Essentials to Opening a Bank Account: Steps and Considerations

Most foreign clients believe that when they have incorporated a Singapore or Hong Kong company, that opening a bank account for such a company would be a mere formality. However, in most cases it is not. In such a situation, the relevant bank would need to understand the business rationale and level of activities in the said jurisdiction. Even if you have provided sufficient information and nexus to the said jurisdiction, the process can take many months. Hence, it is wise to plan ahead!