If you wish to open a corporate and a private account with a bank in Singapore for managing your assets efficiently, you will need to meet all the conditions set forth to the potential clients. Any international company would only benefit from working with banks as reliable as the Swiss ones, but having a more tolerant attitude to their clients. An account with a Singapore bank will become a door-opener for you. You will receive a number of privileged offers from the bank, and your partners will appreciate your status of a successful businessman. We will help you to fill out all the forms, and tell you which documents must be prepared and how they must be certified or notarized.
Banking System of Singapore and the Recommended Bank
The financial sector of Singapore has long been known as one of the most reliable and successful in the world. Very often it is even compared with the Swiss one. All banking institutions in Singapore, and there are already more than 120 of them, operate solely under license. Their activities are continuously monitored by the financial regulator called MAS. Distinctive features of Singapore banks are stability, reliability, client-oriented approach and pro-active implementation of high technologies.
Unlike Swiss financial institutions, the ones in Singapore are more open to cooperation with non-residents. Here, foreign clients have a much better chance of opening a bank account. We would like to offer you the services of one of the most stable private commercial banks in Singapore.
It has been operating since 1935, regularly expanding its banking services coverage. It is one of the leading Asian banks with many branches in 20 countries of the world. The main branches are situated in Malaysia, China, Thailand, Indonesia, as well as in Asia Pacific, North America and Western Europe.
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What Are the Benefits of Opening a Bank Account in Singapore for a Foreigner?
Having opened a private bank account in Singapore, a foreigner will receive not only a security guarantee for their assets, but also get access to the most popular financial services and instruments. Do increase the status of your company by opening a corporate bank account in Singapore.
When foreign clients choose Singapore for opening their bank accounts, this decision is usually based on the fact that the jurisdiction where the bank is situated, is not included in any offshore lists compiled by many countries of the world. Thus, the natives of many countries will not have to worry that their transfers of personal funds to Singapore will cause some suspicion with the fiscal services.
Should you have a private and a corporate bank account in Singapore, it will increase the investment status of your company and its managers. It will also attach a certain high position in concluding commercial agreements with the company’s business partners. As for freelancers, such a bank account is a kind of highly functional wallet for receiving payments from your foreign customers.
Speaking about taxation, the Singapore legislation is very tolerant to non-residents, as well as to those residents who receive income outside the country. Profits received by non-residents to their private or corporate bank accounts in Singapore will not be subject to taxation. Singapore has signed a large number of international agreements that will help you avoid double taxation of income.
A private and a corporate account opened by non-residents with a recommended bank in Singapore will give you a number of advantages, among which are the following:
- possibility of remotely managing your account via convenient Internet and telephone banking;
- no hidden fees, and fair rates;
- easy access to your assets from any country thanks to debit cards;
- professional support and advice in English;
- privileged client status with each of the bank’s regional centers around the world;
- concierge service;
- enhanced functionality of investment services;
- security of your assets.
The Singapore bank is focused on satisfying its high-income clients, so the bank will provide a range of high-tech and efficient services to assist you in managing your assets. This frees up the clients’ personal time which they can use for themselves and their family or for achieving their priorities and goals. The bank’s assistance consists in helping you make the justified sound decisions from which your financial standing can benefit.
Holders of private bank accounts in Singapore will be happy to know that their funds in the account are insured. Since 2011, the amount of insurance indemnity across the country has almost doubled to SGD 50,000 (Singapore dollars). At the same time, the bank we recommend works closely with the Singapore Deposit Insurance Corporation that insures deposits for up to 75,000 dollars. In addition, the bank also extends the terms of savings insurance to corporate accounts of non-residents.
Who Can Open a Bank Account in Singapore?
The bank we recommend in Singapore will willingly cooperate with all the applicants who are eligible for the stated requirements. The restrictions imposed by bankers on clients are not as strict here as those imposed by Swiss banking institutions.
