Services
Corporate banking and structuring support
Banks decide on risk: who owns and controls the company, where it and its owners operate, and whether the business and its money are documented. An unclear business narrative or source-of-funds file is a common and avoidable cause of delay or rejection. VIVOS — led by a former HSBC corporate banker — prepares the business profile, source-of-funds and source-of-wealth narratives, group structure charts and beneficial ownership documentation that DBS, HSBC, OCBC and regional banks actually review, and handles periodic review requests on existing accounts.
This is where a banking background earns its keep. A corporate account application succeeds or fails on whether the bank can understand the business, the money and the people behind it — we prepare the file the way a reviewer needs to read it.
| Founder background | Led by a former HSBC corporate banker — the file is prepared the way a bank credit or compliance reviewer actually reads it |
| Typical bank relationships referenced | DBS, HSBC, OCBC and equivalent regional banks |
| What banks scrutinise most | Source of funds, beneficial ownership, business substance and, for higher-risk relationships, the owners’ source of wealth |
| Common avoidable cause of delay or rejection | An unclear or inconsistent business narrative or source-of-funds file; jurisdiction and ownership risk also count |
What’s included
- Corporate account opening facilitation and introductions
- Business profile, source-of-funds and source-of-wealth narratives
- Group structure charts and beneficial ownership documentation
- Responses to bank due diligence and periodic review requests
- Holding structure and cross-border group design
Corporate bank accounts in Singapore, Malaysia, Hong Kong and the UAE at a glance (2026)
All four markets apply the same test: the bank must identify the company, the individuals who own and control it, and where its money comes from. What differs is the beneficial owner threshold, deposit insurance, payment rails, foreign exchange rules and how far remote onboarding is accepted, as at October 2026.
| Item | Singapore | Malaysia | Hong Kong | UAE |
|---|---|---|---|---|
| Banking regulator | MAS | Bank Negara Malaysia (BNM) | HKMA | Central Bank of the UAE (CBUAE) |
| Beneficial owner test in company records | More than 25% of shares or votes | 20% or more | More than 25% of issued shares | 25% or more, direct or indirect |
| Deposit insurance per depositor per bank | S$100,000; Singapore dollars only | RM250,000; foreign currency included | HK$800,000; any currency | No published limit |
| Instant payments | FAST; PayNow Corporate (UEN) | DuitNow (business registration number) | FPS (HK$ and renminbi) | Aani; UAEFTS for large values |
| Foreign exchange rules | No exchange controls | BNM Foreign Exchange Policy Notices | No exchange controls | No exchange controls |
| Must directors attend? | MAS allows remote onboarding; GoBusiness says signatories are expected to sign in Singapore | e-KYC for companies since 15 April 2024, at the bank’s discretion | HKMA does not require all directors to attend | Bank-dependent |
| FATCA agreement with the US | Model 1 | Model 1 | Model 2 | Model 1 |
Each threshold is the company register’s test. A bank can still ask about anyone it considers to own or control the company.
What do banks ask for when a company opens an account?
Banks ask for registry proof that the company exists, its constitution and board authority, identity and address documents for the people behind it, an ownership chart down to individuals, and an explanation of the business and its money. Singapore’s GoBusiness lists the core set; other markets use local equivalents.
- Proof of existence: certificate of incorporation and ACRA business profile (Singapore), SSM notice of registration (Malaysia), Certificate of Incorporation and Business Registration Certificate (Hong Kong), trade licence (UAE).
- Constitution or articles, and a board resolution approving the account and naming signatories.
- Identity and residential address proof for every director, signatory and ultimate beneficial owner.
- An ownership chart with percentages that matches the controller or beneficial owner register.
- Source of funds for the opening deposit and expected receipts; source of wealth of the owners where the bank rates the relationship higher risk.
- Business profile: products, customers and suppliers by country, expected monthly volumes and currencies, with contracts, invoices, website and premises.
- CRS and FATCA self-certifications.
Hong Kong banks also ask a non-Hong Kong company for its registered office abroad and its principal place of business in Hong Kong.
How to open a corporate bank account in Singapore, step by step
Incorporate first, prepare certified documents and a written business profile, then apply with every signatory ready to sign in a way the bank accepts.
- Incorporate with ACRA and buy the business profile; since 16 June 2025 it also shows whether a director or shareholder is a nominee.
- Keep the register of registrable controllers (anyone with more than 25% of shares or votes) and file updates with ACRA within two business days; do the same for any nominee registers.
- Pass a board resolution approving the account and naming the signatories, in the bank’s format.
