Open Offshore Corporate Bank Account in Singapore

#GoSingapore. Be Global

Table of contents

  1. Why open an offshore bank account in Singapore?
  2. Banking in Singapore: which bank to choose?
  3. Opening a corporate bank account in Singapore: step-by-step guide
  4. FAQ about a business bank account in Singapore

 

WHY OPEN AN OFFSHORE BANK ACCOUNT IN SINGAPORE?

 

1. Benefit of banking in Singapore No. 1: Different types of accounts in Singapore

The Singaporean banking system provides an extensive range of banking opportunities for clients of every caliber. Therefore, the decision to hold an international bank account in Singapore is always a good one.

Having a bank account in Singapore means tailoring the payment process to the needs of your business and not vice versa. Many local and foreign banks are willing to accommodate small and medium-sized businesses and offer them temporary discounts, such as interest-free transactions for a specified period of time.

 

2. Benefit of banking in Singapore No. 2: Reputable banking institutions

The main reason why many businesses seek to open a bank account in Singapore is the jurisdiction’s outstanding reputation. Fitch Ratings again awarded Lion City a “AAA” rating in 2021. Such a high rating is mainly reserved for jurisdictions with favourable business regimes and political stability.

Singapore’s banking market comprises both local banks and overseas branches of international banks such as Citi Bank, HBSC and many others.

 

3. Benefit of banking in Singapore No. 3: Smooth post-pandemic recovery

In October 2021, the Monetary Authority of Singapore published its macroeconomic report. According to the report, Singapore’s economy continues to grow despite the overall negative trend. GDP growth was 7% in 2021, and it is anticipated that Singapore will keep growing in 2022. Therefore, to open an offshore bank account in Singapore in 2022 will be a safe and reliable option for businesses and individuals.

 

4. Benefit of banking in Singapore No. 4: Open a bank account in a compliant jurisdiction

Having an international bank account in Singapore adds a level of trust to your business. However, it is not an easy task to become a client of a Singaporean bank. Moreover, the opening of a corporate bank account is only available to white-collar businesses.

Unlike traditional offshore banking jurisdictions like the British Virgin Islands (BVI), holding a bank account in Singapore means full compliance with local and international AML procedures, including FATF.

 

5. Benefit of banking in Singapore No. 5: Innovative internet banking

Singapore’s banking industry is committed to providing its clients with the best experience, including modern internet banking. Instant online transfers, currency exchanges and wealth management through your mobile device are what you will receive when opening a business bank account in Singapore.

Sophisticated internet banking converts an ordinary banking experience into a virtual bank account in Singapore.

 

6. Benefit of banking in Singapore No. 6: Multi currencies accounts

Businesses and individuals worldwide can open an international bank account in Singapore in various currencies – S$, EUR, USD, YEN.

 

BANKING IN SINGAPORE: WHICH BANK TO CHOOSE?

The Monetary Authority of Singapore (or “MAS”) is the sole state institution in charge of supervising banking in Singapore. The MAS is responsible for licensing and authorising both local banks and overseas branches of international banks seeking to enter the local market.

Before choosing a bank, a word should be said about the types of banking institutions operating in Singapore. As per the Banking Act, 1970, you can open a bank account in Singapore at:

 

1. Full services banks. Apart from opening accounts in Singapore for their clients, these banks offer a diversified range of other services, such as insurance broking and capital markets services. The conditions for issuing a “full bank” licence vary depending on whether it is a fully local bank or an overseas branch of an international bank.

 

2. Wholesale banks. This group of banks enjoys the same freedom of banking in Singapore as the full services banks. However, there are some limitations when it comes to currencies accounts in Singapore dollars. Operations with savings, current and deposit accounts in Singapore dollars are subject to the preliminary approval of the MAS.

 

3. Merchant banks. Some 42 banks are ready to provide you with a Singapore offshore merchant account. Banking in Singapore for merchant banks is limited to five specific operations they are authorised to perform.

OCBC BANK

Location:

Singapore

OCBC Bank holds a full banking licence, which means it can offer ample opportunities for banking in Singapore. OCBC has had the longest presence in Singapore since 1932 and has an extensive network of overseas branches in Asia.

