Verifying your business in Singapore

This article details documents that are required for organisations to open an account with Airwallex if your business is registered in Singapore.

Verification, known as KYC or ‘Know your customer’, is a process that is required by regulators to offer financial services to organisations and individuals. It involves reviewing and maintaining information on parties that use our financial services.

As a Singapore Company account, you need to prepare the documents below:

Partnership Agreement (if applicable)
Ownership Structure Chart (if applicable)
Authorisation Letter Template (if applicable)
Financial Institution Onboarding Questionnaire (if applicable)
ID of UBO (if applicable)
ID of Authorised Person (if applicable)
Individual Address Proof (if applicable)

Please ensure the image is clear and readable. The file shall not exceed over 10MB, limited to {PDF, Word, JPG, JPEG, PNG, BMP}

1. Company Information

Partnership Agreement

Click here to download the example of the partnership agreement

Ownership Structure Chart

We need more information to understand your shareholding structure. Please provide an equity or ownership chart.

Note: The following conditions need to be met:

1. Signed and dated by the director

2. Include all individuals who hold more than 25% of the shares or voting rights

3. Include shareholding ratio

4. Show the registered location of the shareholding entity

Click here to download the example of Ochart

Sample:

Authorisation Letter

If you are not a director of the business registered in Singapore, we require that you provide a letter stating you have the authority to act on behalf of the company.

Note: The letter should be signed by a director of your company.

Click here to download the Authorisation Letter Template

If you are a channel partner opening an account on behalf of your client, please use this Authorisation Letter Template instead.

Click here to download the Authorisation Letter Template for channel partners.

Financial Institution Onboarding Questionnaire

If your company is Financial Institution, please follow the guidelines to input the below Questionnaire:

Click here to download the Financial Institution Onboarding Questionnaire

2. Personal Information

Ultimate Beneficial Owner (UBO)

The "Ultimate Beneficial Owner" of a legal entity is thus:

- one who holds over 25% of share capital; or

- one who exercises over 25% of the voting rights.

Authorised Person

An Authorised Person is authorised to act on behalf of the business.

Personal ID

Please provide images for government-issued, official photo ID, such as passport, national ID.

Some valid ID examples are provided below:

1) Passport - All Countries

Please note: Passport photos need to be clear, with complete edges, unobstructed content, and no interference such as reflections. At the same time, it is recommended to lay the ID card flat and shoot vertically in a well-lit place