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:

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

Company Information

Partnership Disclosure & Declaration Form

Please provide a copy of your partnership agreement and make sure the agreement clearly indicates each partner's capital contribution to the partnership (in percentage).

Click here to download the PARTNERSHIP DISCLOSURE & DECLARATION FORM template

Ownership Structure Chart

If the ownership structure of your business could NOT be fully identified through reliable source, please provide us with the most recent shareholder register or ownership diagram that meets the following requirements:

  • Full Legal Name and shareholding percentage of the Ultimate Beneficial Owner (any individuals holding with 25% or more ownership share or voting rights);
  • Registration country and shareholding percentage of each intermediary shareholding entity;
  • If there are no individual Ultimate Beneficial Owner, then please declare in the shareholding structure and provide information of the key controller;
  • The document should be signed and dated by a director along with his/her printed name; the director's signature can be provided either in handwritten or electronic way (e.g. DocuSign; Adobe Sign);
  • The signed document should be issued within 12 months and could not be altered or edited.

Click here to download the example of Ochart

Sample:

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Authorisation Letter

If you are not a director or ultimate beneficiary owner (UBO) 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 and dated 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.

Note: The letter should be signed and dated by a director of the company you are representing.

Click here to download the Authorisation Letter Template for channel partners

 Financial Institution Onboarding Questionnaire

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

Click here to download the Financial Institution Onboarding Questionnaire

 Live Streaming Questionnaire

Click here to download the Live Streaming Questionnaire

Online Marketplace Onboarding Questionnaire 

Click here to download the Online Marketplace Onboarding Questionnaire

 

Personal Information

Ultimate Beneficial Owner (UBO)

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

  • one who holds 25% or more of share capital; or
  • one who exercises 25% or more of the voting rights; or
  • one who exercises ultimate control over the management of the corporation

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 or Driver's licence (if applicable).

Note: Please keep the ID photo clear, with complete edges, no occlusion, no reflection, no watermark, etc. and, it is recommended to lay the document flat and shoot vertically in a well-lit place.

Some valid ID examples are provided below:

  1. Passport - All Countries

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2. National ID - e.g. 

Singapore National Registration Identification Card (NRIC)

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Hong Kong Permanent Identity Card

 

Chinese Resident Identity Card

 Malaysia National Registration Identity Card (MyKad)

Singapore Driving License

 

Individual Address Proof

If the authorised person is none of the directors of your entity, please provide the address proof of the authorised person.

The common acceptable address proof will be:

  1. ID documents containing addresses
  2. Bank statement
  3. Utility bill
  4. Current lease agreement
  5. Resident Permit

And they should be:

  • Recent (less than 3 months old for bank statements and utility bills)
  • Must show name and address
  • Cannot be cropped or blurry
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