Open Offshore Corporate Bank Account in Singapore

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.

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.

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.

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:

1. 1. What are the exact transaction fees (fixed or percentage)?
   2. What about double currency conversion?
   3. Is there a minimum initial deposit or monthly deposit?
   4. 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:

Application forms and KYC questionnaire

Documents for Company

• Duly filled in and completed questionnaires and other AML documents provided by a bank
• Certified true copies of statutory documents for a company (e.g. certificate of incorporation/certificate of incumbency, memorandum and articles of association)
• Certificate of Incumbency and Certificate of Good Standing
• Register of directors and shareholders, Share Certificate
• 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)

Documents for Individuals

• Identification documents for each director and shareholder of a company
• Copy of utility bill (for the last 3 months) in the name of an account holder
• 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.)
• Additional documents (e.g. CV, reference letters, employment pass/visa if a foreigner resides in Singapore, etc.)

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.