BVI Company + Singapore Bank Account
Company Registration Singapore for
Foreign Individuals or Foreign Companies
US$ 2200
Interested?What Is Included In This Package For BVI Company Registration + Singapore Bank Account
This Package covers all legal requirements to incorporate a BVI Company and get a Singapore Bank Account:BVI Company Registration
We will manage all the paperwork and aspects relating to the company registration with the BVI Company Registry. We have a network of BVI Company Registration agents through which we will organize the necessary steps.
Bank Account Assistance
Immediately after the incorporation, we will arrange your meeting with a leading Singapore based bank. In most cases the bank representative will visit our office. Your personal visit will be required for the bank account opening.
Appointment Of Agent
Our network partner in BVI will be appointed as an agent for carrying out the necessary tasks with the BVI Company Registry.
Obtaining All The Documents Of Registration
Once the company is registered with the BVI Company Registry, all the documents will be couriered to us in Singapore. These documents will be kept in safe custody in our office. The process of registration and couriering of documents takes approx. 2-3 weeks. You don’t have to visit BVI or Singapore in this phase.
Registered Address For Bank
Singapore banks will require a registered address for sending bank correspondence. We will provide our office address for the same.
Annual Renewal
We will keep a tab on important dates for your BVI company and advise you about the renewal.
Advisory
One hour free advisory on any matters relating to your BVI company and any related questions you may have.
Submit Your Inquiry For BVI Company Registration
Important Note
Right BVI Package
To be able to open a bank account in Singapore, the BVI company must get additional documents from the BVI Company Registry. Normally most of the cheapest packages offered in the market do not include these additional documents. Since we are well versed with the procedure, we will ask the BVI agent to provide all these documents by default.
Minimum Initial Bank Deposit
For a BVI company to open a bank account in Singapore, the initial deposit required is 30000 SGD. You don’t have to pay this in the first meeting with the banker. The amount can be transferred within a reasonable time after the bank account is opened.
Incorporation Procedure And Timeline For BVI Company Registration
Working with us is easy. Once you confirm you are engaging our services, Our team will start the work and help you at every possible step.
Broadly the steps involved are as follows:
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Submit KYC Documents For BVI Company Registration
Submit scanned copies of all the required documents like passport copies, proof of address, and Company registration form. Once received our team will go through this and confirm all ok.
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Appointment Of Agent
Once the documents are approved, we will proceed to appoint a registered agent for steps to be carried out with the BVI Company Registry. The agent will do the necessary steps for the incorporation.
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BVI Company Registration
The work for BVI company registration will then proceed. It takes 3-5 working days to complete all the process of registration.
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Receive All Documents In Singapore
Once the incorporation is completed, all the necessary documents will be couriered to us through DHL. Since the geographical distance is long, it takes up to 5 days for us to receive all the documents.
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Visit Singapore For Bank Account Opening
Once we confirm all the BVI Company Registry documents are received, you will be required to visit Singapore for a bank account opening. In this visit, we will arrange your meeting with the banker for the necessary procedures.
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Receive All Bank Documents
Bank documents, tokens, password slips etc will be sent to our office in Singapore. Once received we will forward all the documents to you in your home country.
Process Timeline
Document Submission
1-2 Weeks depending on your convenience
BVI Company Incorporation
Approx. 2-3 weeks, to incorporate and receive all the documents
Your Visit And Meeting With The Banker
1 week for the visit. You need to be in Singapore only for 2-3 days.
Required Documents For BVI Company Registration
The following supporting documents will be required from you when registering a BVI company. Please note Singapore banks typically do more KYC for opening an account for BVI company. Once you submit documents we will go through this and advise if any additional documents are required.Provide the following documents for each Director, Shareholder and Ultimate Beneficial Owner (UBO) of the proposed BVI company. You will need to carry original documents during your visit for verification by the bank:
Frequently Asked Questions For BVI Company Registration And Singapore Bank Account
Answers to some common questionsHow Long Does It Take For BVI Company Registration?
Once you have submitted all the required documents it takes approx. 2-3 weeks to incorporate a BVI company and receive all documents in Singapore.
Which Banks Typically Do You Work With?