If you are in the process of opening a corporate bank account in Singapore, OCBC might be a good fit for you. Firstly, in 2021, OCBC was recognised as the best SME bank in Asia. While some banks in Singapore are not willing to deal with small entrepreneurs, OCBC may still offer a bank account in Singapore for your business. Secondly, OCBC has top-notch digital support for its clients and is hitherto the friendliest online banking in Singapore. Finally, OCBC takes on board both locally registered and foreign companies looking to set up an offshore bank account.

As for personal banking, many people wonder if it’s possible to open a bank account in Singapore for non-residents. OCBC offers individual bank accounts for Singapore citizens, foreigners with permanent residence permits or expats with an employment pass, which is issued based on their employment agreement. However, if you are a foreigner without a permanent residence permit and employment in Singapore, OCBC will not open a bank account in Singapore without an employment pass.

  • Corporate Account
Location
OCBC BANK
Personal Visit
Remote opening is now possible
Type of Account
Business Foreign Account
Online Banking
Yes
Currencies
USD, EUR, S$, GBP, JPY, AUD
Card
Yes, available
Minimum Initial Deposit
USD 30 000
Time to Open
3-4 weeks
Minimum Monthly Balance
Not required, but monthly fee of USD 30
Service Fee
GBP 399
Location
Personal Visit
Type of Account
Online Banking
Currencies
Card
Minimum Initial Deposit
Time to Open
Minimum Monthly Balance
Service Fee
Location
Personal Visit
Type of Account
Online Banking
Currencies
Card
Minimum Initial Deposit
Time to Open
Minimum Monthly Balance
Service Fee

ASPIRE

Location:

Singapore

Aspire is an electronic monetary institution (EMI) that opens virtual bank accounts in Singapore for its clients. With Aspire, you can only open a business bank account in Singapore as personal banking is not currently available.

This EMI is an ideal solution for growing start-ups or established digital businesses looking to open a bank account in Singapore. Aspire provides fast, straightforward and reliable fintech solutions for your business, with low transaction fees.

Moreover, Aspire is an excellent solution for opening an offshore merchant account as it provides modern payment gateways and fast integration with PayPal, Google Pay and other platforms.

Aspire is officially exempt from licensing by the Monetary Authority of Singapore. However, when opening a corporate bank account with Aspire, you can rest assured that your funds are safeguarded by Aspire’s partners – top-tier reputable banking institutions in Singapore.

  • Corporate Account
Location
ASPIRE
Personal Visit
Not required
Type of Account
Business Account
Online Banking
Yes
Currencies
USD, S$
Card
Yes, virtual VISA debit card
Minimum Initial Deposit
Not required
Time to Open
1-3 business days
Minimum Monthly Balance
Not required
Service Fee
GBP 399
Additional Information
Support of clients by phone, email and chat (response time 15 minutes)
Prohibited Jurisdictions
No specific limitations
Location
Personal Visit
Type of Account
Online Banking
Currencies
Card
Minimum Initial Deposit
Time to Open
Minimum Monthly Balance
Service Fee
Location
Personal Visit
Type of Account
Online Banking
Currencies
Card
Minimum Initial Deposit
Time to Open
Minimum Monthly Balance
Service Fee

HSBC BANK

Location:

Singapore

Since HSBC holds a full services licence, having a bank account in Singapore gives you access to a variety of banking services, including loans, guarantees and investment products such as forex exchange and precious metals.

If you are interested in opening a corporate bank account in Singapore for your foreign or domestically registered company, it is worth pursuing your options with HSBC.

When it comes to personal banking, HSBC only opens accounts for Singapore nationals or foreigners who legally reside in Singapore. Therefore, a personal offshore bank account in Singapore isn’t available to foreigners from abroad.

Opening an offshore bank account in Singapore with HSBC provides your business with a versatile tool to boost its capacity. Smart high-tech solutions for merchant accounts, fast and friendly online banking 24/7, and support from a qualified personal manager are just some of the many other benefits on offer.

Before 2019, opening a corporate bank or personal account required one to be physically present at a branch. But due to the pandemic, it is now possible to open a bank account online at Singapore HSBC.

