Account Opening In A Bank

To meet the banking needs of their entrepreneurs, Hong Kong and Singapore have a number of prestigious banks and FinTechs.

Both cities use the Know-Your-Client (KYC) process to accurately filter the applications they receive, properly establish the source of income for the business, and what types of transactions they can expect from their accounts.

To open a bank account in Hong Kong Company or Singapore, you must submit a completed application form along with the following documents:

Hong Kong

• If leased, it must have a physical registered address in Hong Kong and a rental agreement in the name of the HK company.
• The HK ID card or work visa of the company's director
• Documents relating to the incorporation of the company and a certified true copy of the Business Registration Certificate
• Audited financial statements, business plans, contracts or agreements, and invoices are examples of supporting documents.
• 3 weeks for the entire process

Singapore

• Directors, shareholders, and ultimate beneficial owners must have a registered residential address.
• Certified or notarized copy of directors', shareholders', and company secretary's passports
• Documents relating to company incorporation, such as a certified true copy of the Certificate of Incorporation, the Company's Business Profile, and the Memorandum and Articles of Association.
• A short-term business plan, proposed activities, prospective customers and suppliers, and funding sources are among the supporting documents.
• 4 weeks for the entire process

Due to the time-consuming nature of traditional bank account openings, most entrepreneurs prefer Financial Technology accounts (FinTechs) as an alternative to making instant global transactions.