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CORPORATE ACCOUNTaccount opening & more
Presented by:
Accounts Processing Unit (APU)
Outline• eligibility
• method of payment
• verification methods
• forms required
– standard compulsory items
– additional compulsory items
– CDP required items
– optional items
• CDP application process flow
CORPORATE ACCOUNTeligibility, verification & payment methods
Opening a corporate account
• The applicant must be a duly incorporated
body with limited liability
Not allowed to open:
• sole proprietors
• partnership (except limited liability
partnership)
• pension schemes
• clubs & trusts
who is eligible?
Opening a corporate account
• All applications to be witnessed/verified by
– Business (TR/FA/Agent/Dealer)
• TR/FA/Agent/Dealer to sign on Verified by field on PSPL
application form (page 2) and indicate Face to face
– Phillip Investor Ctr (PIC) staff
• Staff to sign on Verified by field on PSPL application
form (page 2) and indicate Face to face
– Authorized Phillip’s overseas branch staff
– Notary public, lawyer, advocate & solicitor
commissioner of oath, Singapore Embassy
verification methods
Opening a corporate account
• All methods except EPS
– EPS is only applicable to individual & joint
accounts (where available)
– Reliance on CDP system
– CDP system only allows EPS for clients with
*NRICs/passports/personal IDs
– Corporate applicants categorized under ROC (company registration no)
* joint applicants without joint CDP accounts cannot opt for EPS
payment methods
CORPORATE ACCOUNTforms & supporting documents required: PSPL
Opening a corporate account
• Certifying copies of originals
– All supporting documents must be Certified True
Copy
– Who can CTC documents?
• 1 director & 1 company secretary with company stamp
affixed
• 2 directors with company stamp affixed
• 2 authorized signatories with company stamp affixed
Note: IC/Passport/ID holder cannot CTC own copy of IC/Passport/ID
Note: Board Reso & Extracts of Reso cannot be CTC by non-directors
forms required
Opening a corporate account
• Standard forms required
– Phillip Securities Corporate / Institution
Application Form• To be fully completed
– Guarantee & Indemnity (listed companies exempted)
• 2 guarantors required (except for co. with sole director – 1 guarantor)
• Company cannot act as its own company guarantor
• Witness can be anyone, copy of IC/Passport/ID required if not staff/agent
– Board resolution• Template available, must be dated
• To be signed off by 2 directors with company stamp
• Authorized persons declared must match PSPL application form
forms required
standard formsPhillip Securities Corporate / Institution Application Form
standard formsGuarantee & Indemnity (first & last page)
FormsBoard Resolution template
We Board of Directors of <COMPANY NAME> have resolved to open a trading account with Phillip
Securities for the purpose of trading at a duly convened meeting of the Board held on
<DATE>.
IT WAS RESOLVED THAT:
A trading account be opened with Phillip Securities Pte Ltd (“PSPL”) for the purpose of dealing in
securities;
Pursuant to and upon the terms contained in PSPL’s Account Application Form and the “Terms and
Conditions”;
The account be operated in accordance to the prevailing rules, regulations bye-laws directives and
practices in force from time to time of the respective exchanges or markets and/or for
any other products, services and facilities offered by or through PSPL.
IT WAS FURTHER RESOLVED THAT:
any of the following is empowered, to trade on behalf of the Company
NameNRIC / Passport No. / Designation
and any 2 of the following are empowered to operate the said account and to execute all
documentation for trading and settlement in the securities account:
NameNRIC / Passport No. / Designation Specimen Signature
The authorization herein to the above names persons shall remain valid and binding on the
Company until and unless cancelled or amended by written communication to PSPL,
supported by a certified true copy of a board resolution.
Opening a corporate account
• Supporting documents (i)
– Certificate of Incorporation
– Company profile documents:
• Locally incorporated companies
– BizFile from ACRA (to be dated within 2 weeks of submission)
• Registers of Directors & Members for Foreign inc. co.
