Purpose of an Offshore Bank Account

After successfully registering an offshore company, setting up a separate bank account is essential. This account facilitates the management of collection, payment, and bonus repatriation in cross-border business transactions, ensuring smooth financial operations for the company.

Preparation Materials

• Business Registration: Provide official documentation verifying the company's legal registration. This includes the Certificate of Incorporation and business profile from the Accounting and Corporate Regulatory Authority (ACRA).

• Company Policy: Submit internal documents detailing the company's operational policies and governance structure. These documents outline the company's standard procedures and compliance measures.

• Director and Account Identification Documents: Present certified copies of identification documents, such as passports or NRICs, for all directors and authorized signatories involved in the account.

• Company Seal (Signature Seal): Include the official company stamp or seal, which is used to authenticate documents and verify the company's identity.

• Additional Documents: Depending on specific circumstances and bank requirements, additional documentation may be requested. This could include financial statements, business plans, or proof of address for directors and signatories.

Steps to Opening an Offshore Bank Account

Most offshore banks require company directors and authorized signatories to be present in person to open a corporate bank account. However, some banks allow the opening of certain types of corporate accounts online. To open an offshore bank account, follow these essential steps:

1. Choose the Right Bank

2. Prepare Required Documents

3. Document Verification

4. Open the Bank Account

Frequently Asked Questions

1. Who is Authorized to Open an Offshore Bank Account?

   Incumbent directors and authorized signatories are eligible to open an offshore company bank account. Authorized signatories, appointed to operate the account, must be listed in the company's board resolution as per the company's articles of association. If the account signatory or company director is a mainland Chinese citizen, they must hold a Chinese passport to open the account.

2. What if the Company Director Cannot Go to the Bank in Person to Handle the Account Opening Procedures?

   If a company director cannot personally visit the bank to handle account opening procedures, it is possible to open an account through a remote signing channel. However, this process is more complex and may involve additional steps and documentation.

3. How Long Does it Take to Open an Offshore Bank Account?

   The process of opening an offshore bank account typically takes up to 15 business days. The exact duration depends largely on how long the bank takes to verify your application and complete the necessary due diligence.

Choosing Move2SG

Move2SG provides comprehensive support throughout the process of opening an offshore bank account. Our services include:

• Assisting in the preparation and submission of all required documents.

• Ensuring compliance with all legal and regulatory requirements.

• Offering expert guidance to ensure a smooth and efficient account opening process.

For personalized support and expert advice, please contact us.