commercial banking account opening pack - hsbc bank · commercial banking account opening procedure...

Commercial Bankingaccount opening pack

Commercial Banking account opening procedure and checklist

To open a Commercial Banking account, please refer to the following procedure and documents required.

a) Account/Services application formb) Mandatec) Singapore tax declaration form

Please prepare the following documents applicable to your business for submission.

Important points to note:a) Under the provisions of Deposits Insurance Act 2005, all Singapore dollar denominated deposits with HSBC held by charities will be insured by the Singapore

Deposits Insurance Corporation Limited for up to S$20,000.b) All documentation must be certified as true copies by any HSBC branch or an international bank.c) Acceptable proof of residential address are (i) NRIC for Singaporeans (ii) Identification Cards issued to foreigners by their respective home countries with residential

address (iii) Passports where address are indicated by the Immigration Authorities (iv) Driving Licence with residential address (v) Account statements/Tenancyagreement/Utility bills (issued within last 3 months)

You will receive a welcome pack containing all the necessary forms. Please complete the relevant sections accordingly.

Call 1800 216 9008 (Singapore) or (65) 6216 9008 (overseas)

Click www.hsbc.com.sg/hsbc.commercial

E-mail [email protected]

Visit Commercial International Banking Centre

21 Collyer QuayHSBC Building Level 2Singapore 049320

Operating hours: 9.30 am to 5.00 pm (Mondays to Fridays)

b) Certified copy of NRIC/Passports and proof ofresidential address

Businessowner and allAuthorisedSignatories

All partnersand AuthorisedSignatories

All partners,AuthorisedSignatoriesand managerof limitedliabilitypartnership

All officebearers andAuthorisedSignatories

All Directors,beneficialowners,AuthorisedSignatories,shareholdersand corporatesecretary

All Directors,beneficialowners,AuthorisedSignatories,shareholdersand corporatesecretary

a) Business profile(From ACRA orits equivalent)

c) Certified copy of other documentations

Certificate ofBusinessRegistration/ReceiptshowingBusinessRegistration


PartnershipAgreement/By-laws


PartnershipAgreement/By-laws

Certificate ofIncorporation

Memorandumand Articles ofAssociation

OwnershipStructure

Certificate ofIncorporation

Memorandumand Articles ofAssociation

Certificate ofBusinessRegistration inSingapore (ifapplicable)

Certificate ofIncumbency(if applicable)

Certificate ofGood Standing(if applicable)

OwnershipStructure

d) The following signatories to be present in personfor verification

Businessowner and allAuthorisedSignatories

All partners(owns orcontrols 10%or more votingrights) and allAuthorisedSignatories

All partners(owns orcontrols 10%or more votingrights),AuthorisedSignatoriesand managerof limitedliabilitypartnership

All officebearers andAuthorisedSignatories

At least twoDirectors, allshareholders,beneficialowners (ownsor controls10% or morevoting rights),AuthorisedSignatoriesand corporatesecretary

At least twoDirectors, allshareholders,beneficialowners (ownsor controls10% or morevoting rights),AuthorisedSignatoriesand corporatesecretary

PartnershipSole

proprietor

Limitedcompany

incorporatedSingapore

Limitedliability

partnership

Club/Society/Association

Limitedcompany

incorporatedoverseas

Remarks

� � � � � �

Certificate ofRegistrationissued byofficiallicensing office

Rules andRegistration/Constitution/By-laws of theSociety/Association

Minutes ofmeetingauthorising theestablishmentof the businessrelationship

Documentlisting thecurrent officebearers

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For internal use only

Account no.:

Customer no.:

Date opened:

Account(s) requirement

Please in the checkboxes for the type of account you would like to apply for:

BusinessVantage account (SGD)

Foreign Currency Current account ( USD GBP AUD HKD EUR Other currencies (please specify): ___________ )

Others (please specify):

Please open an account in our name with the following details.

Official use: DCNOther account(s) and services

Please in the checkboxes if you would like to apply for the following services:

BusinessInternet Banking

Please complete theapplication on page 5.

Trade FinanceSMS Alerts


PhoneBanking


ATM



Customer information

Registered name of business: Registration no.:

Date of incorporation:(dd/mm/yyyy)

Country of incorporation: Name of parent company (if any): Country where parent company is based:

GST registration no.: Business e-mail address:

Entity type:

Sole proprietor Limited company

Partnership Club/Society/Association

Limited liability partnership

Others (please specify):

Correspondence address (Please specify if different from above):

Business address:

E-mail address:

Contact details (Authorised to receive and communicate customer information)

Contact person (2) (with title: Dr/Mr/Ms/Mdm)

Contact person (1) (with title: Dr/Mr/Ms/Mdm) E-mail address:

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Business telephone no.:(Country) (Area)

Business fax no.:(Country) (Area)

Office no.:(Country) (Area)

Mobile no.:(Country) (Area)



Customer agreement

We confirm that the details given above are true and correct, and that we have received and read a copy of The Hongkong and Shanghai Banking Corporation Limited’s General

Terms and Conditions governing the Account(s) and Product(s) which we are applying. We also agree to be bound by all the provisions of the same Terms and Conditions

for the Account(s) and Product(s) which we are now applying.