  • Corporate account
Location
HSBC BANK
Personal Visit
In some cases Skype interview is enough
Type of Account
Operating account
Online Banking
Yes, available
Currencies
USD, EUR, CNY, HKD, AUD, CAD, GBP, NZD, S$
Card
Yes
Minimum Initial Deposit
USD 30 000/SG 30 000 (not applicable for other currencies)
Time to Open
4-5 weeks
Minimum Monthly Balance
USD 30 000/SG 30 000 (not applicable for other currencies)
Service Fee
GBP 399
Additional services
Additional services available such as Import Documentary Trade
Prohibited Jurisdictions
No specific limitations
Location
British Virgin Islands (Tortola)
Personal Visit
100% online
Type of Account
Current Account
Online Banking
Yes
Currencies
USD only
Card
No cards currently
Minimum Initial Deposit
Not required
Time to Open
Up to 3 weeks
Minimum Monthly Balance
Not required
Service Fee
GBP 399
Additional fees
USD 150 once account is opened
Additional requirements
Bank account for non-residents only
Location
Personal Visit
Type of Account
Online Banking
Currencies
Card
Minimum Initial Deposit
Time to Open
Minimum Monthly Balance
Service Fee

OPENING A CORPORATE BANK ACCOUNT IN SINGAPORE: STEP-BY-STEP GUIDE

After you have decided to place your funds in Singapore, the next question that usually comes to mind is: “How do I choose the right bank?”. To open an offshore bank account in Singapore, simply follow our instructions below.

 

1. Tip No. 1: Establish your main purpose for banking in Singapore

Do you want to save some money for your retirement? If so, a personal offshore bank account in Singapore would be a good choice for you.

Perhaps your business needs reliable credit card processing facilities to operate globally? In this case, a Singapore offshore merchant account is what you are looking for.

 

2. Tip No. 2: Find the bank that can maximally fulfil your needs

It’s no secret that every bank has its own specialisation or focus, which is why finding the right bank in Singapore is really important.

If you are looking for an international bank account in Singapore, we do not recommend approaching just any random banks, but only those that will meet your needs and your company’s business profile.

Astra Trust has strong ties with many banks in Singapore, allowing us to understand at a glance the inner world of each bank and the portrait of their ideal client.

 

3. Tip No. 3: List of documents required to open a bank account

The first and foremost thing you need to understand to open a bank account in Singapore is that the list of required documents depends on the following factors:

    • Are you a non-resident who prefers banking in Singapore or a local company/individual?

Usually, clients ask: “Can a non-resident open a bank account in Singapore?”. The answer is “Yes”, but you will have to provide a lot more documents than locals, who can literally open an account instantly.

For foreigners who hold an employment pass, opening a bank account in Singapore should not be difficult.

    • Do you want to open a bank account in Singapore for business or private needs?

If you are a business that sells products via a website, you will need to open an offshore merchant account. Therefore, you should pay attention to the credit card processing facilities used by the bank of your choice.

The list of required documents will differ significantly from that required to open a bank account solely for individual savings purposes.

    • Are you a small business or a global company?

You should carefully consider the institution you choose to open a business bank account in Singapore. Some banks in Singapore prefer to deal with well-established companies, while others focus only on SMEs.

    • Do you operate a high-risk business or perhaps you belong to the “unlucky passport” club?

When opening a corporate bank account, the first thing any bank wants to know is what activity your business is engaged in. Do you sell precious metals or antiques, or maybe you trade in gas? Perhaps you need a business bank account in Singapore for a holding company, which holds shares.

The process of opening a bank account in Singapore should not be a challenging task if your business does not involve forex, gaming, online dating and other similar activities. However, if not, opening a corporate bank account in Singapore will require greater effort on your part, and that is where Astra Trust can help you.

If you are looking for a personal offshore bank account in Singapore, banks will thoroughly investigate your previous life and if you have a criminal record, as well as if your passport is in order. Today, many overseas branches of international banks do not wish to deal with individuals who hold passports from offshore jurisdictions such as Vanuatu, Dominica and others. At the same time, individuals with passports from Georgia, Russia, Cambodia, Egypt, Iceland and many others can sometimes be included among those considered a risk.

