What are the KYC Regulations for Company Incorporation in Singapore?

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What are the KYC Regulations for Company
Incorporation in Singapore?
Bestar Services Pte. Ltd
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What are the KYC Regulations for Company
Incorporation in Singapore?
Tax Planning While Being In Singapore

• Singapore has become one of the hottest hubs in
  the world for setting up businesses and earning
  substantial revenues earning. It is attracting
  a large number of investors, companies,
  businesses, and entrepreneurs to move to
  Singapore and set up their businesses.
• With Singapore Government giving handy support,
  it is easy for foreign individuals to start a
  business in Singapore. Also, with Singapore
  Company Incorporation Registration process
  becoming convenient, cases are proliferating
  related to investors establishing atypical
  business structures shareholders sweeping their
  transactions under the carpet.
• The Accounting and Corporate Regulatory Authority
  of Singapore (ACRA), with the International
  Governing Body the Financial Action Task Force
  (FATF), has issued a series of regulations to
  curb these issues.
• The primary objective of this framework is to
  defend the financial system from unacceptable
  practices raise professional standards for
  forming business structures conducting business
  in Singapore.
• In this blog, we will walk you through the KYC
  Regulations required for Company Incorporation in
  Singapore.

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What are the KYC Regulations for Company
Incorporation in Singapore?
Tax Planning While Being In Singapore
KYC Requirements in Singapore

• For Company Incorporation in Singapore, there are
  specific initial KYC (Know Your Customer)
  regulations developed implemented by the
  Monetary Authority of Singapore (MAS) to ensure
  your identity is legitimate, valid, and
  transparent. The following documents are required
  prior to the screening process
• A copy of the Companys Memorandum Articles of
  Association
• A copy of the Board of Directors Resolution
• A copy of the Business Profile
• Identification Proof that includes Valid IDs,
  Shareholders Company Members Nationality, Date
  of Birth, and Residence)
• Initial deposits using a Singapore bank cheque
• Bank Statement Verification to verify user income
• Employment Status Confirmation with the users
  consent
• Certification of ID Documents via Notary or by
  Lawyers

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What are the KYC Regulations for Company
Incorporation in Singapore?
Tax Planning While Being In Singapore

• Screening Process
• It is recommended to hire a corporate service
  provider as they will evaluate identify your
  customers. And they will also check your
  background recent transactions in case of the
  following scenarios
• If the capital is going in out of the companys
  records
• Clients tolerate unusual transactions
• Atypical or Complex Company Structure
• Meetings Avoidance
• Politically Exposed Person (PEP) clients
• At Bestar Services, we have highly qualified
  professional Corporate Business Consultants
  competent in the screening process for KYC
  Regulations.

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What are the KYC Regulations for Company
Incorporation in Singapore?
Tax Planning While Being In Singapore

• Periodically Monitoring Recordkeeping
• After verification of all the essential documents
  requirements, your hired corporate service
  provider will monitor customer transactions,
  including evaluating your business history risk
  profile, if required.
• At Bestar Services, our professional Corporate
  Business Consultants scrutinize the highest
  risks.
• For the monitoring, we suggest maintaining copies
  of information and all supporting documents about
  clients identities at least five years from the
  termination date.

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What are the KYC Regulations for Company
Incorporation in Singapore?
Tax Planning While Being In Singapore

• Non-Compliance Penalties
• The ACRA has the authorization to investigate a
  company/business on the failure to fulfillment of
  the KYC regulations. If the company is found
  suspected of non-compliance, it can face the
  following penalties
• Imposition of Heavy Financial Fines
• Business Operations Adversely affected
• Access Denial with ACRAs Bizfile business
  interface
• Suspension or Cancellation of the companys
  registration with ACRA
• By hiring a Corporate Business Advisory
  Consultant from us, you will comply with the KYC
  Regulations and be on the right side of the law.

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What are the KYC Regulations for Company
Incorporation in Singapore?
Tax Planning While Being In Singapore

• Introduction of Laws for KYC Regulations
• With KYC Regulations in Singapore mitigating
  illegal business transactions and non-compliance
  to the system, specific laws will be imposed on
  individuals investors found guilty. They will
  receive severe consequences, and the penalty will
  vary on the evidence gathered. The following are
  laws in place for Non-Compliance with KYC
  Regulations
• Singapore Company Constitution
• The ACRA Act
• The Terrorism Act
• The Corruption, Drug Trafficking, and Serious
  Crimes Act
• And other legislation related to arrest on
  charges of money laundering or terrorism funding

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What are the KYC Regulations for Company
Incorporation in Singapore?
Tax Planning While Being In Singapore

• Singapore Digital Identity System
• Singapore has one of the outstanding Digital
  Identity Systems in the world, which entirely
  relies on mobile apps biometric data to make
  the onboarding process quicker. Singapore
• Citizens can use their Singpass app to sign up
  for private government sector services. The
  Singpass app is connected to Myinfo, leading to
  the remote signing of the documents.
• There is also a step beyond customer
  identification, which are the general KYC rules,
  such as customer monitoring.

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What are the KYC Regulations for Company
Incorporation in Singapore?
Tax Planning While Being In Singapore

• If the customer is on the Politically Exposed
  Person (PEP) list or poses a significant threat
  for a money laundering case, then advanced due
  diligence is required that includes the
  following
• Change in Transaction Activities
• Changes in Standard Institution Documents
• Lack of proper identification information
• Change in relations with the customer

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What are the KYC Regulations for Company
Incorporation in Singapore?
Tax Planning While Being In Singapore

• Conclusion
• After reading the blog, you will be clear about
  KYC Regulations in Singapore, their requirements,
  screening process, periodic monitoring
  recordkeeping, non-compliance penalties, laws in
  place, and Singapores digital identity system.
  However, if you have any questions or need
  additional clarification, feel free to contact
  us.
• At Bestar Services, we provide comprehensive
  Business Company Incorporation Registration
  Services in Singapore. Partner with one of the
  leading Corporate Service Providers in Singapore
  to stay on the legal side of the law. We have
  helped 100s companies set up their business in
  Singapore and guided them through KYC
  Registration and Regulations.
• Our highly experienced skilled Business
  Advisory Consultant will assist you with every
  step, from gathering documents to paperwork, to
  ensure you seamlessly incorporate and register
  your company in Singapore. And also with KYC
  Regulations.

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What are the KYC Regulations for Company
Incorporation in Singapore?
Tax Planning While Being In Singapore

• For a consultation with our Business Advisory
  Consultant, contact us via email
  at admin_at_bestar.asia or call at 65 62994730.
• Refer to our other blog, A Guide to company
  incorporation and registration in Singapore for
  your reference.

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