Bank accounts in Singapore

Singapore is among the leading jurisdictions for opening bank accounts in the Asian region. But the benefits of owning and using bank accounts in this country are open to businesses in this region and those that operate worldwide. To have a bank account in Singapore is to get additional bonuses for your business, emphasizing its reliability. The benefits of opening an account in this jurisdiction are not just limited to prestige.

Jurisdiction advantages

Opening an account in a Singaporian foreign bank has many advantages:

• stable and developed banking system;
• high level of safety of funds;
• simple and clear account opening procedure;
• availability of high-quality internet banking;
• high level of confidentiality of information and data of clients;
• minimal risks for the owners of bank accounts.

If you want to know more about the benefits of opening a bank account in Singapore in your specific case, provide details to Prifinance Lawyers.

Procedure for opening an account in a Singaporian foreign bank

Each bank in Singapore has its procedure for opening a bank account. Regardless of possible nuances, an essential list of data and documents will be required to open an account in a Singaporian foreign bank. Local banks open corporate accounts only for legal entities with resident directors.

Anyway, the applicant fills out a questionnaire specifying the purpose of opening an account and the nature of business activities and provides data on the funds’ origin to be placed on the future account. In addition, legal entities provide documents confirming the registration, active status, and the authority of the persons who will sign the settlement documents on the account. In addition, legal entities provide information on the company's founders, beneficiaries, and managers. If it is a corporate structure, applicants should also describe it in a manner that does not raise doubts about the logic and practicality of such a corporate structure. In this aspect, due consideration should also be given to confirming the legality of the business and the funds derived from it. In some cases, banks may also require letters of reference, for example, from banks where legal entities already have open accounts.

Individuals must also pay due attention to confirming the legality of funds. Individuals submit identity documents, proof of residence (a bank statement that guarantees payment of utilities or a utility bill), and letters of recommendation (for example, from the bank where the bank account has already been opened or from a lawyer or a notary).

Prifinance lawyers will consider each case individually and prepare a plan of action, considering the business case's peculiarities, the client's wishes, and the requirements of its priority banks.

How Prifinance lawyers can help

If you set your sights on opening a bank account in Singapore, the lawyers at Prifinance will be happy to take care of all preliminary and related matters, including:

• considering options for opening bank account (banks and types of accounts) depending on the nature of business and the planned operations on the account;
• collecting and preparing the required data and documents for opening a bank account;
• arranging travel of clients to Singapore for negotiations with bank officials;
• participating and/or providing legal advice in the process of negotiating the opening of a bank account;
• providing legal support and guidance during account transactions.

Prifinance legal support is not limited to the standard issues that usually arise when opening a bank account in Singapore. Provide input for individual advice and suggestions on the matter.

Open a bank account in Austria

Austria is a reliable jurisdiction in terms of doing business and making payments. Therefore, business people looking for options for the comfortable and safe closing of international transactions should pay attention to Austria, including opening a bank account. In addition to a reliable reputation, the country also offers many other benefits in this aspect.

Jurisdiction advantages

Opening a bank account in Austria has many benefits:

• a wide range of banking services and high standards of banking service;
• stable economy and banking system;
• developed Internet-banking;
• confidentiality of the account opening process and client data;

The Austrian banking system is one of the oldest and most developed European banking systems, with a long-standing rule that clients' interests are above all. This approach and the confidentiality of services also determine the high costs associated with opening and maintaining a bank account.

Procedure for opening an account in Austrian foreign banks

Opening a new account in an Austrian bank is quite simple and does not take much time, provided that the rules of the banking legislation and the rules of the selected bank. To open an account in Austrian foreign banks, legal entities should submit duly made copies and originals of the constituent and registration documents, identification data of managers, founders, and beneficiaries, and a detailed description of the legal entity's activities together with a business plan. In addition, bank officials pay special attention to the issue of confirming the legality of the origin of funds.

Individuals provide duly certified copies and originals of identification documents, documents confirming the residence address, and the legality of income received.

Additional data and documents may also be required at the discretion of the local bank officials. The main task in submitting and reviewing documents to open an account in Austrian foreign banks is to give the bank officials the impression of the applicant's trustworthiness. Prifinance lawyers will be happy to advise on the numerous nuances of the procedure as well as to accompany the process to achieve the expected result - from the beginning to the end.

How Prifinance lawyers can help

If you aim to open an account in Austrian banks, this task is feasible to perform, provided that you comply with the local legislation and the requirements of the selected banks. Prifinance lawyers are ready to apply many years of experience in the process of opening a new bank account in Austria, namely:

• consider options of banks that improve the chances of opening an account;
• prepare a list of information and documents required by Austrian banking institutions as well as local government authorities;
• conduct the necessary negotiations;
• provide comprehensive legal support to deal with subsequent issues before and after opening an account in Austria.

Provide input for personalized advice and suggestions.