CORPORATE ACCOUNT account opening & more Presented by: - PowerPoint PPT Presentation

CORPORATE ACCOUNT account 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 ACCOUNT eligibility, verification & payment methods

Opening a corporate account who is eligible? • 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

Opening a corporate account verification methods • 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

Opening a corporate account payment methods • 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

CORPORATE ACCOUNT forms & supporting documents required: PSPL

Opening a corporate account forms required • 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

Opening a corporate account forms required • 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

standard forms Phillip Securities Corporate / Institution Application Form

standard forms Guarantee & Indemnity (first & last page)

Forms Board 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 forms required • 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)

Opening a corporate account forms required • 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)

Opening a corporate account forms required • 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

Opening a corporate account forms required • Example: ABC (A) PTE. LTD. is opening account d e r i u q e r ABC (A) PTE. LTD. e l i f z i B A R d e C r A i u q e r John Doe s DEF (S) PTE. LTD. r e b ID: 1234567 m e M f o g e R Tom Wicks 123 SDN BHD Passport: 7777777 Andy Grey Mary Cooks ID: 123456-78-9040 ID: A5123467

Opening a corporate account forms required • 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)

Opening a corporate account forms required • 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

Opening a corporate account forms required MSF > INFO > DOWNLOADABLE FORMS > AOT/POEMS

CORPORATE ACCOUNT forms required: CDP forms

Opening a corporate account forms required • Clients opening Corporate CDP account softcopy 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)

CDP forms Certificate of resolution & Application for securities account (Corporate)

Forms Certificate 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 ACCOUNT CDP corporate application flows

Opening a corporate account account opening process • Application & Opening workflow • successful application – no rejections (4) Informs client of successful application and GSA # via mail (1) Submits to (2) Submits to (3) Submits to Client Business APU CDP (5) Informs business (6) Indicates GSA # (7) Open PSPL trading of GSA # 1681-xxxx-xxxx account and submit (1681-xxxx-xxxx) on linkage form linkage and resubmit

Opening a corporate account account opening process • Application & Opening workflow • unsuccessful application – CDP rejection 5-Return application 4-Reject with rejection remarks indicated application 6-Revert to client 1-submit 2-submit 3-submit Client Business APU CDP 7-Rectify and 8-Resubmit 9-Resubmit resubmit

End • Summary: – eligility – method of payment – verification methods – forms used – CDP application process flow • Questions?