Bank Introduction Services


 

Almost without exception, companies require bank accounts if they are to do business. So naturally, the vast majority of those who incorporate a company – be it onshore or offshore will need to open a bank account for their company sooner or later.

 

We have professional business relationships with and can provide introductions to several banks in Singapore.  We also provide introductions to banks in Hong Kong, Switzerland, Austria, Latvia, Mauritius, Belize, British Virgin Islands and Saint Vincent & the Grenadines.

 

All offshore banks are regulated in some form or another within their respective jurisdiction and the regulations are usually less restrictive and more protective of depositors’ rights than US law. Less restrictive regulations abroad allow foreign banks more freedom in locating the best investments worldwide, allowing them to pass on and share their profits with their customers.

 

Furthermore, banking offshore may have tax benefits by:

 

  1. Reducing your exposure to taxes for interest on profits earned outside your home country
  2. Protection of your assets
  3. Estate planning
  4. Confidentiality
  5. The chance to take advantage of doing business overseas from a zero tax jurisdiction.

 

Utilising our bank introduction service greatly enhances your possibility of being able to open an account as we will ensure that you have all the proper documents and have been fully briefed.

 

Banks Must Be Very Careful

The threat of terrorism and money laundering have caused international monetary authorities to more intensely scrutinise the relationship between banks and their clients. These acts have spread fear and mistrust in banks worldwide which makes acceptance of your company as a client no longer a guaranteed option. This makes arranging your company's banking today no longer a simple task as banks now put in place &ldquoRecommendations to Combat Money Laundering”, internal “know your customer” guidelines, due diligence procedures, “suspicious activity indicators” and even technology that attempts to detect “unusual” account activity.  

 

What used to be legal and straightforward is now full of obstacles. Banking, specifically offshore banking remains legal but is no longer straightforward - we have to remember that the stringent requirements are here to stay -- so learn to live with them and we can help.

 

Our bank introduction service ensures that your bank account opening paperwork is in strict compliance with the bank’s Know Your Client' (KYC)

requirements and required company (eg: Certificate of Incorporation, Incumbency, Bank Resolution etc) and personal supporting (eg: banker’s references, business profile) documents are in perfect order, conforming to standards used by the major legal firms.


Important Note!

Offshore banking (that is, banking outside your home country) has typically been associated with private banks requiring deposits of five million dollars and up. Your other option is to work with banks of uncertain reliability in jurisdictions of uncertain stability. Neither has to be the case.

 

Singapore has some of the safest banks in the world as attested to by Global Finance Magazine. Of the approximately thirty thousand bank companies in the world, these are in the top fifty. These banks have a stellar reputation in part because they insist on proper screening of applicants for accounts.

 

Our close working relationship with these banks puts you in a position to be able to open an account meeting their compliance requirements with minimal hassle. We work with you to ensure that you are in a position to be approved, just as 99% of of our applicants are.

 

In addition, we work with banks in a number of other jurisdictions so that we can find the one that most closely fits your needs.

 


If you are a lawyer, accountant , tax advisor or financial consultant and require services for your clients, please contact us for further options.

 

Copyright 2005 - 2015 by Hilda Loe Associates Pte. Ltd. All Rights reserved.

 

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