Invoice for model,
and not under certificate

01

First we check the license and product

The MAS Financial Institutions Directory shows the status and permitted activities of the institution. The same banking name can operate through different legal entities and serve different segments; The shortlist is built according to the exact license, product and eligibility.

02

Typical shortlist

03

Bank fit matrix

Customer

Operating company, holding, fund, trust or individual

Business

Activity, licenses, products and business purpose

Geography

UBO, customers, suppliers and payment corridors

Currencies

SGD, USD, EUR, CNH and FX needs

Products

Payments, cards, payroll, API, trade finance, treasury

Access

Resident/remote signs, maker-checker and transaction limits

04

Singapore company: what will the bank check

ACRA Business Profile and constitution confirm the legal framework. The decision is based on real business: experience of directors and UBOs, contracts, counterparties, website, office/team, tax residence, expected turnover, source of initial funds and the role of Singapore.

Corporate

Business Profile, constitution, resolutions and ownership chart

People

ID/address directors, UBO, signsatories and controllers

Business

Plan, contracts, invoices, licenses and website

Funds

Source of wealth and source of initial/ongoing funds

Flows

Countries, currencies, values, frequency and payment purpose

05

Holding, VCC, fund, trust and family office

For an investment structure, sponsor, shareholders, directors, fund manager, investment mandate, assets, investors and distributions are disclosed. For trust - settlor, trustee, protector and blessing; for VCC - umbrella/sub-fund model and regulated manager. CRS/FATCA classification is consistent with legal and tax file.

06

The dossier answers four questions

07

Practical opening procedure

1. 01
   Pre-screening

   Ownership, risk, licenses, countries and sanctions controls.

2. 02
   Shortlist

   One or two institutions for segment and required products.

3. 03
   KYC pack

   Forms, cover memo, corporate, tax and source-of-funds evidence.

4. 04
   Verification / interview

   Directors and UBO explain the model without controversy.

5. 05
   Activation

   Initial funding, e-banking, limits, users and test payment.

08

After opening, the KYC profile remains valid

A new country, product, UBO, director, a sharp increase in turnover or an unusual payment can cause a review. Contract, invoice, shipment/delivery evidence and payment purpose must match. ACRA and bank records are updated promptly.

Access

Maker-checker, tokens and backup users

Payments

Clear purpose codes and supporting documents

Trade

Incoterms, shipping, customs and title evidence

Tax

CRS/FATCA self-certification and tax residency

Changes

Advance notice of material profile change

09

PSP or EMI solves only the right problem

Payment institutions are compared by MAS license, safeguarding, currencies, local/global rails, cards, FX, countries and limits. This can be a fast operational layer, but does not always replace a bank for credit, trade finance, deposits, treasury or complex investment structure.

10

Before the first application

1. 01

   Check ACRA status, registers, licenses and signatories.

2. 02

   Collect ownership, source of wealth and source of funds.

3. 03

   Prepare contracts and 12-month payment forecast.

4. 04

   Coordinate the bank story with tax residence and transfer pricing.

5. 05

   Select currencies, products, access and limits.