Signature:

Name:

Designation:

Signature:

Name:

Designation:

Banking relationship:

1. Does the company have an existing account with HSBC?

If Yes, please indicate country/account no.:

2. Is HSBC the company’s main banker?

If No, please indicate the main banker:

NoYes

Yes No

Chequebook requirements (For accounts with chequebooks only)

For Bank use only:

Signature(s) verified by:

InitialOfficer no.

Data checked by: Data checked by: Data checked by:

C11: C35: M971:

Authorised by:

InitialOfficer no.

Note: Below details are required for the application to be processed.

Please tick the checkbox if chequebooks are not required for the account(s).

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Please send four chequebooks to me/us by mail and personalise the company’s cheques as follows (maximum 25 characters):BusinessVantage account chequebooks

Business information (Mandatory information)

Purpose of account and nature of business with the Bank/Types of activities to be conducted with the Bank:

Description of business (Eg Import/Export of textiles - 50%, clothes manufacturing - 50%):

Annual business turnover:

< S$500,000 S$500,000 – S$999,999 S$1 million – S$4.99 million

S$5 million – S$9.99 million S$10 million – S$19.99 million > S$20 million

No. of employees:

Less than 20 20 - 49 50 - 99 100 - 499

500 - 999 1000 - 4999 5000 and above

Usually conducts business in:

Singapore Europe Japan USA

China UK Malaysia Others:

Source of funds (Types of funds and country/location from which funds originated):

Expected types of transactions (Eg Telegraphic Transfers/Cheques/Payroll):

Estimated transaction value, volume and frequency:

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Business Internet Banking application

Company name*: Registration no.*:

*All accounts opened under the same business name and registration number will be accessible through Business Internet Banking.

Primary users (Maximum of three primary users) (Mandatory information)

Note: Below details are required for the application to be processed.

†If the appointed primary user is not an Authorised Signatory for banking transactions, copies of the NRIC/Passport of the primary user must be certified by a HSBC Branch/Officer and forwarded togetherwith the application form. Should there be delivery of security devices outside Singapore, please note that courier charges will apply.

Note: Given the wide powers conferred on the primary user(s), please consider appropriate internal controls and measures in the context of theorganisation’s operating environment. You may refer to our Security Guide to assist you. You do not need to include details of your secondary usersin this application.

Authority type (Please the appropriate box)

Dual Authority: Two primary users are required to control the access and rights of Business Internet Banking users.

Sole Authority: Each primary user is allowed to control the access and rights of Business Internet Banking users.

Primary users information

Primary users will have the authority and responsibility for the installation, administration, maintenance and ongoing use of BusinessInternet Banking, including authority to:a) Appoint secondary usersb) Delegate various access and/or control rights to secondary usersc) Vary the access and/or control rights and limits that apply to themselves and/or other secondary users

Third appointed primary user

Full name as in NRIC/Passport (with title: Dr/Mr/Ms/Mdm) E-mail address:

Date of birth:NRIC/Passport no.†:

Signature:


Second appointed primary user



Signature:


First appointed primary user



Signature:




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6

For Bank use only:

Approved by (RM): Corporate EDB:

Daily combined cash authorisation limit: S$500,000

Business Internet Banking fee Daily authorisation limit

By setting a daily authorisation limit, your primary user(s) will be able to freely delegate

authorisation to other users of Business Internet Banking as long as the limits set below are

not breached. Please consider appropriate internal controls and measures in the context of

the organisation’s operating environment. You may refer to our Security Guide to assist you.

Subscription: FreeA cancellation fee of S$50‡ will apply if the service iscancelled within six months of registering for BusinessInternet Banking

‡Rates not inclusive of prevailing GST or charges incurred for delivery or replacement ofsecurity devices.

We authorise the bank to debit the following HSBC account forfees in respect of the Business Internet Banking service:

Please note that for Documentary Credit applications and amendments, you are free to authoriseany amount subject to your facility limit.

Set daily combined cash authorisation limit to S$ _____________(Maximum S$5 million only)

Please one only:

Declaration

I/We confirm that we have received, read and understood The Hongkong and Shanghai Banking Corporation Limited’s General Terms and Conditions governing Business Internet Bankingalong with benefits and risks of using Business Internet Banking, I/We agree to be bound by all the provisions of the same Terms and Conditions for Business Internet Banking, subject tochanges from time to time. I/We hereby confirm that the details given above are true and correct.

Signature:

Name:

Designation:

Signature:

Name:

Designation:

Contact person

Name: E-mail address:

Note: All ammendments must be countersigned by signatories authorised in applying for Business Internet Banking service.