We work with all major banks in Singapore. OCBC and DBS are the most common. We also work with Maybank, UOB, Citibank etc.
Do I Need To Visit BVI Or Singapore During Company Registration Stage?
No. you don’t need to visit BVI or Singapore during company registration stage. All the activities can be done online. However, for bank account opening the personal visit is a must.
How Do I Pay The Initial Deposit For The Bank Account?
An initial deposit need not be paid at the time of the bank account opening. Once the account is opened, the bank will send you the necessary instructions to transfer the funds online.
Do You Guarantee That The Bank Account Will Be Opened And Not Rejected?
Banks do KYC as per their guidelines and they are the decision-maker as to whether the account is approved or not. We will not have any control over that process. However, if in the initial evaluation, if we feel that the bank account for your BVI company is likely to be rejected, then we won’t take your case for BVI incorporation itself.
Know More About BVI Company Below
What Is A BVI Company?
The British Virgin Islands, or BVI is renowned in the world as one of the most trustworthy and professionally organized offshore finance centers.
Over a while, BVI has set the standards that are considered as a yardstick by other offshore centers to follow. We are one such firm that offers its offshore incorporation services through their professional network of agents in BVI.
We work in close coordination with private businesses as well as professional go-betweens like lawyers, accountants, tax consultants, and financial advisers operating globally. The experience that has been gained by us over the years allows us to provide the services in terms of knowledge and capability of local transactions concerning the global undertakings.
What Is Ibc In BVI Company?
Any business or company that operates in BVI is formally termed as and Internation Business Company or IBC. The IBC is the basic foundation or the cornerstone of the financial services sector that is operating globally. IBC BVI Company is considered a private corporation that is mandated with certain benefits like tax exemptions, flexibility in their endeavors with international business activities and a strict level of confidentiality.
The IBC is considered as an offshore service model since the implementation of International Business Companies Ordinance, 1984 of BVI. A testament to the fact is, not less than 600,000 registered incorporation in BVI. According to an estimate, over five thousand companies are registered monthly as BVI Company.
Why Choose BVI Company For Your International Business?
The selection of an offshore financial location is a critical decision that is required to be taken before establishing an international business company. There are specific reasons which make the British Virgin Islands has the top choice for your IBC. Below are a few key advantages that a BVI Company offers for your IBC:Dollar As Offical Currency
WBVI uses USD as standard and official currency. This eliminates any chance of currency control or artificial manipulation of the supply of money by the local authorities.
Political Stability
Political Stability Brought About By Being A British Overseas Territory.
Reliable Judicial System
The judicial system of BVI is independent and is based on the Common Law of England.
High Living Standards
BVI offers one of the best living standards in the world.
Complete Confidentiality
BVI does not enter into any financial aids agreements with other countries or organizations that may compromise its status full-confidentiality status.
Accessibility
BVI is easily accessible through all modes of conveyance: land, air, and sea. Also, BVI offers one of the best telecommunication facilities.
Critical Considerations For A BVI Company
Appointment Of The Agent
The agent of the company is required to be employed as per the law. The company’s agent, be it a director or a person in his place, can be designated by the business company’s directors to act in his place. The job description of the agent is mentioned in the company’s memorandum and the articles of association. The agent can have the level of authority which is specified by the directors. However, Agents are not allowed to amend the MAA, appoint other directors or agents, approve the plans of a merger, and to make solvency declaration or approving plans for liquidation.
Legal Personality Status
The International BVI Company operating has a status of Legal Personality and enjoys the authority and power mandated to an independent person.
Company Name Suffixes
A BVI Company / IBC is authorized to use the following name suffixes and abbreviation / acronym depending upon the type of the company:
The names of the company may also have a company number like XYZ Company Number 012345 Ltd. Foreign characters can also be used between the numerics and the suitable name suffix or abbreviation/acronym.
Types of Incorporations
The BVI Company can be incorporated as one of the following:
Selection of Name of the Company
The BVI Company is required to reserve a business name with the registrar for registration and operation purposes. While selecting the name, it should be kept in mind that the name should not be similar or identical to any other operating Company to avoid misunderstanding and misrepresentation. It is in the power of Registrar to reject any business name that is found against the rules or is objectionable/offensive in any way.
