Opening a bank account in Singapore
A bank account in Singapore may be opened as soon as a company has been officially incorporated.
The process is as follows:
- Eltoma receives your questionnaire with details required for the bank account opening process.
- Once we receive your payment, the process will begin immediately.
- Eltoma submits your initial applications to the relevant banks and wait for an invitation to arrange a meeting with the signatory. We coordinate a meeting time based on your availability.
- Eltoma conducts a briefing with you for the bank meeting to review any potential questions which may be asked of you by the bank.
- We organise and accompany you to the meeting with the bank, where all documentation is signed and all matters are discussed.
- Within three weeks, the bank will make a final decision on the approval of the account. Once approved, all funds may be transferred immediately.
Dependant upon the time of the documents' submission, the entire process takes up to 3 weeks. Please be advised that Singapore banks may require additional documentation from both owners and signatorys.
SGD $1,560 (For each additional bank account opening application there is an additional charge of SGD $250).
SGD $2,600 (For each additional bank account opening application there is an additional charge of SGD $250).
Please note that the above is only a guide to the process of opening bank accounts.
Once we have established your requirements and provided options to meet your needs then the exact account features will be confirmed. Banks work in a highly competitive environment and periodically make adjustments in order to remain competitive. Eltoma can help you choose the best bank and best bank account in order to fulfill your requirements.
Important 2016 reporting deadlines for BVI Financial Institutions
Officials from the British Virgin Islands have come together to clarify various filing deadlines as per the automatic exchange of information systems in a press release.
Thinking of relocating your business to Singapore? Let us help you!
Singapore has quickly become one of the world's most prosperous countries with strong international trading links and per capita GDP equal to that of the leading nations in Western Europe, making it an ideal destination and potential location for Business Owners to relocate and start a new business and lifestyle.
How to register a branch in Cyprus
Overseas companies may register a branch in Cyprus, according to the Companies Law, Chapter 113, regulated by section 347. A branch will not essentially consider as being a new legal entity in Cyprus.
How to incorporate a company in Cyprus with the required documentation
Cyprus is the perfect location for incorporating an offshore or private company due to its simple incorporation procedures and agreeable tax structure. Below are the steps to company formation, the registration procedure, and all documentation required for incorporation:
To Brexit or not to Brexit?
To Brexit or not to Brexit - this has been the question of the year for Britain and with the referendum taking place imminently, just two options remain: leave the EU or stay in. Why has this been such a difficult decision to decide upon?
Selecting a Management Information System
A management information system or MIS is used to assist in the analyses and formulation of business strategy, as well as facilitating operational objectives. Selection of an MIS can help increase understanding and control in an organisation and can be scaled to suit the complexity of most modern businesses. If the right MIS is selected and it is implemented correctly it can provide a competitive advantage for the organisations utilising it.
Windows 10 update: having issues with the installation?
By now you have probably about Windows 10, the latest operating system developed by Microsoft.
Accounting support for a Cyprus company located in Russia
When expanding your business overseas, not only do you have to comply with International Financial Reporting Standards (IFRS) and accounting standards, thought must also be given to the specific jurisdictions own rules and regulations.