At the same time, the quality of investment and financial services is not inferior to the European standards. And moreover, working mainly in the Asian financial market, the bank has the opportunity to use a large number of trading and investment instruments and practices.
Please check the restrictions set forth by the bank in Singapore regarding its potential clients. We would like to note right away that a foreign company will be able to open a corporate account only after its trustees who are in charge of making managerial decisions open their private accounts with the bank. In this case they will have to visit Singapore or another country where the banks’ branches are available (Malaysia, Thailand and Indonesia).
Restrictions by Countries and Client Status
The bank of Singapore accepts applications for opening of the account from most foreigners.
The exceptions are those coming from the countries under sanctions, namely, from Cuba, Iran, North Korea, Sudan, Syria, as well as from Crimea. Persons, belonging to PEP, will not be able to open an account with the bank in Singapore.
Restrictions on Operations and Acceptability
Foreign companies whose activities are associated with high risk, will not be able to open an account with a bank in Singapore:
- weapons;
- metals;
- cryptocurrencies;
- commodity trade.
Offshore companies are also not accepted as clients, they are also considered to be risky.
However, the bank we recommend in Singapore is ready to discuss each specific client’s profile before deciding not to open a corporate account.
Eligible clients are as follows:
- self-employed entrepreneurs;
- business partners;
- private limited liability companies;
- self-employed persons with professional practice;
- associations, clubs and communities.
Private and Corporate Non-Resident Bank Accounts in Singapore
Foreigners are offered especially convenient and beneficial terms of cooperation. Non-residents have an opportunity to open a privileged account with a package of nice opportunities and advantages. At the same time, opening a private account with a bank in Singapore is a mandatory requirement for a corporate account of a client-managed company.
Types of Accounts
The only type of account available to non-residents who wish to open a private account with a bank in Singapore is Privilege Banking account. It can be a personal account or a joint account. The client may appoint an authorized person to control the account from among the registered holders of the joint account.
The account will be held in Singapore dollars, and if opened in foreign currency, it will be converted into Singapore dollars at the exchange rate for accounting purposes. A product called Assets under Management (AUM) is the market value of the master account and all if its related accounts. The amount of AUM is calculated and expressed in Singapore dollars. The amount in a currency other than Singapore dollars is conventionally convertible.
Having opened a private account with a bank in Singapore, a non-resident will get access to many banking and financial products. Among the main of them are the following:
- checks;
- overdraft;
- payment cards;
- deposits;
- loans.
These types of business accounts are available to both companies and individual businessmen:
- transactional account (BizTransact Account);
- electronic account (eBusiness Account);
- current account in Singapore dollars;
- global currency account;
- yuan account;
- fixed-term deposit account (SGD and foreign currency).
Services Available to the Corporate Account Holders:
- – internal transactions;
- – international transfers;
- – bank teller order and on-demand processing;
- – bulk payments;
- – bulk replenishments;
- – eNets;
- – deposit solutions;
- – convenient services for calculating and paying wages.
Currency for Account Opening and Transfers
All current account transactions must be made in Singapore dollars (SGD). However, clients can accept and send payments, as well as store their savings and place investments in other currencies, such as:
- – US Dollars (USD);
- – Australian Dollars (AUD);
- – New Zealand Dollars (NZD);
- – Canadian dollars (CAD);
- – Euro (EUR);
- – pound sterling (GBP);
- – Japanese yen (JPY);
- – Chinese yuan (CNH).
At the same time, clients must be prepared to the situation when the adverse exchange rate fluctuations can reduce interest income or the initial principal amount of their deposit in foreign currency. All payments to and from the current non-currency account are made in Singapore dollars, regardless of whether the account is denominated or not. However, the bank may agree to the funds withdrawal in foreign currency if the client notifies the bank in advance.
Types of Bank Cards
The set of functions and services offered by the bank in Singapore allows making the private and corporate accounts of a non-resident more flexible, and the funds in these accounts can be available to a certain scope of persons. This is achieved by issuing debit cards. At the same time, a high level of confidentiality will be preserved. If desired, the client can apply for a payment card of the bank in Singapore linked to their current account. Holders of private privileged accounts have the opportunity to apply for a credit card.
