How to open an account in Singapore
Over the past decades, Singapore has managed to become one of the most developed countries in the Asia-Pacific region. It is the world’s largest financial center , where cash flows flow, as well as to Switzerland. Opening an account in Singapore allows you to work and make mutual settlements with Asian counterparties on affordable terms. Corporate account in Singapore is suitable for business in China, Malaysia, Indonesia, Thailand.
You can rely on the members of the team of Lawrange law firm for choosing a bank and preparing a turnkey account. With experience in international business support and an extensive network of partnerships, we can be very useful for our clients.
Features and advantages of Singapore as a financial jurisdiction
In the context of global deoffshorization, the country strives to maintain a favorable investment climate. But banking institutions are now seriously complying with international standards for customer due diligence. The reliability and stability of the country’s banks is controlled by the Monetary Authority of Singapore (MAS) and the country’s Central Bank.
For your information! A non-resident (an individual person or organization ) can issue a bank account only after proving the reliability, the presence of a business ties in the Asian region. But as a result, having received an invoice, such a person will be able to enjoy the following benefits:
- the jurisdiction is not blacklisted by the EU and the FATF;
- you can do business using Singapore dollars (SGD) and world currencies;
- banking is supported in English;
- the banking system is characterized by its proven stability over the years;
- deposits are insured through the Singapore Deposit Insurance Corporation up to S $ 50,000;
- a comprehensive service is offered – a package of banking products, investment services, asset management;
- control the movement of funds from anywhere in the world thanks to convenient online banking.
How to open a bank account in Singapore for a non-resident?
Since 2014, the Singapore government has taken a course to tighten control over the opening of accounts by non-residents, especially if it is a company registered in a jurisdiction from the black lists of international organizations. Accordingly, it becomes more difficult for a potential client to go through the banking compliance procedure.
For your information! The experience of accompanying clients by the specialists of Lawrange JSC shows that the following factors contribute to the successful opening of an account:
- provision of documents confirming the legality of the activity (inclusive, contracts for incoming and outgoing payments, business correspondence);
- a personal visit to the banking institution of the client himself or his representative;
- provision of statements and recommendations from those banks where accounts have already been opened;
- the presence of counterparties in Singapore (this will be a big plus);
- prompt provision of additional documents and information at the request of bank employees.
*** Note: Bankers of Singapore are checking immigrants from the post-Soviet countries with particular passion. However, if you have the practice of communication with them, you can find a common language in order to achieve the desired result – to open a corporate or personal account.
Attention! It is possible to open an account in Singapore both in person and remotely. The opening method depends on the bank and the specifics of the client’s activities. If you fundamentally want to do without a visit to Singapore, our company representatives are ready to choose an invoice option that suits your needs.
Required documents for opening an account in Singapore
Banks usually request the following list of documents:
- set of constituent documents (charter, constituent agreement, registration document, certificates);
- documents of director, shareholder, beneficiary – passports (domestic and international ), as well as CV;
- description of the directions and specifics of the company’s activities;
- statements of the organization’s open bank accounts for the last three months.
For your information! Additionally, as part of compliance, the bank may request: a) a letter of recommendation from the manager of the current bank; b) information about the origin of the organization’s income.
Bankers in the course of checking a potential client – a legal entity assessed:
- transparency of ownership structure;
- compliance of the manager with the position held (specialized education, competence, work experience);
- company website with clear information about founders and directors.
Cost of opening an account in Singapore
Without wasting time, we suggest choosing the best options among the mass of banking institutions in Singapore. We are talking about banks that are among the top three in the Asia-Pacific region according to global financial ratings – DBS Bank, Oversea-Chinese Banking Corporation (OCBC) Bank, RHB Bank, Union Overseas Bank (UOB) Bank.
The cost of the invoice registration service is 4999 EUR.
This amount does not include bank commissions for additional services:
- account activation,
- issuing digi-pass,
- forwarding documents,
- other related services.
Algorithm for opening an account in DBS Bank, OCBC Bank, RHB Bank and UOB Bank:
- the entire process of issuing an invoice can be completed remotely – no personal visit to the country is required;
- Lawrange JSC specialists carry out preliminary approval in banks for opening an account – free ;
- having received the necessary information from a potential client, the optimal bank is selected.
*** Note: Applications for opening an account are submitted to all of the above banks at once. Having received preliminary approval, you can pay for services and open an account directly.
Singapore is a large world center of financial services, which quite rightly retains its reputation as “Asian Switzerland”. In this country, a foreign client will be able to find all the necessary banking services for himself. Bank stability is guaranteed by default.
How to open an account in Singapore online?
First, you need to get advice from our lawyer. An action plan will be drawn up depending on your tasks.
Which is the safest bank in Singapore?
We offer the most reliable options, and the choice is everyone’s business.
How long does it take to open an account in Singapore?
The terms for receiving a preliminary response from a financial institution are from 10 days or more, the actual time for opening an account is from 15 working days.