– Registers & Certificate of incumbency (British Virgin Islands)
– Register of Directors / form 49 &
Return of allotment of shares / form 24 (Malaysia)
– Annual Return (Hong Kong)
– Certificate of All Present Matters (Japan)
forms required
Opening a corporate account
• Supporting documents (ii)
– Copy of IC / Passport / ID
• Of all authorized persons and persons signing
• IC / Passport / ID number must be consistent on:
– PSPL corporate application form
– Board Resolution
– Company registers & supporting documents
• Copies must be clear and valid (not expired)
forms required
Opening a corporate account
• Supporting documents (iii)
Note for company’s shareholders
• all shareholding companies must be traced to natural
persons, not companies / entities
• due diligence checks will be performed on all natural
person (individual) shareholders
• if a shareholder is another company
– The shareholding company’s company profile is required
forms required
Opening a corporate accountforms required
ABC (A) PTE. LTD.
John DoeID: 1234567
DEF (S) PTE. LTD.
Tom WicksPassport: 7777777
123 SDN BHD
Andy GreyID: 123456-78-9040
Mary CooksID: A5123467
ACRA Bizfilerequire
d
Reg of Members re
quired
• Example: ABC (A) PTE. LTD. is opening account
Opening a corporate account
• Additional compulsory documents (where applicable)
– Legal Opinion Letter
• drafted by lawyer
• compulsory for companies inc in tax haven countries
– British Virgin Islands, Bermuda, Bahamas, Guernsey(see SGX website for full list of tax haven countries)
– Sole directorship / no co. stamp declaration• account is to be operated by one authorized signatory
• confirmation in wrinting if co. does not have stamp
– SBL application form
– AML Declaration for Exempt Fund Manager (EFM)
forms required
Opening a corporate account
• Optional forms to complete
– Excess Funds Authorization (MMF)
– Letter of Authorization
– Contract For Difference
– W8• W8 BEN
• W8 IMY
– Client investment profile
Note: Corporate clients are exempted from SIP assessments
forms required
Opening a corporate account
MSF > INFO > DOWNLOADABLE FORMS > AOT/POEMS
forms required
CORPORATE ACCOUNTforms required: CDP forms
Opening a corporate account
• Clients opening Corporate CDP accountsoftcopy available @ CDP website (www.sgx.com)
– CDP Certificate of Resolution• To be signed by director
• Copies of IC / passport / ID for all signatories reqired
– Completed Application for Securities Account• Registered address to follow official documents
• Direct Crediting Services is mandatory
– Completed Linkage form• TR to hold – only resubmit after obtaining GSA no. from client
(1681-xxxx-xxxx)
forms required
CDP formsCertificate of resolution &
Application for securities account (Corporate)
FormsCertificate of resolution &
Application for securities account (Corporate)
CDP Linkage Form used is the same as individual / joint accounts
! Note for CDP forms:
– Cancellations are required to be countersigned by
authorized signatories with company stamp affixed (as per
Board Reso)
– Client to fill in fresh set of form if there are over 3
cancellations done
– CDP forms must be dated within a month on submission
CORPORATE ACCOUNTCDP corporate application flows
Opening a corporate account
• Application & Opening workflow
• successful application – no rejections
account opening process
Client Business APU CDP
(1) Submits to (2) Submits to (3) Submits to
(4) Informs client of successful
application and GSA # via mail
(5) Informs business
of GSA #
(1681-xxxx-xxxx)
(6) Indicates GSA #
1681-xxxx-xxxx
on linkage form
and resubmit
(7) Open PSPL trading
account and submit
linkage
Opening a corporate account
• Application & Opening workflow
• unsuccessful application – CDP rejection
account opening process
Client Business APU CDP
1-submit 2-submit 3-submit
4-Reject
application
5-Return application
with rejection
remarks indicated6-Revert to client
7-Rectify and
resubmit
8-Resubmit 9-Resubmit
End• Summary:
– eligility
– method of payment
– verification methods
– forms used
– CDP application process flow
• Questions?