- Payment Cards Linked to a Private Account
Holders of private accounts will need to pay an entrance fee when applying for the issuing of payment cards by the bank in Singapore. The membership fee is SGD 1,926, but you will be exempt from membership fees for the first year and thus you will be able to order the first two free extra cards. Along with the cards you will acquire the 24/7 concierge service and privileges for visiting different places of entertainment. For example, free entrance to the golf club on weekdays and other special offers.
To order a privileged bank payment card linked to the private account, a foreigner must meet the minimum asset under management condition and have an annual income of at least SGD 60,000. If you are unable to meet the annual income condition, or you are unable to confirm it, you can place a deposit of at least SGD 150,000 to access the card products.
After the first year of using the Singapore bank’s privileged payment cards, you will be required to pay for the membership renewal. Payment of the entrance/annual membership fee for the card provides access to an exclusive package in the amount of SGD 30 000 (credit limit). After you pay the annual renewal fee, SGD 30,000 will be credited to your credit card within 60 days. Please note that the bank does not allow advance credits.
- Payment Cards Linked to the Corporate Account
Non-resident companies holding corporate accounts may get the debit payment cards issued by the bank in Singapore. For this, it is required to provide an additional package of documents and comply with the certain requirements:
- Have an open current business account in SGD for corporate clients.
- Properly execute the decision on the accounts and services (not applicable to individual businessmen).
- Provide a copies of the National Registration Identity Card of Singapore (both sides) or passport copies of all applicants.
Rates for Using the Business Debit Card:
- – Annual maintenance: the first year is free of charge, then the fee is SGD 36 (it is cancelled if your annual expenses exceed SGD 2,400);
- – Logo change for an individual card is SGD 168;
- – ATM cash withdrawal abroad is SGD 5 (exempt from commission in Malaysia, Thailand and Indonesia).
Account Opening Terms and Service Arrangements
Private Account
In order to open a private account with a bank in Singapore, a foreigner must provide the bank with a minimum AUM (asset under management) of at least SGD 300,000 or the equivalent in other currencies. The bank account shall be replenished within one month upon its opening. The minimum deposit term is 3 months after the bank accounts get replenished with the necessary AUM.
Corporate Account
Companies that have opened corporate accounts with the bank in Singapore, there is also a minimum deposit requirement of SGD 200,000 and SGD 10,000. When using the account, the holder must maintain the minimum balance of SGD 200,000 and SGD 10,000. Moreover, during the first three months, the minimum balance must be at least SGD 500,000.
Rates
Private Account
The bank in Singapore has different private account packages to offer. However, no fee is charged for the premium accounts maintenance. Clients of the bank in Singapore earn interest of up to 1.7% per annum, when they deposit a minimum amount of SGD 350,000 at the beginning and then make an additional contribution of SGD 200,000. The amount of interest to be earned varies depending on the balance of the new extra funds in the private account and the number of calendar days in the month.
When the client is making a transaction from their private account, no fee is charged for internal payments. External payments assume a commission of 1/8% of the amount (the minimum of SGD 10 and the maximum of SGD 100). If payments are made in a currency other than Singapore dollar, the conversion will be made at the exchange rate. The client must ensure that the minimum account balance is maintained.
