Open Offshore Corporate Bank Account in Singapore

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:

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.