Many surveys and reports have mentioned Singapore as the financial hub of Asia. With changes in policies and incredible inflow of foreign investment, Singapore has made a mark in the competitive global market. If you are planning a new business offshore, this country can be your perfect choice for all the right reasons. Singapore offers the right blend of opportunities and services for medium and small scale businesses and startups, which has helped in expanding most sectors. The banking sector is highly efficient and cooperative for startups, and opening a corporate account in any of 125 banks is a rather simple process. In this post, we will talk about the steps involved in opening a corporate account in Singapore.
There are varied types of businesses in Singapore, not limited to limited liability companies, sole proprietorship firms, and partnership companies. If you are an offshore investor, you have two options for setting up a business here. The first obvious choice is to open a subsidiary company, which will be incorporated and registered in Singapore, and your parent firm will be listed as one of the shareholders. For smaller businesses, this is probably the best idea, because the owners and shareholders can have complete control on the operations. The second option is to open a branch in Singapore. The branch will be a part of the parent company, and therefore, all the debts, loans and liabilities will extend to the parent company, as well.
Opening a bank account
As long as the paperwork is sufficient and satisfactory, you can get a corporate account in no time. The majority directors of the company must be present to sign the papers, but some of the banks may accept papers that are submitted in other convenient branches offshore. If you are in another country and want to open a business bank account here, you can get that done by being present. Some banks may not require your personal visit. There are different rules and regulations for companies that are established in countries like US and UK and those that are incorporated in “Tax Haven Countries”. Some banks do accept business account applications online, as well.
If you need help with registering company Singapore, contact us at VentureHaven, and we can offer our consultancy services for your needs. We also help startups and entrepreneurs with their bank account requirements, by assisting with the paperwork, company secretary, and bookkeeping services, Check our website for more details.