- Have a director or the company secretary certify the certificate of incorporation, business profile and constitution.
- Collect certified passport or NRIC copies and address proof for each director, signatory and beneficial owner.
- Write a 1–2 page business profile, including where the first deposit comes from.
- Complete the CRS and FATCA self-certifications.
- Agree how signatories sign: in Singapore, at an overseas branch, before a notary public, or by video if the bank offers it.
- After opening, register PayNow Corporate against the UEN and tell the bank about changes in directors, owners or addresses.
Do directors need to attend in person? What each regulator says
MAS, BNM and the HKMA all permit remote onboarding with risk controls, so whether a director attends in person, by video or not at all is each bank’s decision. In the UAE, treat attendance as bank-dependent.
| Market | Regulator position | What to plan for |
|---|---|---|
| Singapore | MAS circular AMLD 01/2022 allows non-face-to-face onboarding, including video calls, with anti-fraud controls | GoBusiness says signatories and a majority of directors are expected to sign in Singapore; some banks accept an overseas branch or notary |
| Malaysia | BNM’s e-KYC policy document (15 April 2024) covers companies; directors can authorise by video-conferencing | Each bank decides which companies qualify; higher-risk ones can be excluded |
| Hong Kong | HKMA-backed FAQs: presence of two or more, or all, directors is not required | Offshore incorporation or non-resident directors alone are no reason to reject; the HKMA also encourages Simple Bank Accounts for SMEs |
| UAE | CBUAE SME Customer Protection Regulation (in force 13 September 2026): systems to open accounts for low-risk SMEs within 3 business days of a complete application | No transactions until due diligence and sanctions screening are complete |
Video does not replace certified documents: MAS says a foreign certificate of incorporation should not be verified by video alone.
Deposit insurance, payment rails and foreign exchange rules by market
Company deposits are insured up to S$100,000 per bank in Singapore, RM250,000 in Malaysia and HK$800,000 in Hong Kong; the UAE has no published limit as at October 2026. Only Malaysia runs a formal foreign exchange policy regime.
| Market | Deposit insurance | Payment rails | Foreign exchange |
|---|---|---|---|
| Singapore | S$100,000 per depositor per scheme member; companies covered; foreign currency not insured | FAST (since 2014); PayNow Corporate (since 2018) using the UEN | No exchange controls; banks still ask the purpose of unusual transfers |
| Malaysia | RM250,000 per depositor per member bank; foreign currency converted and counted; separate Islamic and conventional limits | DuitNow using the SSM business registration number | Foreign currency accounts allowed; foreign currency borrowing from non-residents outside the group capped at RM100 million equivalent; export proceeds within 6 months of shipment |
| Hong Kong | HK$800,000 per depositor per bank since 1 October 2024 (was HK$500,000); excludes offshore and structured deposits and e-wallet funds | FPS (since September 2018), 24-hour, in HK$ and renminbi | No exchange controls |
| UAE | No published deposit insurance limit | UAEFTS (the Central Bank’s RTGS); Aani (since October 2023) for 24/7 instant payments | No exchange controls |
Malaysian residents may pay non-residents in foreign currency for any purpose, but foreign currency payments between residents are limited to listed purposes.
CRS and FATCA: what the company must declare to its bank
Every new corporate account needs a tax self-certification stating the company’s tax residence and its Common Reporting Standard (CRS) classification; a passive entity also names its controlling persons. FATCA adds a US classification; all four markets have FATCA agreements with the US.
- Controlling persons of a passive entity are usually the beneficial owners, each with their tax residence and tax number.
- Check a holding company’s classification before signing: a holding company of a trading group and a pure investment holder can fall into different categories.
- Hong Kong: a knowingly or recklessly misleading self-certification carries a fine of HK$10,000 on conviction.
- Malaysia: banks obtain the self-certification at account opening and check it is reasonable.
- FATCA: Singapore, Malaysia and the UAE have Model 1 agreements and Hong Kong a Model 2 agreement.
- Update the self-certification when tax residence or controlling persons change.
In Malaysia, CRS also abbreviates SSM’s Corporate Registry System; on bank forms it means the Common Reporting Standard.
