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Open corporate bank account

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Michelle Lai
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Open corporate bank account

Post by Michelle Lai » Sat, 23 Jun 2012 2:19 pm

Dear all,

Did anyone try to open bank account for Pte ltd company with 3 corporate shareholder ?

I approached DBS and OCBC and they asking the whole structure of the 3 corporate shareholder till" great grand father" stage . The problem is all the 3 entity is foreign company and is hard for them to disclose all the information .

Any alternative way or recomendation other than transfer all the share to individual first .

Thanks

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Strong Eagle
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Post by Strong Eagle » Sun, 24 Jun 2012 1:22 pm

You need to have at least one Singapore resident director. This person creates the directors resolutions for, amongst other things, opening a bank account. Shareholders do not open bank accounts, directors authorize themselves or others in the company to open an bank account.

Michelle Lai
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Post by Michelle Lai » Sun, 24 Jun 2012 2:57 pm

Strong Eagle wrote:You need to have at least one Singapore resident director. This person creates the directors resolutions for, amongst other things, opening a bank account. Shareholders do not open bank accounts, directors authorize themselves or others in the company to open an bank account.
thanks for reply SE,

Yes we fully aware of this .We prepare the resolution in fact the director had present in physically however been told that all foreign shareholder need to be disclose .

Any idea which bank doesnot require this .

Thanks

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Strong Eagle
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Post by Strong Eagle » Sun, 24 Jun 2012 5:45 pm

Michelle Lai wrote:
Strong Eagle wrote:You need to have at least one Singapore resident director. This person creates the directors resolutions for, amongst other things, opening a bank account. Shareholders do not open bank accounts, directors authorize themselves or others in the company to open an bank account.
thanks for reply SE,

Yes we fully aware of this .We prepare the resolution in fact the director had present in physically however been told that all foreign shareholder need to be disclose .

Any idea which bank doesnot require this .

Thanks
All shareholders, by law, must be on record with the ACRA, and obtainable via a BizFile enquiry. As a private person, I should be able to look up your company and know who the shareholders are.

Division 4 — Register of members
Register and index of members
190.—(1) Every company shall keep a register of its members and enter therein —
(a)
the names and addresses of the members, and in the case of a company having a share capital a statement of the shares held by each member, distinguishing each share by its number, if any, or by the number, if any, of the certificate evidencing the member’s holding and of the amount paid or agreed to be considered as paid on the shares of each member;
(b)
the date at which the name of each person was entered in the register as a member;
(c)
the date at which any person who ceased to be a member during the previous 7 years so ceased to be a member; and
(d)
in the case of a company having a share capital, the date of every allotment of shares to members and the number of shares comprised in each allotment.
(2) Notwithstanding anything in subsection (1), where the company has converted any of its shares into stock and given notice of the conversion to the Registrar, the company shall alter the register to show the amount of stock or number of stock units held by each member instead of the number of shares and the particulars relating to shares specified in subsection (1)(a).


http://statutes.agc.gov.sg/aol/search/d ... #pr190-he-.

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Post by Michelle Lai » Wed, 27 Jun 2012 10:55 am

Strong Eagle wrote:
Michelle Lai wrote:
Strong Eagle wrote:You need to have at least one Singapore resident director. This person creates the directors resolutions for, amongst other things, opening a bank account. Shareholders do not open bank accounts, directors authorize themselves or others in the company to open an bank account.
thanks for reply SE,

Yes we fully aware of this .We prepare the resolution in fact the director had present in physically however been told that all foreign shareholder need to be disclose .

Any idea which bank doesnot require this .

Thanks
All shareholders, by law, must be on record with the ACRA, and obtainable via a BizFile enquiry. As a private person, I should be able to look up your company and know who the shareholders are.

Division 4 — Register of members
Register and index of members
190.—(1) Every company shall keep a register of its members and enter therein —
(a)
the names and addresses of the members, and in the case of a company having a share capital a statement of the shares held by each member, distinguishing each share by its number, if any, or by the number, if any, of the certificate evidencing the member’s holding and of the amount paid or agreed to be considered as paid on the shares of each member;
(b)
the date at which the name of each person was entered in the register as a member;
(c)
the date at which any person who ceased to be a member during the previous 7 years so ceased to be a member; and
(d)
in the case of a company having a share capital, the date of every allotment of shares to members and the number of shares comprised in each allotment.
(2) Notwithstanding anything in subsection (1), where the company has converted any of its shares into stock and given notice of the conversion to the Registrar, the company shall alter the register to show the amount of stock or number of stock units held by each member instead of the number of shares and the particulars relating to shares specified in subsection (1)(a).


http://statutes.agc.gov.sg/aol/search/d ... #pr190-he-.

Thanks SE,

For your information, my case is a newly set up company with 3 FOREIGN Corporate Shareholder .And the bank request the whole structure of the foreign entity ( which I believe we unable to retriew from any Singapore Authority )

Is this common practice ? Or any idea any bank doesnot request this ?

Thanks

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Post by Strong Eagle » Wed, 27 Jun 2012 11:15 am

Again, foreign companies setting up a company in Singapore are required to submit articles of incorporation, list of directors, managers, etc. See

http://statutes.agc.gov.sg/aol/search/d ... #pr365-he-.

Documents, etc., to be lodged by foreign companies having place of business in Singapore
368.—(1) Every foreign company shall, before it establishes a place of business or commences to carry on business in Singapore, lodge with the Registrar for registration —
(a)
a certified copy of the certificate of its incorporation or registration in its place of incorporation or origin or a document of similar effect;
(b)
a certified copy of its charter, statute or memorandum and articles or other instrument constituting or defining its constitution;
(c)
a list of its directors containing similar particulars with respect to its directors as are by this Act required to be contained in the register of the directors, managers and secretaries of a company incorporated under this Act;
(d)
where the list includes directors resident in Singapore who are members of the local board of directors, a memorandum duly executed by or on behalf of the foreign company stating the powers of the local directors;
(e)
a memorandum of appointment or power of attorney under the seal of the foreign company or executed on its behalf in such manner as to be binding on the company and, in either case, verified in the prescribed manner, stating the names and addresses of 2 or more natural persons resident in Singapore authorised to accept on its behalf service of process and any notices required to be served on the company; and
(f)
notice of the situation of its registered office in Singapore and, unless the office is open and accessible to the public during ordinary business hours on each business day, the days and hours during which it is open and accessible to the public,
(g)
[Deleted by Act 12 of 2002]


It's really quite simple. The banks don't want to find out the hard way that the companies opening the bank account aren't simply a front for laundering drug money or other illegal activities. I know of no bank that will not want to know about the foreign companies for the above reason... to ensure that there is no illegality.

pinderpinder
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Thank you

Post by pinderpinder » Wed, 27 Jun 2012 11:02 pm

very informative,but can u say how we can make that account open from Bahamas in Singapor
The seller services offered by Island Living Real Estate will help you get the most from your real estate investment in the shortest amount of time possible.

pinderpinder
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Thank you

Post by pinderpinder » Wed, 27 Jun 2012 11:04 pm

very informative,but can u say how we can make that account open from Bahamas in Singapor
The seller services offered by Island Living Real Estate will help you get the most from your real estate investment in the shortest amount of time possible.

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