For internal use only.Signature verified by:

For internal use only.Signature verified by:



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SMS Alert service application

Please the appropriate boxes

Corporate PhoneBanking application

Note: The total amount of transaction effected by each nominated user (on all accounts) cannot exceed S$50,000 daily.

Full name (Please underline surname and include former and other names):

Accounts to access:

1.

2.

Predefined third party payees (For internal fund transfer)Payee name:

NRIC/Passport no.:

3.

4.

Nominated user one

Payee HSBC account no.: Maximum amount:

Payee name: Payee HSBC account no.: Maximum amount:

Nominated user two


Accounts to access:

1.

2.

Predefined third party payees (For internal fund transfer)Payee name:

3.

4.

Payee HSBC account no.: Maximum amount:

Payee name: Payee HSBC account no.: Maximum amount:

NRIC/Passport no.:

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NRIC/Passport no.:

Nominated user one


Accounts to access: Account codename*:

1.

3.

2.

1.

3.

2.

*Please fill in a nickname foreach account. The nicknameshould have a minimum ofthree characters and amaximum of 10 characters.

Eg SGDACCT

Mobile service provider: M1 Singtel StarHub Others:

Credit notification: For amounts over S$5,000 S$10,000 Others:

Balance notification:

S$50,000

S$10,000

S$100,000

S$30,000

S$30,000

S$0Balance below

Balance above

Mobile no.: (Country)

NRIC/Passport no.:

Nominated user two


Accounts to access: Account codename*:

1.

3.

2.

1.

3.

2.

*Please fill in a nickname foreach account. The nicknameshould have a minimum ofthree characters and amaximum of 10 characters.

Eg SGDACCT

Mobile service provider: M1 Singtel StarHub Others:

Credit notification: For amounts over S$5,000 S$10,000 Others:

Balance notification:

S$50,000

S$10,000

S$100,000

S$30,000

S$30,000

S$0Balance below

Balance above

Mobile no.: (Country)

(Area)

(Area)

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Nominated users

Corporate ATM application

Please the appropriate boxes

Accounts to be accessed with Corporate ATM

Cash withdrawal:

Company name: Registration no.:

Overall daily limit for all* accounts with ATM

All accounts

Only the following account(s):

1.

3.

2.

Fund transfer to own accounts with HSBC:

Fund transfer to other accounts with HSBC:

S$500

S$1,000

S$500

S$1,000 S$2,000

S$3,000 S$5,000

S$1,000 S$2,000

*The daily limit specified will apply regardless of the number of accounts thecompany may have with HSBC.

Details Nominated user one Nominated user two

Full name of nominated user:

NRIC/Passport no.:

Name to appear on card:(Maximum of 24 characters)

Language preference:What is the preferred language forthe nominated user?

English Chinese English Chinese

Statement request:Can the user request for statementsthrough the ATM?

Yes No Yes No

Chequebook request:Can the user request for chequebooksthrough the ATM?

Yes No Yes No

Balance enquiry:Can the user check the account balance(s)through the ATM?

Yes No Yes No

Yes No Yes NoCash/cheque deposit:Can the user make deposits with the ATM?

Individual limits:a) This limit will be applied in conjunction with the daily overall limit for all accounts.

b) If the limit(s) specified here exceeds thelimit(s) specified under daily overall limit

for all accounts, the lower limit shall prevail.

Authorisation for SMS Alert service and/or Corporate PhoneBanking and/or Corporate ATM application

Signature:

Name:Designation:

Signature:

Name:Designation:

Cash withdrawal:

S$500 S$1,000 S$2,000

Yes, with a card limit of:No

Fund transfer to own accounts

with HSBC:

Fund transfer to other accounts

with HSBC:

S$500 S$1,000 S$2,000


S$500 S$1,000 S$2,000


Cash withdrawal:

S$500 S$1,000 S$2,000


Fund transfer to own accounts

with HSBC:

Fund transfer to other accounts

with HSBC:

S$500 S$1,000 S$2,000


S$500 S$1,000 S$2,000


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Declaration of beneficial ownership

A. To be completed by each beneficial owner of the company.

I, hereby declare that I am a beneficial owner of the abovenamed company and beneficially own the said percentage of the shares in thecompany (“Shares”) stated below. I undertake to keep HSBC (”the Bank”) informed should there be any change of my ownership of the Sharesin future.

This declaration will be binding on my heirs, executors, successors and assigns, and will inure to the benefit of HSBC and its successors andassigns. This declaration will be governed by the law of Singapore.

I hereby certify to HSBC and covenant with HSBC that the Shares are and will be held by myself or solely for myself.

I agree to notify the Bank immediately if, at any time, any of the matters certified below ceases to be true, accurate or complete for any reasonor there are any changes to the beneficial ownership of any Shares. Such changes would include but are not limited to Shares which are sold,assigned, delivered or transferred (whether by operation of law or otherwise), new Shares which are issued to me, changes to the proportionof Shares beneficially held.