    • Are the bank’s transaction fees and other processing charges affordable?

You might think that you have found the perfect bank to open a business bank account in Singapore. But please wait a bit, and check the following:

      • What are the exact transaction fees (fixed or percentage)?
      • What about double currency conversion?
      • Is there a minimum initial deposit or monthly deposit?
      • Are there any fines for not keeping the required minimum initial deposit on a balance?

Being unaware of these fees can significantly spoil your experience of having a business bank account in Singapore.

 

In order to access banking in Singapore, you will need the following documents:

Personal offshore bank account in Singapore Business bank account in Singapore
1. Duly filled in and completed questionnaires and other AML documents provided by a bank
2. Set of certified true copies of identification documents, which differs significantly depending on the bank (passport and/or national ID or driving license, two/three reference letters from accountant/lawyers and/or notary, utility bills and lease agreements). 2. Certified true copies of statutory documents for a company (e.g., certificate of incorporation/certificate of incumbency, memorandum and articles of association).
3. Source of wealth (e.g., certified true copies of documents proving sale of property/shares or other assets, employment contracts, inheritance certificate, share certificate for dividends, etc.) 3. Identification documents for each director and shareholder of a company (e.g., CV, reference letters, passport and/or national ID).
4. Additional documents (e.g., proof of address, employment pass/visa if a foreigner resides in Singapore, etc.) 4. Additional documents based on a company’s business profile (e.g., list of counterparties and clients, business plan for a new company, ownership structure and so on).

 

4. Tip No. 4: AML check by a bank

Once all your documents have been submitted, it does not necessarily mean that the bank in Singapore opens an account for you immediately. By virtue of national laws, the process of opening a corporate bank account or personal offshore bank account in Singapore takes some time.

Your company’s business profile and the documents for each shareholder and director will undergo special checks and verifications. Once a bank is satisfied with the documents provided, it will issue an approval to open an offshore bank account.

It is also common for the bank to require further documents at this stage. This is not a “bad” sign, but simply that a bank needs more documents to get to know their potential client better.

 

FAQ ABOUT A BUSINESS BANK ACCOUNT IN SINGAPORE

  • Can a non-resident open a bank account in Singapore?

Yes, both residents and non-residents can open a bank account in Singapore. However, please note that the list of documents required to open a bank account in Singapore for non-residents differs significantly from the list of documents required for residents.

There is one minor exception to this rule. Opening a bank account in Singapore for a foreigner should be easier if they hold an employment pass.

  • Can I open a bank account in Singapore immediately?

No. To open a bank account in Singapore evidently takes longer if you are a non-resident. Before taking you on board, a bank has to undertake a complicated and detailed compliance check of you, your funds and previous records. Thus, the usual time to open a bank account can take up to four weeks.

  • Is it possible to open a bank account in Singapore online?

It all depends on where you plan to open a bank account. Banks in Singapore open accounts only after a physical meeting with shareholders and directors. In other words, you need to visit a bank’s branch or office in Singapore.

But the pandemic has recently brought about some adjustments, and certain banks are now accepting virtual meetings as a replacement for in-person visits.

  • What is the initial deposit for a bank account in Singapore?

Well, the initial deposit amount depends on a number of factors, including whether it is a corporate or personal bank account, the type of bank account, as well as the kind of bank you are applying to.

  • Do banks in Singapore offer offshore merchant accounts?

Yes, overseas branches of most international banks offer a wide range of services, including offshore merchant accounts. With an offshore merchant account, international businesses get access to the entire credit card processing infrastructure, including payment gateways.

  • How much are transaction fees at Singapore banks?

It all depends on the banking institution. Please note that transaction fees are an essential part of your banking experience. Therefore, this information should be clarified well in advance when choosing a bank.

Some banks in Singapore have fixed rates, while others prefer to charge a specific percentage of each transacted sum.

  • Is a Singapore offshore company bank account the right choice for my business?

A bank account in Singapore means that your funds are securely held in a jurisdiction with a AAA rating and a stable political environment. Regardless of the exact objectives your business is currently pursuing, having a bank account in Singapore is an excellent opportunity to expand your business globally, access the best fintech solutions for your business and place your money in a secure banking environment.