Singapore is one of the most attractive places to open an overseas bank account, both personal and corporate. It is a stable and safe country where has been created a solid financial system and services are provided in English. However, there is no doubt that the procedure to open bank account in Singapore has recently become much more difficult than before.
This is due to the desire of Singapore to comply with all international standards of transparency in order to prevent illegal laundering of funds and tax avoidance. Singaporean banks have significantly strengthened the procedure for identifying and opening bank accounts for foreign customers, even though opening a foreign account in Singapore is realistic only with a personal presence in the bank.
Why open bank account in Singapore
Singapore is a secure and well-organized financial center. Banks are regulated and controlled by the Monetary Authority of Singapore (MAS), the country’s Central Bank. The country has signed double taxation avoidance agreements with many countries, and personal current accounts of non-residents in Singapore are not taxed in any way. Opening a personal Singapore bank account is strongly recommended since this country is not included in the blacklists of offshore zones, this state has bilateral agreements with many countries of the world, as well as the laws of other countries concerning states with preferential taxation are loyal.
Regarding deposit protection, deposits in Singapore dollars are protected at fifty thousand SGD by Singapore Deposit Insurance Corporation (SDIC). Please note that deposits in foreign currency are not insured.
Methods to open a bank account in Singapore
After you have decided on the choice of a bank account in Singapore, you must proceed to the procedure for its opening. It’s worth saying that opening offshore account Singapore is best done with the help of a professional intermediary. Our company can provide you with full assistance in the process of selecting and meeting with a bank representative in Singapore.
Opening a foreign account in Singapore with a personal presence is a very attractive solution, as you will receive not only a thoughtful and safe tool for managing, storing, and protecting your assets but also can see the reliability and attractiveness of the jurisdiction of your bank in real life.
There are more than thirty banks in Singapore that offer their services to both local and foreign customers. However, only a few banks are considered the largest and worth of your attention:
- Oversea-Chinese Banking Corporation (OCBC).
- Union Overseas Bank (UOB).
In order to personally visit one of the mentioned above banks you have to visit the financial district of the city. You will need to take your passport, bank statement, or utility bill proving your place of residence. In addition, the bank may ask you for letters of recommendation from professionals (notary public, lawyer, and so on). In some cases, to open Singapore bank account non resident you can be asked for the tax number and state insurance number in your country of residence, but this is individual.
Who can open an offshore bank account in Singapore?
Along with residents, the non-residents are allowed to open personal accounts in the banks of Singapore. The main requirement made by Singapore banks to non-residents when opening current personal accounts is to provide a visa for a long stay in Singapore (Long-Term Visit Pass, Employment Pass, Dependant Pass).
Singapore banks strictly adhere to due diligence and Know Your Client principles requiring a personal meeting with applicant what makes impossible to open bank account online Singapore.
Benefits of Singapore offshore bank account
Running an international business requires a certain prestige and image of the company, of course, an offshore bank account plays an important role in evaluating you according to these criteria. In the international business of the second decade of the 21st century, it has long been the norm to have a set of classic offshore companies plus an account with a respectable private onshore bank or an international foreign bank. Exactly for the image, insurance against collapse, and high capitalization, it’s advised to open a business account Singapore for your company. But keep in mind that such an account is necessary and can be used only for a legitimate business.
If you are not new to the offshore world, then opening an account in Singapore will not be difficult. However, if you are a newcomer or value your time, which will be spent on preparing all forms, checking them and collecting the necessary package of documents, communicating with the bank regarding meeting all their requirements, it is worth considering to use our professional assistance.
Singapore continues to invest in a sophisticated digital fibre broadband network that connects the entire island, empowering the population to be among the most digitally savvy in the world.Atrium Business Solutions