Particulars of beneficial owners Signature (Please sign within the box)

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Name:

Former/Other name (alias):

Residential address:

Permanent address (if different from residential address):

NRIC/Passport no.: Designation/Occupation:

Nationality: Date of birth:

Percentage of shares: Country of residence:

For internal use only.

Signature verified by:

Name:









Name:









Name:









B. Director’s declaration on beneficial ownershipNote: The authorised director must make a declaration of the list of beneficial owners of the company.

Complete the list in descending order according to percentage of shares, starting with the largest beneficial owner

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Name:







Name:







Name:







Declaration:

I, (full name), being a director of the abovenamedCompany, hereby confirm and declare that the current beneficial owners of the Company are listed above and noneof them are held in the form of bearer shares. I agree to notify the Bank immediately if, at any time, any of the matterscertified above ceases to be true, accurate or complete for any reason or there are any changes to the beneficialownership of any shares. Such changes would include but are not limited to shares which are sold, assigned, deliveredor transferred (whether by operation of law or otherwise), new shares which are issued, changes to the proportionof shares beneficially held.

Signature of Director:

Date:

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Trade account no.:

Company name: Registration no.:

The following person(s), in accordance with the Signing Condition specified as below are authorised to issue written instructions

in relation of all trade transactions with the Bank, including but not limited to:

a) Forwarding and covering schedules

b) Bills of exchange

c) Applications for shipping guarantees

d) Applications for opening letters of credit and amendments

e) Loans under trust receipt, extension of loans, repayment of loans

f) Letters of indemnity

g) Any other documents relevant to credit/trade facilities/transactions with the Bank

Trade Finance(Services) application

Signing condition

Singly Others (Please specify):

Any two jointly ____________________________________________________________

Particulars of authorised persons Signature (Please sign within the box)

15

Name: Salutation:






Group (if any): Country of residence:



Name: Salutation:









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Signature:

Name:Designation:

Signature:

Name:Designation:

Authorisation

Name: Salutation:









Name: Salutation:









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1. Definitions

"Authorised Person(s)" means the person(s) authorised by the Customer to give instructions to the Bank in connection with aFacility or Facilities as notified to the Bank from time to time in such manner as the Bank requires;

"Bank" means The Hongkong and Shanghai Banking Corporation Limited at its office specified in the Schedule and its successorsand assigns and, where the context permits, includes any person appointed by the Bank under Clause 9(a);

"Customer" means the person whose name and address are specified in the Schedule;

"Documentary Credit" means a documentary credit issued or confirmed by the Bank at the request or for the account of theCustomer and any commitment by the Bank to issue such credit and also includes any such credit or commitment as extendedor amended at the request of the Customer;

"Documents" means all bills, documents of title, transportation documents, insurance policies and other documents relating togoods and/or produce which goods and/or documents are in the name, possession or control of the Bank or held by or to the orderof the Bank, whether for custody or any other reason and whether or not in the ordinary course of banking business;

"Exchange Rate" means the rate for converting one currency into another currency which the Bank determines to be prevailingin the relevant foreign exchange market at the relevant time, such determination to be conclusive and binding on the Customer;

"Facility" and "Facilities" mean such facility or facilities as the Bank may make or continue to make available to the Customer orto any other person at the request of the Customer by the way of advances, the issue of a Documentary Credit, the issue of ashipping guarantee or otherwise in relation to Goods;

"Goods" means the goods and/or produce to which Documents relate;

"Person" includes an individual, firm, company, corporation and an unincorporated body of persons;

"Process Agent" means the person, if any, whose name and Singapore address are specified in the Schedule; and

"Secured Moneys" means

a) all moneys in any currency owing by the Customer to the Bank at any time, actually or contingently, in any capacity,alone or jointly with any other person,

b) interest on such moneys (both before and after any demand or judgement) to the date on which the Bank receivespayment, at the rates payable by the Customer or which would have been payable but for any circumstance whichrestricts payment,

c) any expense of the Bank in making payment under this Agreement on behalf of the Customer (but without the Bankbeing under any obligation to do so) as a result of failure by the Customer to make such payment when due and

d) all expenses of the Bank in perfecting or enforcing its rights under this Agreement.

2. Application

2.1 This Agreement shall apply to any Facility which the Bank, at its discretion, may agree to make available to such extent andin such manner as the Bank thinks fit.

2.2 The terms and conditions in the Agreement shall be subject to such other terms and conditions which may be specified bythe Bank in relation to any individual Documentary Credit and any particular Facility.

2.3 Each Documentary Credit shall be subject to the Uniform Customs and Practice for Documentary Credits of the InternationalChamber of Commerce as are in effect from time to time.

