GLDB Account Opening Pack Overview

Q: What is the difference between Active NFE/NFFE and Passive NFE/NFFE? Why does it affect whether you need to submit the 'Controlling Person' form?

In the GLDB entity self-certification form:- Active Entity (Active): Typically refers to entities where the proportion of 'passive income (interest, dividends, rents, royalties, etc.)' in the previous year is <50%, and the proportion of assets used to generate passive income is <50% (the definition criteria are provided in the form).- Passive Entity (Passive): Typically refers to entities where the proportion of passive income in the previous year is higher (the form describes it as >50% criteria).The impact is:- If you check Passive (H), the form explicitly requires you to fill out Section 3 – Declaration of Controlling Person(s), and additionally submit 'individual tax resident self-certification forms' for all Controlling Persons. [oaicitation:28‡1. FATCA CRS form for Entities.pdf](sediment://file00000000933071f6b9f617718830f5c6)

This guide breaks your provided documents into four actionable modules: (1) bank & onboarding threshold, (2) fees & transfer costs, (3) how to complete the KYC questionnaire, and (4) how to complete FATCA/CRS self-certifications for entities and controlling persons.

1. What is GLDB? Suitable for which account opening scenarios

II. Account Opening Threshold, Fees, and Required Documents List (Subject to Documentation)

3. GLDB Fees and Transfer Costs: Estimating Monthly Expenses Using the "Transaction Model"

1) Official Fees Table (effective 29 Jan 2024)

Includes: early closure fee (SGD 50 within 6 months), audit confirmation fee (SGD 50), MEPS+ transfer (SGD 20), overseas outgoing SGD transfer (SGD 50), and foreign currency transfer (USD 50 or equivalent), while monthly account and service fees are waived.

AIAIGAnswer

You can start with a minimal model (excluding correspondent bank fees) for budgeting:

- Local transfer cost ≈ MEPS+ count × SGD 20
- Cross-border SGD cost ≈ Cross-border SGD count × SGD 50
- Cross-border foreign currency cost ≈ Foreign currency cross-border count × USD 50 (or equivalent)

Then add a 'correspondent bank fee buffer':
- If you frequently use cross-border wire transfers, it's recommended to allocate an additional buffer per transaction (depending on the receiving bank and route), as the official documentation states that correspondent/overseas bank fees are not included in the GLDB fee schedule and may be shared under SHA/OUR/BEN. [oaicitation:15‡GLDB-Fees-and-Charges.pdf](sediment://file00000000a08871f685338bd64e497cb7)

IV. How to Fill Out the Account Opening Questionnaire: Which Fields Most Affect "Due Diligence Approval"

Five, Bank Common Supplementary Questions Checklist: Prepare Answers and Evidence Chain in Advance

Six, FATCA/CRS (Entity) Self-Certification Form: Choosing the Right "Entity Type" is Key

In the GLDB entity self-certification form:

- Active Entity (Active): Typically refers to entities where the proportion of 'passive income (interest, dividends, rents, royalties, etc.)' in the previous year is <50%, and the proportion of assets used to generate passive income is <50% (the definition criteria are provided in the form).
- Passive Entity (Passive): Typically refers to entities where the proportion of passive income in the previous year is higher (the form describes it as >50% criteria).

The impact is:
- If you check Passive (H), the form explicitly requires you to fill out Section 3 – Declaration of Controlling Person(s), and additionally submit 'individual tax resident self-certification forms' for all Controlling Persons. [oaicitation:28‡1. FATCA CRS form for Entities.pdf](sediment://file00000000933071f6b9f617718830f5c6)

Seven, FATCA/CRS (Actual Controller/Individual) Self-Certification Form: US Identity Determination and Multi-Tax Resident Handling

AIAIGAnswer

In the self-certification form, if the tax residency you declare does not include the country/region of your residential address, the form provides a checkbox for confirmation: you confirm that you are not a tax resident of your country of residence and are not a tax resident of any other country besides those already declared.

Without the above confirmation, the information indicates: the bank may disclose your account information to tax authorities based on its records; and you may not be able to open additional accounts with GLDB. [oaicitation:33‡2. FATCA CRS form for Controlling Persons.pdf](sediment://file00000000d7c471f689c20c00b239ffb2)

Eight, Pre-submission "Packaging Checklist": Engineering the Pass Rate

Nine, Conclusion: What Banks Want is Not "Filling Out Forms," but "Explanatory Closure"

Disclaimer: The content of this article is for informational reference only and does not constitute investment advice, a solicitation, or a basis for major decision-making. Please make independent judgments and consult professional advisors when needed.

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Green Link Digital Bank (GLDB) Account Opening Pack: Fees, Questionnaire, and FATCA/CRS Self-Certification Guide

GLDB Account Opening Pack Overview

1. What is GLDB? Suitable for which account opening scenarios

II. Account Opening Threshold, Fees, and Required Documents List (Subject to Documentation)

1) Account Opening Threshold and Service Fee

2) Required Documents for Account Opening (Submission Package)

3. GLDB Fees and Transfer Costs: Estimating Monthly Expenses Using the "Transaction Model"

1) Official Fees Table (effective 29 Jan 2024)

2) An easily overlooked point: Correspondent bank/overseas bank fees

IV. How to Fill Out the Account Opening Questionnaire: Which Fields Most Affect "Due Diligence Approval"

1) Company Information and Account Type

2) Source of Funds

3) Estimated Monthly Transaction Amount and Number of Transactions

4) Key Personnel Information

5) Compliance Declaration (High-Risk Regions/PEP/Constitution)

Five, Bank Common Supplementary Questions Checklist: Prepare Answers and Evidence Chain in Advance

Six, FATCA/CRS (Entity) Self-Certification Form: Choosing the Right "Entity Type" is Key

Seven, FATCA/CRS (Actual Controller/Individual) Self-Certification Form: US Identity Determination and Multi-Tax Resident Handling

Eight, Pre-submission "Packaging Checklist": Engineering the Pass Rate

Nine, Conclusion: What Banks Want is Not "Filling Out Forms," but "Explanatory Closure"