Asiabizservices Provides Corporate Bank Account Opening For Local or Offshore Companies
A company that helps foreign individual, entrepreneur or a business professional who wants to setup a Singapore company as an individual.
by Ruth Baker Thursday, December 16, 2010
Should investors employ the professional services of Asiabizservices, they would save time as the company composes of professionals trained for spearheading procedures without affecting accuracy. After incorporation, investors must open corporate bank accounts in Singapore.
“Asiabiz shall arrange a schedule for the bank officer to meet the investors personally at our office so investors can sign the necessary documents without going to the bank,” says Asiabiz services’ business consultant, Chi Han, adding that in Singapore, most banks require the physical presence of authorized signatories and company officers before they can open a corporate bank account.
“Nevertheless, there are a few banks that honor exceptions, provided that the essential signatures are witnessed by a notary public overseas,” Chi Han continues.
Singapore is a major investment hub. Naturally, it is a home to major banks in the world. It also has its own commercial banks that compete globally. Each of these banks has different set of standards and requirements in opening banks accounts, and facilities to enable various banking processes.
In opening a company bank account, the amount varies according to the bank.
“In OCBC, its first 6 months requirement is S$500 and it becomes S$10,000 in succeeding months,” Chi Han continues further.
Clients wishing to open a corporate bank account with Standard Chartered, UOB, and DBS should prepare S$10,000.
International banks such as HSBC and Citibank have higher minimum balance requirements which range between S$25,000 and S$50,000. In case a company does not meet the minimum balance, the bank shall charge them with a fine between S$15 and S$50.
To open a business bank account, certain documents are necessary. These include the source of funds, anticipated annual turnover, size of transaction, bank reference letter, proof of beneficial ownership, business activities and customers, and detailed background of beneficiaries.
“There are banks that request companies to present their Certificate of Incumbency and Certificate of Good Standing for their offshore company,” Chi Han says in conclusion.
The approval for offshore accounts varies. However, due to the sound relationship maintained between Asiabiz and most international and local banks in Singapore, the process can be set up easily and more quickly.
About the Publisher:
Asiabizservices offers one-stop business solutions to companies, particularly, those that are managed and owned by foreign investors. Since its inception, Asiabizservices has successfully helped foreign entrepreneurs form a Singapore company. Among its specializations are Singapore company setup, corporate services, accounting services, nominee services, company registration, whether as a sole proprietorship, private limited, limited liability partnership; offshore company formation, incorporation of foreign companies either as a branch or subsidiary office, accounting services including payroll preparation and more.
Asiabizservices is the leading provider of Singapore Company Incorporation services and has successfully helped thousands of both local and foreign entrepreneurs Incorporate a Singapore Company. It also provides chartered secretarial services.
Our phones are answered during business hours by specialists and not by an answering machine. We appreciate the value of your time and understand that a person cannot be replaced by technology. This is especially true when it comes to making important business decisions.
For more information visit:
AsiaBizServices PTE LTD
address: 120 Telok Ayer Street Singapore 068589
Singapore Company Formation Service, We provide company registration,incorporation, immigration, accounting and taxation services to entrepreneurs and businesses worldwide.
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