Opening the Bank Account
There isn’t a need to fly down to Singapore for bank account opening if you are unable to be away from your business oversea.
For foreign incorporated companies, the following documents are required:
- Certificate of Incorporation
- Certificate of Incumbency
- Memorandum & Articles of Association
- When drilling down to the ultimate beneficial owner if shareholders are corporate entities, documentary proof includes:
- Company Incorporated in Tax Haven Countries: Certificate of Incumbency (must be less than 1 year old)
- Company Incorporated in other jurisdictions (e.g. USA/UK/Indonesia): Official document from Government / Registrar of Companies
- Unless the signatories have signed in the presence of our bank staff, all signatures have to be verified by: a) An external authorised signatory of our overseas branch or correspondent bank, or b) A Notary Public, or c) High Commissioner of Singapore
- All documents submitted must be in English. It is the duty of company to ensure that all non-English documents are translated into English language by an official translator, and certified correct by the directors of the company (by signing on every page of such documents).
- All original documents required should be physically produced for the Bank’s inspection. If unavailable, such documents could be certified true copies by a Company Director or Company Secretary or Notary Public or Chartered Accountant or Lawyer (in jurisdiction of a Financial Action Task Force Country (FATF) or EU members’ countries). The party certifying the Identity Card or Passport cannot be the Identity Card or Passport holder himself or herself.
- Customer is to produce original passport of Authorised Signers, Directors and Ultimate Beneficial Owners to bank staff for verification. If not, it must be certified as True Copy by a Company Director or Company Secretary or Notary Public or High Commissioner of Singapore or Chartered Accountant or Lawyer (in jurisdiction of FATF countries or EU members’ countries). The party certifying the Identity Card or Passport cannot be the Identity Card or Passport holder himself or herself.
BVI Bank Account Opening
We usually recommend OCBC or DBS for BVI Bank Account opening , it will take them 3 working days to 14 days due to due diligence.
Enquires with following banks and the outcome are:-
- HSBC: Required a physical office address and also company have to be incorporated 3 years or more and a SGD 3,000 administrative fees.
- Citibank: Do not open corporate bank account for newly setup BVI company.
- UOB: Required the director to pay a fee of 600 – 800 USD (non-refundable if company is being rejected) and to do a searcher as company is not incorporated in Singapore. The period can take up to 2 months time depending on how fast they can get the response from the British Virgin Islands side. Upon approval, the banker will then arrange for an interview with the director to sign the bank specimens.
- Standard Chartered: Need to wait for a RM (Relationship Manager) to get back to us for opening a corporate bank account
- Maybank: Do not open corporate account for British Virgin Islands (BVI).
- DBS: Personal Banker can meet you at your location in Singapore for account opening. However, there will be a SGD500 account opening fees when meet up with the banker but if you go down personally to the branch, you do not need to pay for the SGD 500. You need to deposit 50,000 balance (Currency SGD or USD depends on you) to maintain for the main operating account.
- OCBC: Personal Banker can meet you at your location in Singapore for account opening. However, there are conditions for the director that is to have a 30,000 (Currency SGD or USD depends on you) balance for initial deposit & some balance to maintain.
- ANZ: They are able to arrange for the account opening.