Hong Kong

Since September 2018, Hong Kong has exchanged the information with 75 countries (regions). The first reporting period was from 1 July 2017 to 31 December 2017. Hong Kong has signed the mutual exchange agreement with 126 countries and regions, the CRS region information exchange protocol, including China, Japan, Korea, Singapore, United Kingdom Australia and other countries.

Singapore

Since 8 November 2016, when Singapore signed the mutual exchange agreement with Italy for the first time, it has signed CRS regional mutual exchange agreement with 65 countries and regions, including China, Japan, United Kingdom, Hong Kong, Italy and so on. The declaration period for the first exchange in Singapore was from 1 January 2017 to 31 December  2017.

Hong Kong

Due to strengthen the international anti-money laundering policies and the presence of a large number of inactive accounts increase cost and operational risk management, in recent years, the Hong Kong bank accounts opening have been increasingly tightening, not only for the new company account more stringent, existing account also has the strict risk control, resulting in a large number of account was closed

Singapore

Major Banks in Singapore still maintain relatively loose policies and at the same time have strict and reasonable risk control, so the success rate of bank account opening in Singapore is higher than that in Hong Kong.

Hong Kong

Due to the current outbreak, in general, except for some Banks, the directors must visit the bank to open an account to witness, now because of the outbreak, most Banks in Hong Kong (such as HSBC and standard chartered bank and UOB, etc.) are accepted in the bank's overseas branch to open an account to witness, some bank (DBS), for example, also provide the service that the video testimony to open an account.

Singapore

Three of Singapore's local Banks, DBS Singapore, UOB And OCBC, can all open accounts by video witness.

Hong Kong

In addition to valid documents and business contracts, bank statements (if any), financial statements (if any), monthly statements of personal accounts of shareholders and directors, etc. If the company is a new company, the bank may also request the company to provide other evidence, such as the information of the affiliated company or the income proof of shareholders, etc.

Singapore

Just provide valid documents, company registration information (Bizfile) and relevant business contract. Singapore has no special requirements on materials of affiliates, but the due diligence on directors will be more in-depth.

Hong Kong

Approval will take about 4-8 weeks after submitting all the required documents and completing the account opening testimony. The bank's account manager will inform the applicant if the account has been opened successfully.

Singapore

Compared with the number of high-risk and vulnerable countries in Hong Kong, Banks in Singapore are less in terms of audit scope. Although the due diligence of bank of Singapore's account opening is very strict, it can be completed within one month from the submission to the initial approval to the final successful account opening.

Hong Kong

There are different requirements for minimum deposits at different Banks, depending on the account opened. If the company opens a basic bank account, the minimum deposit may be as low as HK $50,000.

Singapore

There are different requirements for minimum deposits at different Banks. Take the three big local Banks, for example, minimum deposits can be as low as S $1,000.

Hong Kong

Remitting offshore income into a Hong Kong bank account will not be a factor in whether a company pays tax in Hong Kong or not, nor will it have any effect on a company's application for tax exemption on offshore profits.

Singapore

Singapore shall declare and pay corporate income tax for offshore business remitted to its domestic bank account, which shall be deemed as income derived from Singapore.