Worked example: document checklist for a Singapore holding company with Hong Kong and UAE subsidiaries
A Singapore holding company is owned 60% by Founder A (living in Singapore) and 40% by Founder B (living in Malaysia), and owns 100% of a Hong Kong trading company and 100% of a Dubai mainland LLC. Each company opens an account in its own market with its own documents and the same signed group chart.
| Document | Singapore holding company | Hong Kong subsidiary | UAE subsidiary |
|---|---|---|---|
| Proof of existence | Certificate of incorporation and ACRA business profile | Certificate of Incorporation and Business Registration Certificate | DET trade licence |
| Authority | Constitution; board resolution | Articles; board resolution | Memorandum of association; resolution naming signatories |
| Ownership records | Controllers register: A 60%, B 40% | Significant Controllers Register tracing control to A and B | Beneficial owner register filed within 60 days of licensing, naming A and B |
| People | Passport or NRIC and address proof for directors, signatories, A and B | Same for its directors and signatories, A and B | Same, plus Emirates ID for UAE residents |
| Tax | CRS and FATCA self-certification | CRS and FATCA self-certification | Self-certifications; corporate tax registration within 3 months of incorporation |
| Source of funds | Founders’ statements showing share capital paid in | Holding company statement showing the capital transfer | Holding company statement showing the capital transfer |
At 40%, Founder B passes every threshold. At 20%, B would fall below Singapore’s and Hong Kong’s more-than-25% tests and the UAE’s 25% test but would still meet Malaysia’s 20% test if the group added a Malaysian company. On cash, S$300,000 in Singapore dollars at one bank is insured only to S$100,000, and HK$1,000,000 at one Hong Kong bank only to HK$800,000.
How to choose where to bank and how to structure the group for banks
Open each operating account where the company’s customers, staff and contracts are, and keep the structure simple enough that a bank can trace ownership to individuals in one chart.
| If the situation is | Consider |
|---|---|
| Revenue, staff and contracts sit in one market | Bank the operating company there, where the bank can verify substance |
| Owners live abroad | Hong Kong: not a reason to reject on its own. Singapore: plan to sign locally or ask about video onboarding. Malaysia: ask about e-KYC. UAE: confirm the bank’s rule first |
| A holding company is needed | Pick a location the owners can explain; its account mainly receives dividends and funds subsidiaries |
| Large cash balances | Insurance is per depositor per bank, so spread balances above S$100,000, RM250,000 or HK$800,000 |
| A small Hong Kong company needs basic services only | Ask about a Simple Bank Account |
| Nominees, trusts or several layers | Prepare nominee agreements, the trust deed and each layer’s registry extract before applying |
Common mistakes that delay, reject or close corporate accounts
The common mistakes are mismatched addresses, unexplained structures, undisclosed nominees, stale ownership registers and activity that does not match what the company declared.
- Mismatched addresses between the registry, the lease and directors’ address proofs.
- Holding layers in places with no staff, customers or business reason, and no chart explaining them.
- Undisclosed nominees: Singapore business profiles have shown nominee status since 16 June 2025, and failing to file nominee information with ACRA can cost up to S$25,000.
- Stale registers: Malaysia requires beneficial owner changes to be recorded within 14 days and lodged within 14 days after that; the UAE requires register changes to be recorded within 15 days.
- Payments to countries, counterparties or in volumes the company did not declare.
- Ignoring periodic review requests, which can end in restriction or closure.
- Assuming Singapore deposit insurance covers foreign currency.
Corporate banking terms explained
These terms appear on bank forms and in regulator guidance across the four markets.
- CDD (customer due diligence): the checks a bank runs on a customer, its owners and its business; often called KYC.
- Beneficial owner: the individual who ultimately owns or controls a company; a registrable controller in Singapore, a significant controller in Hong Kong.
- Source of funds: where the money in a particular deposit or payment comes from.
- Source of wealth: how an owner built their overall wealth.
- Nominee: a director or shareholder acting for another person, the nominator.
- Controlling person: under CRS, an individual who controls an entity account holder.
- Non-face-to-face onboarding: opening an account without meeting in person, for example by video.
- Simple Bank Account: a Hong Kong account offering basic services for SMEs and start-ups.
- Digital wholesale bank: a Singapore bank licensed to serve SMEs and other non-retail customers.
- External Account: a ringgit account a non-resident may open in Malaysia.
Frequently asked questions
Why do banks reject corporate account applications so often?
Banks rarely give detailed reasons, but common avoidable causes are an unclear business narrative, incomplete source-of-funds evidence and ownership that cannot be traced to individuals. Geography and industry also affect a bank’s risk rating, so a complete file reduces questions but cannot remove those factors.
Can you guarantee a bank will approve our account?
No responsible advisor can guarantee a bank’s decision — approval sits with the bank’s own compliance process. What we can do is prepare the strongest possible file and address likely questions before they’re asked.
Do you help with periodic review requests from an existing bank?