Corporate Account
| GENERAL SERVICES | ||
| Current Account in SGD | ||
| Minimum initial balance | SGD 1,000 | |
| Minimum balance fee (per month) | SGD 35 if the average daily balance withing a month goes down below SGD 10,000 | |
| Account setting fee (applicable to the companies incorporated abroad only) | No less than SGD 500 | |
| Branch fee for processing | Corporate structures that consist of multilevel shareholdings with the shareholders that are foreign organizations, a fee of SGD 1,000 is applied for each level of delay. | |
| Processing Fee is charged in excess of the Account Setting Fee applicable to the companies incorporated abroad | ||
| OTC commission for transaction | SGD 5 for an OTC money deposit / withdrawal of SGD 3,000 and less starting from the 6th transaction and so forth | |
| The fee is charged per account monthly | ||
| Averaged overdraft fee (per month) for deposit accounts with no credit limit | Premium + 4% to the paid amount exceeding the amount * | |
| [* With a minimum of SGD 10 per month for deposit accounts in Singapore dollars] | ||
| FOREIGN CURRENCY DEPOSIT ACCOUNTS | ||
| Account Setting Fee (applicable to the companies incorporated abroad only) | No less than SGD 500 | |
| Branch fee for processing | Corporate structures that consist of multilevel shareholdings with the shareholders that are foreign organizations, a fee of SGD 1,000 is applied for each level of delay. | |
| Processing Fee is charged in excess of the Account Setting Fee applicable to the companies incorporated abroad | ||
| Minimum initial balance | US dollar | 1,000 |
| English pound | 650 | |
| Euro | 900 | |
| Minimum average daily balance | US dollar | 8,000 |
| English pound | 5,000 | |
| Minimum balance fee (per month), if the actual average daily balance goes down below the required minimum average daily balance | US dollar | 28 |
| English pound | 18 | |
| Monthly maintenance fee | Euro | 20 |
| Averaged overdraft fee (per month) for deposit accounts with no credit limit | Premium + 4% to the paid amount exceeding the amount * | |
| [* Taking into account the minimum fee in the following respective currency per month:] | ||
| US dollar | 10 | |
| Australian dollar | 9 | |
| English pound | 4 | |
| Canadian dollar | 8 | |
| New Zealand dollar | 10 | |
| Hong Kong dollar | 40 | |
| Fees for Deposit / Withdrawal of Bills of Exchange in Foreign Currency | ||
| Fee | 1% of the transaction amount for replenishment / withdrawal in a single currency | |
| Minimum fee: | ||
| SGD 10 | ||
| Teller Order | ||
| Account holder application | SGD 5 for the teller order | |
| Stopping the payment | SGD 20 (or its equivalent) for the teller’s command | |
| Cancellation | SGD 5 for the teller order | |
| CHECK-UPS | ||
| Expenditures checkCurrent SGD accounts | For each account: | |
| Fee is cancelled after the first 30 check-ups a month | ||
| SGD 0.75 per check-up for the subsequent check-ups per month | ||
| Check-up Cancellation | SGD 30 per check-up | |
| SGD deposit accounts and the global currency accounts | ||
| SGD INTRABANK TRANSFERS VIA GIRO | ||
| Via business Internet bankingSingle / Recurring | Transaction fee is SGD 0.20 per unit | |
| Bulk payment / Salary / Fee | Return of goods via the ACH is SGD 1.00 per item of goods | |
| Via a manual formStop Bulk File / Item | Processing fee is 5 SGD per file / item | |
| SGD INTRABANK TRANSFERS VIA FAST | ||
| Via business Internet bankingSingle / Recurring | Transaction fee is SGD 0.50 per unit | |
| Bulk payment / Salary / Fee (Via a manual form)Standing order | Payment for installation is SGD 5 | |
| Fee for making changes is SGD 5 per correction (when paying the salary, a fee of SGD 20 per correction is charged) | ||
| Transaction fee is SGD 5 per unit | ||
| Cancellation / Suspension fee | ||
| Cancelled (if a cancellation was made 6 and more months after the installation or the last correction) | ||
| SGD 10 (if a cancellation was made within 6 months after the installation or the last correction) | ||
| Via a manual formLoan transferTransfers made on the same day against the applications filed before 4pm. Mon to Fri except for public holidays | Transaction fee is SGD 10 | |
| FEES FOR SGD TRANSFERS | ||
| FAST via business Internet bankingSingle / Recurring | Transaction fee is SGD 0.70 per unit * | |
| Bulk paymentGIRO via business Internet bankingBulk payment | Transaction fee is SGD 0.40 per unit | |
| Return of goods is SGD 1.00 per item of goods | ||
