Representative office in banking Section 13A of the Representative office in banking Act governs the registration of Representative office in banking offices (Cap. 19).
A bank representative office can conduct liaison work, market research, and feasibility studies in Singapore, but it is not permitted to transact any business.
Establishing a bank representative office does not guarantee that the applicant will be granted a banking license in the future.
Before submitting a formal application, applicants interested in opening a bank representative office should contact the MAS Representative office in Representative office in banking Department to discuss their plans.
Early discussion of registration requirements aids in the identification of difficulties that may affect the proposed application.
Send an email to be: firstname.lastname@example.org for more information or to schedule an appointment with the MAS Representative office in banking Department.
To apply, fill out the Representative Office Application (70.3 KB). Instructions are included in the form.
When completing your application form, all candidates must additionally include proof of payment of the application cost (e.g., payment advice, bank statement transaction data).
A non-refundable application fee of S$5,000 is required of all applicants. Please see Making Payments to MAS for payment options and the Reference Code to specify the payment method.
Time to Process All applications will be processed as soon as possible. If all information has been provided to MAS’ satisfaction and the application fee has been received in full, the processing time is normally one to two months. Each application’s processing time is determined by its specific conditions.
A representative office is a business office that a company establishes in a foreign country or jurisdiction where the company does not yet have a licence to conduct marketing and other non-transactional operations. Representative offices are typically employed by firms to source items on foreign land.
People often mix up branches and offices, yet they are different organizations. When a corporation builds a branch in a new location, it is permitted to engage in selling and buying items, signing contracts, delivering services, and constructing structures, but a representative office is not permitted to do so. However, establishing this office is easier for a firm than establishing a branch because they are not used for actual business, and hence countries have less motivation to control them. A branch office has far more authority to conduct business in a given area than a representative office. These offices are primarily used by firms in developed countries.
An American corporation establishes a branch in Ghana, Malaysia, or any other country. The office can only communicate with consumers and enter into contracts on behalf of its overseas parent, but it cannot acquire or sell items.
An application will be required to submit the following information to the Reserve Bank in order to establish that it fits the aforementioned criteria:
The following conditions apply to the operation of international representative offices; Australia’s banks include:
READ MORE: Liquidate bank account meaning