singapore. However, a payment account is much more straightforward.

With unequaled adjustability, payment processing speed, and the option to create a Singapore account online to receive payments, payment systems offer a convenient and practical solution.

International users with non-resident payment accounts in Singapore enjoy multiple alternatives. Here are the things they are capable of:

• Create corporate Singapore accounts online and operate offshore accounts remotely
• Obtain corporate details and particulars
• Set up corporate accounts in the Singapore EMI remotely, except for sanctioned entities
• Create USD and SGD payment accounts in the Singapore system online (with EUR and BPS account opening in the offing)
• Make secure, free behind-the-border USD and SGD transfers through the Singapore EMI
• Provide for transborder wire payments in 30+ currencies spanning 130+ countries, with commissions cut down to a minimum
• Issue virtual payment cards for both resident and non-resident account holders in no time
• Manage funds with an Internet bank and the mobile app of the Singapore EMI
• Allow integration with popular accounting software.

Corporate account in the Singapore EMI

Singapore EMIs (a.k.a. e-money institutions) are licensed to engage in e-money and regular payment operations. It takes up to 2 weeks to create a corporate account in the Singapore payment system. The entity in question may be incorporated in any non-sanctioned jurisdiction. The respective references and details are issued to the company or corporation holding the resident or non-resident account in question.

Users enjoy the opportunity to set up any account in the Singapore EMI. The Singapore payment system, among other things, provides a unique opportunity to create offshore accounts remotely. Currently, to create and manage a user’s main Singapore account online, the account must be in either USD or SGD. The possibility of creating EUR and BPS accounts is also on the horizon.

For the Singapore EMI, use either local bank transfer methods or SWIFT to remit (send or receive) monies. In case of domestic transfers, no fees are charged.

International money transfers may be converted into 30+ world currencies with a minimum fee charged. The fee amount is fixed in all cases. Relying on the Singapore EMI’s representatives, the platform fee will be up to four times lower than the corresponding bank commissions.

Payment cards

Once you set up a payment account in the Singapore EMI, you’ll be liable to link virtual debit cards to transact payments from your resident or non-resident accounts, regardless of your location. These shall be all VISA cards, and the number thereof is unlimited.

You are free to issue corporate debit cards (e.g., to pay for your advertising account or pay rent) or payment cards for your employees. Card limits of your choice may be set, where relevant. The app will remind you to submit receipts or get your digital receipts by default, if the latter are available.

You’ll also have the opportunity to receive 1% cash back. 

Payment management and acceptance

You are free to both issue regular invoices to your customers and send them either one-off or reusable payment links.

Your existing payment software, including PayPal, Stripe, Shopify, and others, may be linked to the Singapore EMI platform. 

Feel free to create several virtual user areas in the system to administer cash flows on your Singapore account online independently. 

Any payment account in the Singapore EMI system comes with unbelievably fast withdrawals. You’ll be able to make a payout four times faster than in regular banks.

The system architecture not only secures safe money acceptance and transfer but also does so in a fast, efficient, and transparent manner, from 24/7 monitoring to accounting service integration.

Mandatory submissions to create a payment account in the Singapore EMI system

Conventional submissions are essential to set up a corporate payment account or create offshore accounts remotely in the Singapore system:

• Holder’s passport
• Confirmation of the holder’s address
• Certificate of incorporation 
• Certificate of Good Standing and previous reporting.

Where relevant, the payment system may require you to submit certain extra documents.

Upfront fee and EMI system commissions

Fee for support with corporate account creation in Singapore – 2999 EUR

Monthly account maintenance fee – from 12 SGD per month (based on your business size and liquidity).

SGD-account:

• Incoming payments: no charge
• Incoming payments when converting currencies: no fee, with due allowance for the currency translation
• Outgoing payments: no charge
• Outgoing payments with currency translation: average conversion level, plus transparent fees

USD-account:

• Incoming payments as ACH & ABA/Fedwire Transfers: no charge
• SWIFT: 8 USD
• SWIFT with currency conversion: 8 USD + the optimum conversion rate
• Outgoing ACH payments: no charge
• Outgoing SWIFT payments with currency conversion: 8 USD + the optimum conversion rate

How to create a corporate account in the Singapore payment system

1. Get through to the experienced Q Wealth experts at in**@***********rt.com and inform us that you wish to set up a corporate payment account or create offshore accounts remotely in the Singapore system
2. Pay fee for support with account creation – 2999 EUR
3. Submit the documents required by the system
4. Wait for the Q Wealth experts to arrange for account creation and gain access
5. Once the account set up is confirmed, you’ll be able to accept payments, issue cards, and pay for the services provided.

Reach out to the Q Wealth pros at in**@***********rt.com or via any messenger to schedule a free consultation on how to set up a corporate account in the system or create offshore accounts remotely, if your entity requires one. Creating an offshore account online may seem complicated, but the process is not as intricate as it appears if you seek support from Q Wealth. 

Want to learn more in a consultation? You have two options. One option is that you can have a complimentary, fifteen-minute consultation, ideal if you want to get started or learn about our service. Or, you can book a one-hour consultation for 300 Euros, currently, normally 500, with an expert, if you want to dive deeper.