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 Switzerland, the Cook Islands, Puerto Rico, Mauritius and Belize.
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:
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.
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 recommendations 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.
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.
ATTRIBUTES & REQUIREMENTS
| Singapore | Switzerland | Mauritius | Puerto Rico | Belize | Cook Islands | |
|---|---|---|---|---|---|---|
| HLA Rating | ***** | ***** | *** | *** | ***** | **** |
| GENERAL INFORMATION | ||||||
| Must be present to open account | Yes | No | No | No | No | No |
| Account Type | Business or Personal | Business | Business or Personal | Business | Business | |
| Debit Card | Yes | Yes | For ATM only | Yes | No | |
| Languages | English | English, French, Dutch, Spanish, Italian | English | English | English | English |
| Allow U.S. Citizens & Resident* as beneficial owners | Yes (Business accounts only) | No | No | No | No | Yes |
| Allow Russian citizens & residents as beneficial owners | Case by Case | Yes | No | No | No | Yes |
| Accept tax haven Jurisdiction | Yes | No | Yes | Yes | Yes | Yes |
| SERVICES | ||||||
| International banking available | Yes | Yes | Yes | Yes | Yes | Yes |
| Minimum Deposit | USD 30,000 to 100,000 | USD 10,000 | USD 1,000 | USD 5,000 | USD 1,000 | USD 20,000 |
| Business Banking | Yes | Yes | Yes | Yes | Yes | Yes |
| DOCUMENTATION REQUIRED | ||||||
| Company Documents | Yes | Yes | Yes | Yes | Yes | Yes |
| Apostille | No | No | No | No | No | No |
| Notarised Passport Copy | Yes | Yes | Yes | Yes | Yes | Yes |
| Driver's License in lieu of passport | No | No | No | No | No | No |
| Bank Reference | Yes | Yes | Yes | Yes | Yes | Yes |
| One page business profile | Yes | Yes | Yes | Yes | Yes | Yes |
| Proof of Address | Yes | Yes | Yes | Yes | Yes | Yes |
| CHARGES (IN U.S. DOLLARS) | ||||||
| SET UP BUSINESS ACCOUNT | $800 | $800 | $800 | $800 | $800 | $800 |
| Set up personal account | $500 | $500 | $500 | $500 | $500 | $500 |
| * United States citizens and residents are required to report any accounts to which they are signatories to the U.S. IRS and U.S. Treasury | ||||||
Need some advice on where to start? Contact our experts today!
Denounce with righteous indignation and dislike men who are beguiled and demoralized by the charms pleasure moment so blinded desire that they cannot foresee the pain and trouble.
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