Use of Restricted Words / Phrase in Company Name
If a BVI Company wants to use the restricted word or phrase in its name, it must seek prior permission from the Financial Services Commission. The example of such terms are given below:
Other words can also be used if they are synonymous to the words mentioned above and also suggest the royalty of the following
Disclosure of Operational Objectives of the Company
A BVI Company has a choice to disclose their objectives of operations as per the laws of Memorandum and Articles of Association. However, any type of restricted purpose company must disclose its objectives of operation under the Act of Business Companies.
Financial Accounts Report
A BVI Company is not required to submit a financial account report. However, the company is required to maintain essential records of all the company transaction through which the financial standing of the company can be determined. The laws of BVI exempt international business companies from public disclosure of financial and commercial records which can be stored anywhere at the discretion of the company.
Confidentiality
The secrecy and confidentiality of the personal and business details at BVI are matchless. Any person who is involved in the functioning of a BVI Company is assured that his/her details will not be available to the general public. The details of directors, members, Company registers, and company minutes and resolutions are kept in complete confidentiality by the registered agents and are accessible only to the company shareholders or the person authorized by the company itself. The only document that is available for the general public is the Memorandum and Articles of Association (MAA) of the BVI Company. It is optional for the company to register its members and directors with the Registrar.
Organization and Structural Flexibility
The BVI Company can even function with just one person acting as its sole owner, shareholder, and director. BVI Company Registry does not impose any requirement for an IBC to appoint the organizational hierarchy and the operating officers. The company is also allowed the flexibility to make its own regulatory and management structure according to its requirements.
Tax Immunities
The BVI offers a tally of tax exclusions to the BVI Company functioning on its land. The topmost among these exclusions is the exemption of tax. According to the law of BVI, the income derived from interests, compensations, interests, rents, royalties, and the capital gains from dividends, shares, securities, and debt obligations have the immunity form tax. BVI Company law also offers the stamp duty exemption to the capital and instruments used in debt obligations, securities, property assets, and shares. The transactions that involve land ownership, however, are not exempted from stamp duty.
The officers, members board of directors, and the shareholders of a BVI Company can be of different nationalities and can be a corporate or an individual entity. There is no specific requirement of annual meetings, and if a meeting is required to be convened, it can be held anywhere the member sees convenient. Voting can be done by the shareholder and the member’s board of directors themselves or via a proxy.
BVI Company Summary
Below is a tabulated brief of the key characteristics, requirements, and features of a BVI Company.| Feature | Requirement |
|---|---|
| Account keeping | Compulsory |
| Accounts filing | Not compulsory |
| Annual General Meeting | Not compulsory |
| Authorization of capital | No binding |
| Disclosure of owner to Agent | Yes, but is kept confidential |
| Disclosure of owner to Registrar | Not required |
| Registered address at BVI | Required |
| BVI registered agent | Required |
| Capital Currency | Any. USD is common |
| Company considered formally as BVI Resident? | Yes |
| Corporate directors | Permitted |
| Corporate seal | Obligatory |
| Corporate seal imprint | Under the custody of Registered Agent |
| Currency restrictions and/or control | None |
| Directors’ Register | Under the custody of Registered Agent |
| Directors’ Register is public record | No |
| Document/Official Language | English |
| Income Tax Rate | 0 % |
| International business transaction | Allowed |
| Local business transaction | Allowed |
| Location of directors’ and/or members’ meeting | Anywhere, and can be represented by proxy |
| Members’ Register | Under the custody of Registered Agent |
| Members’ Register for public access | No |
| Minimum paid-up capital | None specified |
| How many shares commonly issued | 50,000 with or without par value |
| Custody of minutes and resolutions | Registered Agent |
| Non-resident directors allowed | Yes |
| Requirement to employ a local director | No |
| No of directors | Atleast One |
| No of shareholders/members | Atleast One |
| Operational Objective of Business | No compulsion to disclose |
| Treaties on double tax avoidance | Japan, Switzerland |
| Turnaround time for incorporation | 5 -7 days |