2.4 In the event of any conflict between this Agreement and the Uniform Customs and Practice for Documentary Credits of the International Chamber of Commerce as are in effect from time to time and/or the International Chamber of Commerce Rules for Collections as are in effect from time to time, this Agreement shall prevail.

2.5 To enable the Bank to provide or consider whether to provide the Customer with services, the Customer is required to supplyto the Bank, personal, account and transactional information ("Customer Information"). Subject to the Bank agreeing to providesuch services as the Customer may request, the Bank will use, store and transfer (whether within or outside Singapore)and/or exchange such details and information to or with all such persons as the Bank may consider necessary. This includesbut is not limited to any member of the HSBC Group for any and all purposes in connection with such service and/or for thepurpose of promoting, improving and furthering the provision of other financial services by the Bank and any member of theHSBC Group to the Customer generally, and/or any other purposes and to such persons as may be in accordance with theBank's general policy on disclosure of information as set out in statements, circulars, notices or other terms and conditionsmade available by the Bank to the Customer from time to time.

Without prejudice to the above, the Customer acknowledges that, where the Bank considers it necessary or appropriate, the Bank may transfer any such data, details or information to any service provider (whether situated in or outside Singapore),under conditions of confidentiality imposed on such service providers, for the purpose of data processing or providing any service on behalf of the Bank to the Customer (including third party service providers, sales and telemarketing agencies). The Customer agrees and acknowledges that overseas service providers may be required by law to disclose information received from the Bank to third parties. Such circumstances include the service provider being compelled to disclose information pursuant to a court order, police investigations and criminal prosecutions for tax evasion or other offences.

To: The ManagerThe Hongkong and Shanghai Banking Corporation Limited (“the Bank”) Singapore Office

Trade Financing General Agreement

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3. Documentary Credit for imports

3.1 The Bank is authorised to honour a complying presentation under each Documentary Credit in accordance with its terms.

3.2 The Bank may restrict negotiations under any Documentary Credit to its own offices or to any correspondent or agent of its choice and, in such a case, the Bank is authorised to accept and pay all documents drawn or purporting to be drawn on any such office, correspondent or agent.

3.3 The Customer will pay the Bank not later than the due date an amount equal to the amount due under any Documentary Credit.

4. Export documents

4.1 a) If the Bank has confirmed the Documentary Credit, the Bank will have full recourse to the customer in the case ofnon-payment by reason of any, or alleged, fraud (on the part of any person) or other illegality affecting the Documentary Credit.

b) Unless, subject to clause 4.1(a), the Bank has confirmed the Documentary Credit, the Customer will pay the Bank not laterthan the due date an amount equal to the amount due under bills negotiated or endorsed by the Bank, whether or notdrawn under a Documentary Credit, which are dishonoured or not paid on their due date. Non-payment shall be deemedto have occurred if the Bank has not received unconditionally the whole sum due.

4.2 The Bank is authorised, at its discretion and on such conditions as it thinks fit, in relation to any bill, whether or not drawn under a Documentary Credit:

a) to take conditional acceptances and/or acceptances for honour and/or to extend the due date for payment;

b) to accept payment from the drawees or acceptors before maturity under rebate or discount;

c) to accept part payment before maturity and to deliver a proportionate part of the Goods to the drawees or acceptors ofthe bills or the consignees of the Goods;

d) at the request of the drawees, to delay presentation of any bill for payment or acceptance without affecting the liabilityof the Customer to the Bank in respect of such bill;

e) to institute proceedings and to take steps for the recovery from the acceptors or endorsers of any bill of any amount duein respect of such bill, despite the Bank having debited the account of the Customer with the amount of such bill.

4.3 The Customer will also reimburse the Bank on demand for advances made against any documents which have not been dulytaken up on presentation or in respect of which payment has not been duly made to the Bank.

5. Collections

5.1 If the Bank is requested to make a collection, the Bank is authorised to treat the service as subject to and conditional uponcollection and receipt by the Bank of full payment of the relevant bill, draft or document.

5.2 In the absence of such collection and receipt by the Bank, the Customer will reimburse the Bank, on demand, for any amountdue in respect of such service.

5.3 Each collection shall be subject to the International Chamber of Commerce Rules for Collections as are in effect from timeto time.

6. Security

6.1 In consideration of the Facilities, the Bank shall have a pledge, by way of security, on the Documents and the Goods untilall the Secured Moneys have been paid or discharged.

6.2 The pledge shall be a continuing security, in addition to, not affected by and enforceable despite the existence of any othersecurity held by the Bank. Any restriction on the right of consolidating securities shall not apply to the pledge.

