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Our company offers introduction services for opening corporate bank accounts with OCBC bank in Singapore.

About the Bank

This bank is the largest financial institution in the combined Singapore-Malaysia market in terms of assets. Currently the bank has over SGD180 billion (USD125 billion) in assets.

The bank was established in 1912. It has a network of more than 480 branches and representative offices in 15 countries and territories including Singapore, Malaysia, Indonesia, Thailand, Vietnam, China, Hong Kong, Taiwan, Brunei, Myanmar, Japan, Korea, Australia, UK and USA.

Banking Secrecy and Tax Treaties

Government of Singapore cannot gather information on foreigners' bank accounts, bank-deposit interest and investment gains under domestic tax law. Therefore, the government is not able to provide any bank information to overseas authorities. Moreover, Singapore doesn't tax capital-gains and bank account interest.

Bank secrecy is a matter of national interest for Singapore, as one of the largest offshore financial centres. Anyone who expects to get information about a foreigner with a bank account here will be disappointed. Singapore stands set to defend bank secrecy now and in the future.

This policy attracts investors from around the world. Financial institutions in Singapore manage at least USD300 billion of foreign investments. According to estimations of wealth managers and private bankers this amount is expected to double in the next five years.

Singapore has 60 double tax treaties. There is no signed treaty with US. Those treaties does not include provisions, which require Singaporean authorities to collect and exchange information on foreign investors.

Required Corporate Documents

Our company prepares all required corporate documents in accordance with the bank requirements.

Required Personal Documents

The bank requires the following personal documents from each Beneficial Owner, Director and Signatory:

• A certified copy of the valid passport (pages containing photo, signature and personal details)

• Proof of residential address (original utility bill, bank statement or credit card statement with individual’s name and residential address)

• Brief resume, which includes information about background of the individual, such as education and areas of expertise gained through business or employment.

Passport copies and signatures of the account signatories must be certified by a bank officer.

Personal Visit

All account signatories are required to visit the bank or any of its international branches in person. They must bring corporate and personal documents. A bank officer certifies passport copies and signatures of the account signatories.

The bank may request account signatories to visit its head office in Singapore for an additional interview. However, in most cases visit of Singapore is not required.

currencies

The bank opens accounts in the following currencies: SGD, USD, EUR, GPB, CAD, AUD, HKD, JPY, CHF and NZD.

Initial Deposit

Initial deposit is required.

SGD account - S$5,000

Foreign currency accounts: US$500 for USD account; EUR500 for EUR account; GBP500 for GBP account, and so on.

Minimum Balance

No minimum balance is required. As soon as you paid the initial deposit upon opening your account, the bank does not require to keep it in your account.

Online Banking

The bank offers advanced online banking including:

• Access to account balances and account transactions

• Transfer money between accounts in the same bank

• International wire transfer payments.

Clients have access to their accounts 24/7.

Debit and Credit Cards

The bank offers Corporate ATM Debit Card.

Debit cards are issued to clients, who visit the bank in person and create secret PIN numbers for their cards. Such procedure enhances protection of clients bank accounts.

If a client is not able to visit the bank, he always may draw cheque and send wire transfers from his Singaporean bank account to any third parties including his own account with another bank. Therefore, the client is always able to withdraw funds from his account.

The corporate debit card provides the following benefits:

• 24/7 cash withdraw from ATMs with the sign PLUS in any country of the world

• No credit history is required

• No security deposit is required

• The card is free of charge.

The bank plans to offer Visa debit cards attached to corporate bank accounts in the nearest future.

Credit cards are not available for offshore companies.

Time Required

The bank usually opens a corporate account in 1 to 2 business days after receiving completed application forms, corporate and personal documents and verification of clients personal documents and business information.

Currencies

The bank opens accounts in USD, EUR, GBP and CAD.

Bank Fees

Bank Account Fees:

• Maintenance fee: FREE if monthly average balance is not less than USD500; otherwise - SGD15.

• International wire transfer fee

  • Inward payments: SGD10;

  • Outward payments: USD38.

• Cheque book: free of charge

• Internet banking: free of charge

• Bank's fee for opening an account: free of charge.

Debit Card Fees:

• Issue fee: free of charge

• Annual fee: free of charge

• Cash withdrawal: 3 % of the amount withdrawn (min SGD5, max SGD20).

Feedback of Our Clients

Our company introduces its clients to the bank and constantly monitors clients experience with the bank's services.

The bank's new client acceptance rate is around 95%. About 5% of applications are declined due to inability clients to provide required personal documents or verify their signatures.

Our clients, who use this bank have extremely high level of satisfaction with the bank's services.