Open a bank account in Singapore during covid-19
If you’ve managed to incorporate the company in Asia during the current covid-19 pandemic, Congratulations, and congratulations on a job well accomplished!
The next issue is opening an account with a bank. This is a crucial step because it will facilitate your business’s operations as well as all of your transactions (including paying your employees and vendors).
In normal times there are many possibilities for any company in opening a bank account for corporate clients. The majority of banks will be glad to assist if you can pass the due diligence procedure of the bank which is also called the KYC.
This involves appearing at the counters of banks to confirm your real identity as a human being, and providing all necessary authentic, or certified true copies of all documents required from the institution.
However, this post will assist you in understanding the aspect to open a bank account in Singapore during covid-19, so without any further ado let’s get started.
Things to Consider when to open a bank account in Singapore during covid-19
In the current pandemic environment, However, it’s not always an easy feat and may be impossible for some to complete particularly if you’re not from the area or in the area of your choice.
It’s been a while since Covid-19 began to take over the globe with its sway and causes a global slowdown, especially for multinational companies.
Some areas are frequently believed to have unfriendly banks for new businesses or small-sized enterprises could leave individuals with no choice but to sign up for an account on the internet or even remotely.
The coronavirus outbreak changed the circumstances. A majority of businesses were not able to make a payment for a trip abroad during the quarantine time frame to open a business banking account, which caused delays in their business plans.
The potential for hidden opportunities as previously mentioned is available for you to consider. Remotely opening bank accounts has become the norm since banks have trusted some of their introducers who have been with them for a long time with this ability.
As one of the banks’ most vital associates, Odint Consultancy is proud of being able to assist customers with opening accounts online at the top banks, that offer top-quality features like 24-hour Internet banking, debit card Cheque, and Digital token online telegraphic transfer, and Online Payroll, among others.
Despite the challenging period, we’ve been helping our clients get their business accounts successfully opened in just two weeks without any expense for travel. The process of opening the account is accomplished online using email and conference calls with our help throughout the procedure.
It is worthwhile to inform you that the main ingredient in the speedy and successful opening in the majority of my cases is a well-thought-out business plan alongside reliable documents.
After all the answers to ” Open a bank account in Singapore during Covid-19, is it possible?” Absolutely! You must avail the opportunity. The chance is to establish your bank account remotely to protect your business against the issues that are caused by the disease and to develop it after the Covid-19 timeframe!
Required Documentation And Proof Of Registration
Down below we have mentioned the required documentation related to opening a bank account in Singapore during covid-19, so let’s see what are they.
ID proof
The proof of your nationality could be a passport or a notarized or certified duplicate from your passport. This document is required because the majority of banks are at risk of being influenced by certain nations, specifically those of nations that are sanctioned or a person with a track record of being involved in risky transactions.
In recent times, banks are taking extra steps to confirm the identity documents by holding an online video call with the person. Even if the copy provided is verified as authentic banks would like to see the original document as well as the person’s picture in addition to the identification proof.
The procedure is believed to replace the traditional meeting in-person process used by the majority of banks. For security reasons However some banks have yet to implement the use of this method of communication for their onboarding procedure. Therefore, in-person verification is necessary.
Evidence of residence address
For every shareholder of the company and ultimate beneficial owners and directors, they’ll be required to submit a form of document that reveals the country of residence of each.
This document could be a national ID or a country’s identification card and the most recent tax return filing as well as invoices from utility companies or telco companies that are typically less than 3 years from the date of the application.
At the present, some banks require this form of documentation to be subject to the same verification process according to corporate documents. As a result, there is an additional cost to the person applying to obtain these CTC and notarized.
Conclusion
Based on the risk level the banks put in place a variety of strategies to assist them to assess their risk and assist their customers the best they can. They will also get the account opened as quickly as they can.
The results and requests will differ among banks, however, the goal of this post is to highlight some of the latest changes to procedures and the requirements to open an account at a bank within the region.
Banks are responding to this situation in a different way. We have assisted clients with this issue frequently, If you like to open a bank account in Singapore during covid-19, we are Odint Consultancy here to help you out in each of the steps.
FAQ’s
DBS Bank LTD was honored as Best Bank in Singapore which is a testimony to the bank’s broad and strong brand despite economic turmoil. DBS is a major financial services company in Asia and has a presence in 18 countries.
HSBC is the largest banking institution located within Singapore as well as one of the oldest banks in Asia. HSBC is at the top of the banking industry in Singapore.
There are three kinds of banks: licensed banks, licensed banks with restricted licenses, and Deposit-taking businesses.