Yes — banks periodically re-verify existing corporate customers, and a poorly handled review can lead to account restriction even for an established relationship. We help prepare timely, complete responses.
Do directors have to be in Singapore to open a Singapore company bank account?
Not under MAS rules: MAS allows non-face-to-face onboarding, including video calls, with anti-fraud controls. In practice GoBusiness says signatories and a majority of directors are expected to sign in Singapore, though some banks accept signing at an overseas branch or before a notary public. Ask the bank which route it offers before booking travel.
How much of a company’s deposit is protected if a bank fails?
Up to S$100,000 per depositor per scheme member in Singapore, for Singapore dollar deposits only; RM250,000 per depositor per member bank in Malaysia, foreign currency included; and HK$800,000 per depositor per bank in Hong Kong since 1 October 2024, in any currency. The UAE has no published deposit insurance limit as at October 2026.
Will a Hong Kong bank refuse an account because the directors live overseas?
It should not for that reason alone. FAQs developed by the Hong Kong Association of Banks with HKMA input say applications should not be rejected merely because the company is offshore or its directors or beneficial owners are non-residents, and the HKMA does not require all directors to attend. The bank still needs to understand why a Hong Kong account is needed.
What is a CRS self-certification and why must a company sign one?
It declares the company’s tax residence and Common Reporting Standard classification, and for a passive entity its controlling persons. Banks in all four markets collect it to report accounts of foreign tax residents to their tax authority. In Hong Kong, a knowingly or recklessly misleading self-certification can be fined HK$10,000 on conviction.
Are digital banks a safe place to keep company money?
Check the licence rather than the app. MAS grants digital full bank and digital wholesale bank licences, and SDIC membership is compulsory for full banks and finance companies, so confirm a wholesale bank’s position. BNM approved five digital bank licences on 29 April 2022. In Hong Kong, check the Deposit Protection Board’s list of scheme members; e-wallet balances are not protected.
Can a company with nominee shareholders open a bank account in Singapore?
Yes, if the arrangement is disclosed. Since 16 June 2025 companies file nominee director and shareholder details with ACRA, and the business profile shows nominee status as ND or NS. Banks look through nominees to the individuals who own or control the company, so expect to provide the nominator’s identity documents.
Can a Malaysian company hold foreign currency in its bank account?
Yes. BNM’s Foreign Exchange Policy Notices let a resident company open and keep a foreign currency account with a licensed onshore bank. Export proceeds must be received within 6 months of shipment, and foreign currency borrowing from non-residents outside the group is capped at RM100 million equivalent.
How quickly should a UAE bank open an account for an SME?
The CBUAE’s SME Customer Protection Regulation, in force since 13 September 2026 in place of the 2021 SME Market Conduct Regulation, requires banks to have systems that open an account within 3 business days of a complete application from an SME they assess as low risk; the deadline gives way to financial crime checks, and any other delay must not exceed two weeks. The account cannot be used until due diligence and sanctions screening are complete, and higher-risk applicants take longer.
Sources
Figures on this page were checked against these official sources on 7 October 2026. Rates, fees and deadlines change, so confirm the current position with the authority before acting.
- Monetary Authority of Singapore (MoneySense), Understanding deposit insurance
- Monetary Authority of Singapore, AMLD 01/2022: Circular on Non-Face-to-Face Customer Due Diligence Measures
- GoBusiness Singapore, Open a corporate bank account
- ACRA, Setting up & maintaining a Register of Registrable Controllers (RORC)
- Bank Negara Malaysia, Foreign Exchange Policy Notices (consolidated, updated 2 October 2025)
- Perbadanan Insurans Deposit Malaysia (PIDM), Frequently asked questions: deposit insurance system
- Hong Kong Deposit Protection Board, Features of DPS
- Hong Kong Monetary Authority, Access to banking services for corporate customers (circular, 27 April 2023)
- Hong Kong Association of Banks with HKMA input (HKMA Banking Regulatory Document Repository), Frequently Asked Questions in relation to Anti-Money Laundering and Counter-Financing of Terrorism (last updated 30 December 2024)
- Central Bank of the UAE (CBUAE Rulebook), Small and Medium-Sized Enterprises (SME) Customer Protection Regulation
- Bank Negara Malaysia, Policy Document on Electronic Know-Your-Customer (e-KYC)
- Inland Revenue Department, FAQ on Double Taxation Relief and Exchange of Information Arrangements: Automatic Exchange of Financial Account Information
- Central Bank of the UAE, Al Etihad Payments launches Aani: an instant payments platform for digital transactions in the UAE
