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Opening a bank account in Singapore
- financial and economic sustainability of Singapore;
- the most innovative banking technologies are used in the country;
- a large selection of local and foreign banks, and accordingly a wide range of banking services;
- all banks have a high reputation and strictly monitor the reputation of their customers;
- opportunity to conduct legal business and trade in Asia, in particular in Thailand, China, Indonesia, Singapore;
- free and technological internet banking in all banks in Singapore;
- local currency deposits up to 50 000 SGD are guaranteed by the insurance program;
- the ability to link accounts in payment systems to the account.
Singapore banks are high-profile institutions that are not involved in international scandals and money laundering schemes. To maintain this status, banks strictly approach the issue of compliance. Thus, residents of the country or non-residents from "white jurisdictions" who have a confirmed status in Singapore (an operating business, a long-term visa, etc.) are preferably served.
In recent years, the country has tightened the requirements for opening accounts for foreign persons, so a potential bank customer should be prepared for a thorough check. Like the banks of Hong Kong, Singaporean colleagues often refuse to open an account without explanation and, for the slightest flaw in the documents, put a taboo on the “client”. But, if you have a real connection with the country, partners, local business, office, employees, and you can easily confirm your well-being, there should be no problems with opening an account.
Singaporean banks prioritize corporate clients, in particular local companies. But, the mere existence of a registered company in Singapore does not yet guarantee the opening of an account, since here much attention will be paid to the ownership structure, reliability and real presence in the jurisdiction. Offshore structures, nominee service, 100% foreign ownership - companies with these characteristics will be denied cooperation.
Somewhat more loyal are foreign banks in Singapore. Their compliance terms are more flexible, but the rates are slightly higher than those of local banks. When all local banks require a personal visit to a bank branch in Singapore, international banks may consider meeting with a representative in another region/country. It is also important to know that a prerequisite for servicing in a Singapore bank is making an initial deposit and maintaining a fireproof amount in the account.
You can also learn about all the nuances of opening an account for a non-resident in Singapore from our specialists by contacting for a personal consultation. We will select the most suitable option for you, as well as help with the execution of all required documents..
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Singapore is a rather complicated jurisdiction for opening an account, therefore, without the help of specialized lawyers, this process may result in a refusal and loss of precious time. We recommend that you consult with a lawyer before the process of filing documents and find out the compliance requirements in the bank you are interested in.
Our lawyers accompany you at every stage of opening an account, communicate directly with bank representatives and help in all organizational matters. If you need support or advice, leave us a request and we will contact you.