Premia TNC Singapore Team
Author
When expanding overseas, opening a corporate bank account can be even more challenging than establishing the corporation itself. Many business owners face the same frustration: “My company is registered, but I can’t operate because the account isn’t open.”
Completing corporate registration is only the beginning. Without a bank account, you are not able to receive payments, pay employees, or manage daily operations. In recent years, opening a corporate account in financial hubs like Singapore, Hong Kong, and Dubai has become increasingly difficult due to stricter KYC requirements, tighter document screening, and the need to prove the source of funds.
“I established a corporation, but I can’t open an account.” This is one of the most common issues we encounter at Premia TNC. Many companies successfully set up their entities but face significant challenges when it comes to opening a corporate bank account. The following real cases highlight the practical difficulties of account opening in key financial hubs such as Singapore, Hong Kong, and Dubai.
The following are instances of how difficult it can be to open an account by region:
Singapore: “My incorporation application was rejected due to insufficient documentation.”
Case Overview:
A domestic marketing firm (Company B) incorporated a business in Singapore and applied for accounts with DBS and OCBC. Both applications were rejected.
Core Issue:
The company only submitted a corporate registration certificate and passport copies, without providing a detailed business plan, information about expected partners, or a clear profit model. The banks deemed it a “paper company” lacking substance.
Result:
Premia TNC prepared and submitted comprehensive supporting documentation that reflected the company’s genuine operations and business objectives. With this additional information, OCBC approved the corporate account opening.
Hong Kong: “The company has been established, but the account has been pending for four months.”
Case Overview:
A Korean distributor (Company A) successfully established a corporation in Hong Kong and applied for corporate accounts with HSBC and Standard Chartered Bank. However, both applications remained pending for over four months due to the complex structure of its affiliate network.
Key Issue:
The delay stemmed from a lack of trust, as the company failed to provide an actual operational plan, supporting business documentation, and sample invoices required by the banks.
Result:
Premia TNC identified the cause of the delay and implemented an immediate solution. By facilitating digital account alternatives, the company was able to begin fund management swiftly while awaiting traditional bank approval.
Dubai: “The bank refused to open an account because I couldn’t provide proof of address.”
Case Overview:
Company C established a corporation in the DMCC Free Zone, attracted by Dubai’s 0% corporate tax rate. However, its account applications were rejected by all three local banks due to the absence of proof of residential address within the UAE.
Key Issue:
The bank required the company’s signatory to provide valid proof of residential address within the UAE, a mandatory condition for account approval.
Result:
Premia TNC resolved the issue by arranging and submitting a local No Objection Certificate (NOC). With this documentation, the company successfully opened its corporate account.
Where Premia TNC Adds Value
Establishing a corporation is only the first step. What truly defines successful market entry is securing an operational bank account. Without it, a company remains merely a legal entity on paper. Each region presents challenges. Singapore’s strict local presence requirements, Hong Kong’s sensitivity to complex structures, and Dubai’s visa and address prerequisites.
At Premia TNC, we go beyond simple incorporation. Our team provides end-to-end consulting that covers regional banking regulations, KYC requirements, and strategic business planning, all tailored to ensure smooth account opening. We offer insights into bank-specific trends, recommend suitable banking partners, and even assist clients with prior rejections by reassessing their eligibility. Additionally, we help secure the necessary local presence and documentation to meet bank criteria.
From corporate registration to operational readiness, Premia TNC delivers practical, actionable solutions, turning your overseas expansion plans into a fully functional business.
Have questions? Contact us anytime for expert guidance on your account opening strategy.
Premia TNC Singapore Team
Author
Premia TNC Singapore is a dynamic team of experts dedicated to supporting businesses and entrepreneurs as they establish, manage, and grow their presence in Singapore and across the region. Premia TNC Singapore specializes in providing tailored corporate services, from company incorporation and compliance to tax planning and accounting. With our extensive experience and deep understanding of the local regulatory environment, we are here to make business operations smoother and more efficient.
