Opening an account in Singapore
Singapore is an international business center with a large number of local and international financial institutions, which offers great opportunities for entrepreneurs and investors. Many companies seek to open a bank account with a Singaporean bank due to its reputation as a thriving financial center. With the advice and assistance of our experts, you can open a bank account in Singapore and enjoy all the benefits of integration into the financial system of one of the most economically stable countries in the world.
Benefits of opening a bank account in Singapore
- Corporate account provides easy and convenient access to assets, investment transactions, a wide range of additional services and banking services.
- Singapore's banks are leaders in the global financial arena, have an impeccable reputation and are among the safest banks in the world (according to the Global Finance index).
- Singapore has no foreign exchange controls, while beneficiaries have access to multi-currency accounts that allow them to manage funds and make international transactions in any currency.
- Singapore banks guarantee quality service for all clients and adhere to a loyal policy towards non-residents and foreign citizens with a long-term work visa and jurisdictions with preferential tax systems.
- Most banks are protected against insolvency risks, deposits are insured.
In which bank to open an account in Singapore
There are many banks in Singapore including DBS, OCBC, UOB, Citibank and Standard Chartered Bank. You can choose a bank and open an account in Singapore depending on the place of registration of your company, as well as the specifics, direction and needs of your business.
Open an account in Singapore for a non-resident in 2023
Stage 1: Screening
In order to assess the chances of successfully opening a bank account in Singapore and to select the most suitable bank for your business, we will conduct a preliminary due diligence of the company. Preliminary verification takes no more than 3-5 working days after the provision of all documents - this service is free. You will receive full information about available banking services.
The following documents will be required for a preliminary assessment:
- Registration documents of the company (Hong Kong, Singapore or other foreign company).
- Copies of civil passports of all directors/shareholders.
- A document confirming the applicant's address. A copy of a bank statement or utility bills for the last 2 months will do.
- Three sets of invoices, purchase orders and invoices (for trading business) or issued invoices and contracts (for consulting or services) with large clients.
- Three sets of invoices, contracts and declarations of cooperation with major suppliers or vendors.
- Business plan (for new, newly registered companies).
- Statements from the bank accounts of the company or the personal account of the director for the last 3 months.
- An up-to-date audit report or financial statements (if available).
- Resume of director and shareholder(s).
- A completed application form (form provided by a West Union Group consultant).
Step 2: choosing a further strategy
West Union Group specialists will provide clarifications based on the results of the preliminary assessment, advise on the application process for opening an account in Singapore and your next steps. The exact cost of services for your company will also be determined.
It is worth noting that in some cases there may be some difficulties, such as citizenship, the nature and location of the business, the purpose of the planned transactions, etc., which affects the timing - but, as a rule, they do not exceed 3-5 working days after receiving and evaluating the necessary documents
Stage 3: Application for opening a bank account
At this stage, a meeting will be organized with a representative of the bank, at which all directors must be present for a personal brief interview and signing of a package of documents. With the consent of the bank, you can open an account in Singapore remotely via video call.
Terms and cost of services
All services at the preliminary stages are free for both individuals and corporate clients. The cost of services upon approval of the application is calculated individually, depending on the complexity of the case and the type of activity of your company. The invoice will be issued after the order is confirmed.
In terms of time, the entire process, including review of documentation, preparation of an application, coordination with the bank, organization of an interview and the actual opening of an account, takes 1 month. In some cases, deviations of several days are possible (since banks have the right to request additional documents).
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