6.3 If

a) there is a default in acceptance or payment of any Document or

b) the Customer has failed to pay any of the Secured Moneys when due or is in default under any of the terms of thisAgreement or a trust receipt relating to Goods or

c) the Customer or any drawee or acceptor of a Document is unable or admits to being unable to pay its debts as theybecome due or is subject to any proceedings in or analogous to insolvency, bankruptcy, liquidation or if legal processis levied or enforced against any of its assets or

d) any action is threatened or taken which might prejudice the Bank's interest in and rights against the Documents and/orthe Goods or

e) the Bank considers it desirable to sell the Goods, the Bank shall be entitled to enforce its pledge and may, withoutdemand, notice, legal process or any other action with respect to the Customer or any other person, realise, sell,negotiate or otherwise dispose of all or some of the Documents and the Goods, at any time and in any way which itdeems expedient, free from any restrictions and claims and the Bank shall not be liable for any loss arising out of suchrealisation, sale, negotiation or disposal.

6.4 The Customer hereby assigns to the Bank any rights which the Customer may have as the unpaid seller of Goods.

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7. Release of Pledged Goods

If Documents or Goods are released to the Customer or to its order, they shall be held by the Customer exclusively for the purposeof their sale or other disposition approved by the Bank on normal trade terms at the market value and, in such event (whether ornot a trust receipt is signed on delivery), the Documents, Goods and the proceeds shall be held on trust for the Bank and solelyto its order. All such proceeds shall be kept separate, shall be paid to the Bank immediately upon receipt and the Bank is authorisedto demand and/or receive such proceeds from any person.

8. Undertakings

8.1 The Customer undertakes that:

a) the Documents and the Goods shall be in the sole beneficial ownership of the Customer, free from encumbrancesand claims except for the pledge in favour of the Bank;

b) it will insure the Goods for their full value against all insurable risks in such manner as the Bank may require and, ifso requested by the Bank, will arrange for the Bank's interest in the Goods to be endorsed on the relevant policy anddirect the insurer to make payment direct to the Bank in respect of any damage or loss;

c) it will make payment to the Bank of all insurance proceeds received by it in respect of Goods and, pending payment,will hold such proceeds on trust for the Bank;

d) it will endorse the Documents in favour of the Bank, deposit the Documents with the Bank or to its order and notein its records the interest of the Bank in the Documents and the Goods;

e) it will pay all costs of and incidental to the transportation and storage of the Goods;

f) it will inform the Bank of any event of which it becomes aware which can adversely affect the ability of a buyer tocomplete the purchase of Goods;

g) it will procure the prompt release of the Bank from any guarantee, indemnity or other commitment which the Bankmay have provided in respect of Documents and/or Goods;

h) it will not nor attempt to encumber, transfer, sell, dispose of or otherwise deal with the Documents and/or the Goodsexcept as directed by or with the prior written consent of the Bank;

i) it will keep the Goods separate from any other property of the Customer or other persons;

j) it will not permit Goods to be processed or altered without the prior written consent of the Bank; and

k) it will not take any action which might prejudice the value of the Goods and/or the effectiveness of the pledge andthis Agreement.

8.2 The Customer undertakes that, at the request of the Bank, it will:

a) provide the Bank with such information concerning the Documents and the Goods and any proposed sale of Goodsas the Bank may require;

b) keep the Bank informed of the whereabouts of the Goods and of any change in the condition, quality or quantity ofthe Goods; and

c) execute such documents and perform such acts as the Bank may consider expedient in connection with the exerciseof its powers and rights under this Agreement.

9. Authorisations

9.1 The Customer authorises the Bank:

a) to appoint any other person as its correspondent, nominee or agent in connection with the Facilities and the Bankmay delegate any of its powers under this Agreement to such person;

b) to take such steps and to make such payments as it considers necessary, at the cost of the Customer, to remedyany default by the Customer in compliance with any of its obligations under this Agreement;

c) to land and store Goods and to arrange for their shipment and to inspect the Goods at any time;

d) to notify any other person of its interest in the Documents and the Goods; and

e) to make payment immediately when due or on demand under any Documentary Credit, guarantee, indemnity or anyother commitment which the Bank may have provided in respect of Documents and/or Goods without reference toor further authority from the Customer or any other person, without enquiry as to the validity or otherwise of anydocument, claim or demand (irrespective of any dispute by the Customer) and payment by the Bank shall be bindingon the Customer.

10. Limitation on liability and indemnity

10.1 The Bank shall not be liable to the Customer or any other person for any act, delay or failure to act, on the part of the Bankor any other person, in respect of the Documents or the Goods or otherwise for the condition, quantity or value of the Goodsunless due to the negligence or wilful default of the Bank, its officers or employees.

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10.2 The Customer shall indemnify the Bank, its officers and employees against all liabilities, claims, costs and damages of anykind which may be incurred by any of them and all actions or proceedings which may be brought by or against them inconnection with the Documents and/or the Goods and the exercise of the powers and rights of the Bank under this Agreement,unless due to the negligence or wilful default of the Bank, its officers or employees.

11. Customer's instructions

11.1 The Bank is authorised to act on the instructions of the Authorised Person(s) concerning the Facilities, the Documents andthe Goods.

