Unlocking Bank Accounts & Tax Treaties in Singapore, Hong Kong, and BVI

Over the past few years, banks and regulators in Singapore have placed increasing emphasis on corporate substance. It’s no longer sufficient to register a company with a virtual office to do business. Today, maintaining a compliant Singapore entity means demonstrating real, operational presence, including a fixed desk, business signage, and a physical address distinct from your company secretary. This is important to open bank accounts in Singapore and also to obtain a Certificate of Residence (COR) to leverage the optimal tax benefits.

To meet this growing demand, Premier Fiduciary now offers dedicated desk solutions at our Singapore headquarters, One Raffles Place. This includes premium desks on the 40th floor and private, enclosed rooms that support regulatory, operational and client-facing needs.

Why does workspace matter more than ever in Singapore? 

With changing expectations from banks and regulators, companies operating in Singapore are now expected to show real business presence—not just a registered address. Having a dedicated office and a credible workspace with clear signage has become key to opening bank accounts and meeting basic compliance checks.

At Premier Fiduciary, our desks at One Raffles Place provide exactly that: a fixed, professional space that supports day-to-day operations and gives your entity a clear footprint in Singapore’s financial core. Whether you’re applying for a new bank account or maintaining an existing one, a proper workspace with signage helps show that your business is active and genuinely based in Singapore.

Each desk or room is fixed and linked to your entity, making it suitable for daily use, meetings, and regulatory documentation. Having an enclosed office space is also required to meet MAS requirements, and we carefully walk you through the office requirements as part of the MAS application.

But “Substance” also includes local staffing, decisions, and obtaining Certificate of Residency (COR)

The advantage of Premier Fiduciary is that we manage thousands of companies, and we help your entity arrange all meetings, contracts, decisions and other matters to ensure you achieve “economic substance”. This can also include ensuring you have staff in Singapore, and regularly obtain a COR.

In January 2024, Singapore passed Section 10L of the Income Tax Act, which allows for Singapore companies to dispose of foreign assets (i.e. foreign companies, planes, ships) without incurring 17% income tax, so long as such profits are not brought back to Singapore. Recently, IRAS has come out with further clarification that the Singapore company must meet other substance requirements to avoid incurring this income tax, such as decision-making, paying onshore tax, employees, as well as having a fixed office.

Hong Kong and BVI considerations

We also offer similar fixed desks and local directors and related decision-making to ensure substance in Hong Kong and BVI. Hong Kong banks, for example, regularly send their staff to visit the customer office to take pictures of the entrance as part of their compliance checklist.

We can walk you through the available options, including fixed desks and enclosed workspaces, and help you find the setup that best suits your needs. Availability will be limited, so we encourage you to get in touch early to learn more, ask questions, or arrange a visit to the space at One Raffles Place.

Explore pricing and schedule a visit

If you’re interested in our serviced office offerings, we’ve included indicative pricing below for enclosed rooms, along with optional add-ons.

For more information or to arrange a visit to our offices at One Raffles Place, please contact us at info@premierfiduciary.com. Availability is limited.

Pricing:

Enclosed Room – US$3,500/month to US$4,000/month

Optional Add-ons