| PayNow incoming transactions | FAST transaction fee is SGD 0.20 | |
| INTER-ACCOUNT TRANSFER | ||
| At the branch (with no receipt) | SGD 5 per transaction | |
| SGD to an SGD account | SGD 15 per transaction | |
| Cross-currency account | SGD 15 per transaction | |
| Global currency account (in the same currency) | SGD 15 per transaction | |
| ATM Commissions | ||
| ATM card replacement | SGD 5 | |
| Cash withdrawal from ATMs in Singapore | Free of charge | |
| Cash withdrawal from the NETS shared ATMs | 2 free transactions per month | |
| SGD 0.30 per transaction for the subsequent transactions | ||
| SECURE SAFE-DEPOSIT BOX | ||
| Escrow key | SGD 100 (to be returned upon the return of keys) | |
| OTHER SERVICES: | ||
| Audit confirmation | SGD 50 per request | |
| Application on the receipt of fees | All applications | |
| Current and previous month: | Free of charge | |
| Within a year: | SGD 20 per copy | |
| Within 1 to 3 years: | SGD 30 per copy | |
| For more than 3 years: | SGD 50 per copy |
How Do I Open a Corporate Bank Account in Singapore?
Take advantage of our assistance to ensure that you do open your private and corporate bank accounts in Singapore. Please provide all necessary information and your documents to start our cooperation. We will help you get prepared for a Skype interview at the initial stage of opening your private account. We will also advise you on the related matters and help you fill out the bank forms.
It is important: Please note that in the future, the compliance department can request other documents from the client at any time. We will be staying in touch until the bank makes a decision.
Procedure for Opening a Private and a Corporate Account
- In order to open a private and a corporate bank account in Singapore, please submit you application to info@qwealthreport.com.
- After that we will send you the e-invoice to be paid. The service cost is from 5999 EUR. You can pay with a payment card or a bank transfer. We also accept payments made via one of the following systems: WebMoney, PayPal, Western Union, MoneyGram.
- As soon as we receive your payment, we will contact you and find out all the details.
Procedural Features of Opening a Private Account:
In order to open a private bank account in Singapore, a foreigner does not need to plan a visit to the bank’s office. Any communication with the bankers will be conducted remotely.
In this case, the following steps will be required:
- Provide a scanned copy of your valid ID.
- Make a description (for example, your field of activity, type of employment, source of income).
- Fill out the bank forms in detail and sign them.
- Provide a document confirming your address.
- Send the original documents and a notarized copy of your ID together with your address confirmation to the bank using the DHL courier service.
- Wait for a bank employee to contact you upon receiving your documents.
- Answer the bank employee’s questions. As soon as the callback with the client and the back office is successful, the bank in Singapore will start opening your bank account.
Procedural Features of Opening a Corporate Account:
If you wish to open a non-resident corporate bank account in Singapore, you will have to plan your personal visit to the bank office. Together with that:
- The client must provide information about their business according to the list of requests that the bank will supply.
- The bank in Singapore will assess your business risks and in case of your compliance with the requirements, will schedule your personal visit client to its office.
- The potential client must have the original identity card and the documents according to the requirements.
- Assigning a meeting to open an account is a mandatory part of the process. This does not mean that the bank has made a positive decision regarding opening a corporate account for this client. The outcome will depend on the negotiation process and the results of due diligence.
- The bank will notify the potential client about the outcomes of the application review. If the decision is made to open a corporate account, the letter will be sent to the client via the Internet banking system.
It is important: We will be providing support at each of these stages. We will advise you on all possible options of the course of events. In order to improve the chances of successful completion of due diligence, we recommend that you provide us with all the requested copies of documents for preliminary verification and evaluation.