11.2 The Bank may, at its discretion, accept instructions believed by it to have emanated from Authorised Person(s) and if it actsin good faith on such instructions, such instructions shall be binding on the Customer and the Bank shall not be liable for doingso, whether or not the instructions were given by the Authorised Person(s) and the Bank shall not be under any duty to verifythe identity of the person(s) giving those instructions.

12. Payments

12.1 The Bank may debit to any account of the Customer with the Bank, the whole or any part of the Secured Moneys.

12.2 Payments by the Customer shall be made to the Bank as specified by the Bank without any set-off, counterclaim, withholdingor condition of any kind except that, if the Customer is compelled by law to make such withholding, the sum payable by theCustomer shall be increased so that the amount actually received by the Bank is the amount it would have received if therehad been no withholding.

12.3 Payment by the Customer to the Bank shall be in the currency of the relevant liability or, if the Bank so agrees in writing, ina different currency, in which case the conversion to that different currency shall be made at the Exchange Rate.

12.4 No payment to the Bank under this Agreement pursuant to any judgement, court order or otherwise shall discharge theobligation of the Customer in respect of which it was made unless and until payment in full has been received in the currencyin which it is payable under this Agreement and, to the extent that the amount of any such payment shall, on actual conversioninto such currency, at the Exchange Rate, fall short of the amount of the obligation, expressed in that currency, the Customershall be liable for the shortfall.

12.5 Any moneys paid to the Bank in respect of the Secured Moneys may be applied in or towards satisfaction of the same orplaced to the credit of such account as the Bank may determine with a view to preserving its rights to prove for the wholeof the Secured Moneys.

12.6 If any moneys paid to the Bank in respect of the Secured Moneys are required to be repaid by virtue of any law relating toinsolvency, bankruptcy or liquidation or for any other reason, the Bank shall be entitled to enforce this Agreement as if suchmoneys had not been paid.

13. Set-off

The Bank may, at any time and without notice, apply any credit balance to which the Customer is entitled on any account whetheror not in the Customer's name with the Bank or any other party and/or set-off any other obligation that the Bank may owe to theCustomer in or towards satisfaction of the Secured Moneys. For this purpose, the Bank is authorised to purchase, at the ExchangeRate, such other currencies as may be necessary to effect such application with the moneys standing to the credit of such account.Any other obligation owing by the Bank to the Customer shall be similarly converted at the Exchange Rate to the relevant currencyof the Secured Moneys for the purposes of such set-off.

14. Lien

The Bank is authorised to exercise a lien over all property of the Customer coming into the possession or control of the Bank, forcustody or any other reason and whether or not in the ordinary course of banking business, with power for the Bank to sell suchproperty to satisfy the Secured Moneys.

15. Customer's accounts

The Bank may, at any time, continue any existing account and open any new account in the name of the Customer and no subsequenttransactions, receipts or payments involving such new accounts shall affect the liability of the Customer hereunder.

16. No waiver

No act or omission by the Bank pursuant to this Agreement shall affect its rights, powers and remedies hereunder or any furtheror other exercise of such rights, powers or remedies.

17. Assignment

The Customer may not assign or transfer any of its rights or obligations under this Agreement. The Bank may assign any of itsrights to a person in whose favour it has made an assignment of all or any of the Facilities.

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18. Communications

Any notice, demand or other communication under this Agreement shall be in writing addressed to the Customer at the last addressregistered with the Bank and addressed to the Bank at its office specified in the Schedule or such other address as the Bank maynotify to the Customer for this purpose and may be delivered personally, by leaving it at such address, by post, facsimile transmissionor telex and shall be deemed to have been delivered to the Customer at the time of personal delivery or on leaving it at such addressor on the second day following the day of posting or on the day of despatch, if sent by facsimile transmission or telex, and to theBank on the day of actual receipt.

19. Severability

Each of the provisions of this Agreement is severable and distinct from the others and, if one or more of such provisions is orbecomes illegal, invalid or unenforceable, the remaining provisions shall not be affected in any way.

20. Governing law and jurisdiction

20.1 This Agreement is governed by and shall be construed in accordance with the laws of Singapore.

20.2 The Customer submits to the non-exclusive jurisdiction of the Singapore Courts but this Agreement may be enforced in theCourts of any competent jurisdiction.

21. Process Agent

If a Process Agent is specified in the Schedule, service of any legal process on the Process Agent shall constitute service on theCustomer.

22. Execution

This Agreement has been entered into by the Customer on __________________________________.

