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Verifying your business in Singapore 🇸🇬
Verifying your business in Singapore 🇸🇬

This guide outlines documents required to open a Global Account if your business is registered in Singapore

Davin Wu avatar
Written by Davin Wu
Updated over 3 months ago

KYC Checklist for Singapore Global Account Setup

Opening a Global Account for a business registered in Singapore requires completing a Know Your Customer (KYC) verification process. KYC, mandated by regulators, ensures that financial services are provided responsibly by verifying and maintaining information about businesses and connected individuals.

Below is a detailed guide to the required documents and guidelines:

1. Required Documents

For Singapore Company Accounts

Prepare the following documents:

  • Partnership Disclosure & Declaration Form (if applicable).

  • Ownership Structure Chart (if applicable).

  • Authorisation Letter Template (if applicable).

  • Financial Institution Onboarding Questionnaire (if applicable).

  • Live Streaming Questionnaire (if applicable).

  • Online Marketplace Onboarding Questionnaire (if applicable).

  • Source of Wealth Attestation (if applicable).

  • ID of Ultimate Beneficial Owner (UBO) (if applicable).

  • ID of Authorised Person (if applicable).

  • Individual Address Proof (if applicable).

File Submission Guidelines

  • Ensure all documents are clear and readable.

  • File size must not exceed 10MB.

  • Accepted formats: PDF, Word, JPG, JPEG, PNG, BMP.

2. Company Information

Partnership Disclosure & Declaration Form

For partnerships, submit a partnership disclosure and declaration form that clearly states each partner’s capital contribution percentage.

Ownership Structure Chart

A shareholder register or ownership diagram meeting the following requirements:

  • Include full legal name and shareholding percentage of UBOs (Ultimate Beneficial Owner - individuals holding 25% or more ownership or voting rights).

  • Provide the registration country and shareholding percentage of intermediary shareholding entities.

  • If there are no UBOs, declare this in the shareholding register and provide information on the key controller.

  • Ensure the document is signed and dated by a director, with their printed name included (handwritten or electronic signatures like DocuSign and Adobe Sign are acceptable).

  • Ensure the document is signed within the last 12 months and is unaltered.

Sample Ownership Structure Chart:

3. Industry-Specific Questionnaires

Live Streaming Questionnaire

If you operate a live-streaming business, please complete the following questionnaire to comply with Airwallex's internal compliance requirements.

Online Marketplace Onboarding Questionnaire

If you operate an online marketplace business, please complete the following questionnaire to comply with Airwallex's internal compliance requirements.

Financial Institution Onboarding Questionnaire

If the Global Account will process funds on behalf of underlying clients, please complete the following questionnaire and provide all requested supporting documents.

4. Authorisation Letter

If the applicant is not a legal representative, director, or UBO, submit a letter of authorisation stating they have the authority to act on behalf of the business.

  • The letter must be signed by a company director.

If your business has multiple legal entities registered across different countries/regions and would like to onboard them simultaneously, you can use the Global Authorisation Letter Template instead of submitting a separate template for each location.

If the applicant is a channel partner opening an account on behalf of clients, submit an Authorisation Letter for Channel Partners.

Note: Letter should be signed and dated by a director of the company.

5. Personal Information

Authorised Person

  • An authorised person is designated to act on behalf of the business.

Ultimate Beneficial Owner (UBO)

  • A UBO is:

    • An individual holding 25% or more of share capital; or

    • An individual exercising 25% or more of voting rights; or

    • An individual excercising ultimate control over the management of the corporation.

Personal ID Requirements

Provide government-issued photo ID for both the Authorised Person and UBO:

  • Accepted IDs: Passport, National ID, or Driver’s License.

Examples of Valid IDs

1. Passport - All Countries

Sample:

2. National ID - e.g. Singapore National registration Identification card (NRIC)

Sample:

Sample Hong Kong Permanent Identity Card:

Sample Chinese Resident Identity Card:

Sample Malaysia National Registration Identity Card (MyKad):

Sample Singapore driving License:

6. Individual Address Proof

Address proof is required for both UBO and PPTA. If the UBO or Authorised Person is not a director, provide address proof.

Accepted Proof of Address Documents:

  • Singapore National Registration Identity Card (SG NRIC) containing address.

  • Bank statement.

  • Utility bill.

  • Current lease agreement

  • Resident Permit.

  • Written declaration from the ID holder that the address on the Passport/ID is their current residential address

Requirements for Address Proof:

  • Must be issued within the last 3 months (bank statements and utility bills).

  • Must clearly display name and address.

  • Document must not be cropped or blurry.

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