Documents Required for Opening a Private Bank Account in Singapore
If you wish to open a private bank account in Singapore, you will need to prepare the following documents:
- your valid travel document;
- other form of your permanent ID;
- your address confirmation;
- your tax payer identification number.
It is important: All documents must be made in English. Sometimes bank officers also require other documents, such as a certificate of employment, a bank reference letter, or references from other account holders with the same bank in Singapore.
Documents Required for Opening a Corporate Bank Account in Singapore
If you wish to open a corporate bank account in Singapore, you will need to prepare the following documents:
- Certificate of Incorporation;
- Certificate of Incumbency no older than 6 months.
- IDs of all the directors, shareholders, authorized persons and users of online banking.
- Confirmations of actual addresses of residence for all of the above mentioned officials.
- M&A or the company’s Articles of Association.
- Description of your business outlining the reasons for opening a bank account in Singapore.
- The list of your 5 largest suppliers specifying their location (country).
- The list of your 5 largest buyers specifying their location (country).
- Please also specify your company’s annual turnover.
- Please specify the actual location of your company’s office and the number of employees.
- Please specify the amount that will be credited upon opening of your account, what legal entity is going to make this transfer and from what bank.
It is important: All documents must be made in English. All copies must be notarized and apostilled.
Deadlines for Opening a Private and a Corporate Bank Account in Singapore
In order to open a private and a corporate non-resident account with a bank in Singapore, you must fill out all the necessary forms in English. We will help you fill out the questionnaire should you have any issues with it. Please send us the scanned documents for preliminary assessment.
On average, the time required for processing the documents for opening of a private bank account in Singapore takes from 3 to 5 business days. Opening of a corporate bank account will take no less than a month.
Please feel free to contact us by email to info@qwealthreport.com if you wish to open a private account in Singapore.
I Would Like to Open a Bank Account in Singapore in 2020, but I live outside the EU. Is it a problem?
No, it is definitely not a problem. But, at least, it is an important point that should be taken into account when choosing a bank and preparing a package of documents. In this case we should again refer to the inability to give any specific advice without knowing your situation, and, as a result, we would offer you to sign up for an individual consultation. However, we will still mention certain points. 1. Blacklists of the offshore zones. They exist in Russia (as many as three), Ukraine, Kazakhstan, but none of them mentions Singapore. 2. Local laws in relation to jurisdictions with lower (preferential) level of taxation. 3. Signed agreements that help avoid double taxation.
These three factors are the main arguments for opening an account in Singapore.
Why Would I Need a Bank Account in Singapore?
This question is a bit awkward. If you think that you do not need this service, it is quite possible that you actually don’t. But practice shows that in today’s world it is better to have a spare financial haven rather than put all you eggs in one basket. The main reasons, in our opinion, are as follows: 1. Tuition payments to local universities or private schools. 2. Private investments in securities. 3. Medical services provided in Singapore. 4. Long-term rent or purchase of real estate. 5. Capital preservation. Many experts consider SGD to be the most promising currency for long-term investments if the capital preservation is not a priority
What Singapore Banks Can You Recommend in 2020 for Opening of an Account?
This question is too general, so here is a general list of banks worthy of your attention (the years the financial institutions were founded are also indicated below). 1. OCBC, 1932. According to Bloomberg Markets, it holds the first place in the ranking of the strongest banks of the world. 2. UOB, 1935. 500 branches in 20 countries (Singapore, Malaysia, China, Thailand, Indonesia, etc.). 3. DBC, 1968. 200 branches in 16 countries. Controlled by the Government. 4. ANZ, 1835. Australian Bank, founded in London. 5. HSBC, 1865. A Group from Hong Kong. It is probably the best option if your business is related to China. 6. Standard Chartered Bank, 1859. Yet another bank from Hong Kong. 7. Citibank. It is a subsidiary (a structural unit of Citigroup). 8. SBI, 1806. It is an Indian bank with 15,000 branches in its home country and 131 offices in other 32 countries.