Bank's office: The Hongkong and Shanghai Banking Corporation Limited, Singapore

Customer name ________________________________________________________________________________________________________of

_________________________________________________________________________________________________________________________

Process agent (if applicable) ____________________________________________________________________________________________________of

Company address__________________________________________________________________________________________________ , Singapore

Schedule

_______________________________________________________

Signature of witness

Name: ________________________________________________

NRIC/Passport no.: _____________________________________

______________________________________________________ _____________________________________________________

Signature (with company stamp if any) Signature (with company stamp if any)

Name: _______________________________________________ Name: ________________________________________________

Designation: __________________________________________ Designation: ___________________________________________

NRIC/Passport no.: _____________________________________ NRIC/Passport no.: _____________________________________

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IMPORTANT

To enable us to determine whether Singapore withholding tax should be deducted from interest paid/credited to you in

compliance with the Singapore Income Tax Act, Cap 134, we would be grateful if you would complete the following declaration

by ticking ( ) in the appropriate boxes provided.

Based on your declaration, the Bank will determine whether any interest payable to you is subject to withholding tax.

Please note that you might be deemed to be subject to Singapore withholding tax at the prevailing corporate tax rate if this

declaration is not duly completed.

The notes overleaf are provided purely as a guide. You should seek professional advice from your tax consultants should

you be uncertain of how to make the declaration or its tax implications.

This form should be signed by an Authorised Signatory.

Declaration of Tax Status for Corporate Accounts

To: The Hongkong and Shanghai Banking Corporation Limited, Singapore (“The Bank”)

We hereby declare that:

1. The control and management of the company’s business is exercised in Singapore.

2. The company has received a withholding tax waiver letter from The Inland Revenue Authority of Singapore

(If yes, please provide us with a certified true copy).

If the answer to 1 or 2 is Yes, please skip questions 3 and 4.

3. The company has a permanent establishment in Singapore.

If the answer to question 3 is YES, please complete questions 3a) and 3b)

a) The funds placed with the Bank are obtained from a Singapore operation.

b) (If applicable) The funds used to acquire the qualifying debt securities are derived from a Singapore operation.

4. The company is carrying on a business in Singapore by itself or in association with others.

Yes No

We hereby declare that the information given in this declaration form is true and correct. We undertake to notify the Bank

in writing immediately of any change in the status declared above.

We agree that we shall be solely responsible for ensuring the accuracy and completeness of the information declared above

and the Bank shall not be obliged to verify the accuracy and completeness of such information. We acknowledge and agree

that the Bank shall not be responsible for any loss or damage suffered by us as a result of the above information being

inaccurate or incomplete in any way. We further agree to indemnify the Bank in full against any loss arising out of or in

relation to any claim, demand, action or proceeding which may be made against the Bank and/or any damage, liability, loss

and expense (including legal costs on a full indemnity basis) which the Bank may incur or suffer directly or indirectly in acting

or relying upon the above information.

Name of company:

Registration number/ Country ofBusiness registration number: incorporation:

Registered address:

Business address:

Authorised Signatory:

Name and designation: Date:

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Declaration of Tax Status for Corporate Accounts

Explanatory notes:

1. Under the Singapore Income Tax Act, a non-resident company is subject to withholding tax on interest earned from deposits if:

a) it is a permanent establishment (including a branch) in Singapore or is carrying on a business in Singapore by itself or in associationwith others; or

b) the funds placed with the Bank are obtained from a Singapore operation.

The withholding tax rate is at the prevailing Singapore corporate tax rate.

A non-resident company could have obtained a waiver from the Inland Revenue Authority of Singapore (IRAS) to waive the requirement

to withhold tax. A copy of the waiver letter from IRAS should be presented to the Bank so that we will not deduct any withholding

tax from interest paid/credited to you.

2. Control and management

A company, whether incorporated locally or overseas, is considered to be a resident in Singapore for tax purposes if its effective

control and management (as opposed to day-to-day administration) is exercised in Singapore. As a general rule, the place of residence

of a company is where the Directors of the company manage and control its business and where they hold their board meetings.

3. Permanent establishment

Permanent establishment is a fixed place where the business is wholly or partly carried on, including a place of management, a

branch, an office, a warehouse, a building or work site or a construction, installation or assembly project in Singapore.

In addition, a company shall be deemed to have a permanent establishment if that company has another person acting on its behalf

in Singapore who:

a) habitually exercises an authority to conclude contracts;

b) maintains a stock of goods or merchandise for the purpose of delivery on behalf of that company; or

c) habitually secures orders wholly or almost wholly for that company or such other enterprises as are controlled by that company.

4. Carrying on a business in Singapore

The following activities within Singapore may suggest that the company is carrying on a business in Singapore:

a) If contracts are concluded in Singapore and are performed partly or wholly here.

b) If the property in goods passes in Singapore or the performance of services takes place here.

c) If stocks of goods are maintained here.

d) If manufacturing, contracting and similar operations are carried on in Singapore.

e) If receipts of proceeds of sales or services are in Singapore, but only if such receipts are in association with one or more ofthe other activities stated earlier.

f) If services are performed or provided in Singapore.

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Issued by The Hongkong and Shanghai Banking Corporation Limited, which is incorporated in the Hong Kong SAR with limited liability.