Offshore FAQs & Guides
Offshore FAQs & Guides
Frequently Asked Questions
In this section we’ve put together some of the most common questions asked by our customers. If you have a query that isn’t answered below, please don’t hesitate to contact us.
+ What is a Private Limited Company in Singapore?
+ What are the required documents for the incorporation?
company and where applicable, for each signatory on the bank and credit card accounts.
(a) In the case of an individual:
- A NOTARIZED copy of his/her passport or I.D. card bearing the owner’s photograph and signature.
- A NOTARIZED copy of his/her National I.D. card bearing the owner’s photograph and signature.
(b) In the case of a private company:
- A NOTARIZED true, complete and up-to-date copy of the incorporation documents of the company
- A NOTARIZED copy of the passport or I.D. card bearing the photograph and signature for each of the
main shareholders of the company
Make sure you submit the ORIGINAL notary certificate or seal required above.
2. Address Verification - a copy of a recent utility bill (gas, electric, water, cable), credit card statement, or tax bill. Must not be older than 3 months from the date of application.
3. References - provide the following references for each beneficial owner and director of the company and where applicable, for each signatory on the bank and credit card accounts. A banker’s reference from a bank with which he/she has had a banking relationship for not less than two (2) years, covering in general terms the person’s financial standing and integrity.
+ What is a director?
+ Who is not eligible to be a company director?
+ How many directors do I need to incorporate my company in Singapore?
+ Can I change the directors of my company in Singapore?
+ What is a company secretary?
+ When do I need a company secretary?
+ Can a sole director of the company act as the company secretary too?
+ What is a tax haven?
+ What is an IBC Company?
+ Do I need to go to your physical office to open my offshore company?
No. You are welcome to meet us in our office, but that does not mean that you will have to travel there to open your offshore company. Everything can be finalised by correspondence.
+ What is Offshore Banking?
+ What is an Offshore Bank Account?
+ Can individuals get an offshore bank account?
+ Do I have to visit the bank in order to open the account?
The majority of banks that we work with will allow for accounts to be opened remotely. There are some banks that have a requirement for a personal visitation, but we will advise you accordingly from the beginning of the account opening process, before we submit any applications.
There are some banks that may require a skype or video conference call/interview instead.
+ Can you guarantee the account opening?
Unfortunately we cannot guarantee the account opening. This is simply because this decision depends solely on the banks discretion.
Banks have their own internal procedures, risk management checks and KYC requirements that we are not involved in. Thus, ultimately the final decision will come from them. When applying for a bank account we assist our clients in all steps of the application process, from initial communication with the bank to get an initial review of the case, to the filing of applications and submission of all necessary documents in a timely matter.
However, it is important to note that the bank reserves the right to reject an application if they deem that you cannot satisfy their requirements.
+ What documents must be submitted to open an account?
To begin with the application, we usually request our clients to provide us with copies of the company’s corporate documents, a notarized copy of the passport of the Ultimate Beneficial Owner (UBO), a recent utility bill as a proof of address, a bank reference letter, and a CV/Resume.
In addition, we ask our clients to fill in a questionnaire answering questions such as: What currencies do you require, the company’s activities and operations in detail, the countries in/with which the company’s activities take place, the source of incoming funds, estimated annual outgoing payments and turnover, etc.
It is also important to note that account opening forms must be signed by the client and submitted in originals.
+ What is Notarization & Apostille?
An apostille is a form of authentication for your company documents, carried out by the government of the jurisdiction where your company has been incorporated and internationally recognized.
+ Can my bank account be in more than one currency?
+ Is there a minimum balance required for an offshore bank account?
+ Can I receive and send wire transfers with an offshore bank account?
+ What is Striking-Off?
A company may apply to ACRA to strike its name off the Register pursuant to Section 344 of the Companies Act . ACRA may approve the application if there is reasonable cause to believe that the company is not carrying on business, and that the company is able to satisfy the criteria for striking off.
+ What is a Nominee Director?
The nominee director service may be used where a client doesn’t wish to be personally appointed or has to meet local requirements. The name of the director will appear in the corporate documents, in any business contract and sometimes in the jurisdiction's business register.
Upon appointment of a nominee director, a Nominee Service Agreement will be signed between the client and the nominee. It will guarantee the client that the nominee can only act or sign documents upon the client's request and with the client's prior approval. Professional directors introduced by Ken OBC work with the highest level of integrity and confidentiality.