Singapore Expats

Hi all,

we are thinking of opening a trading company in SG (we already have a local company in Europe where we are employed and owners). Areas of business are software and online services.

My question is how much of a problem is it to open a business bank account with SG bank for a new company that has 0 employees, only 2 directors (1 is SG national, but provided by the incorporation agent so not usable for going to the bank...)? Also, are there restrictions on internet banking for making international money transfers (like in UK where sending money abroad for small companies is usually done from the branch only)?

Many thanks for your replies/advices.

what kind of trading company ? managed one ? setup a company first and find a office space for a start .

wud be interested to know more ...am in finance myself..
let me know
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Mr Tan wrote:what kind of trading company ? managed one ? setup a company first and find a office space for a start .

Hi there, thanks for replying. I would manage the company but I'm not a local resident. I am not sure what you mean by "managed one" though (i.e. third-party full management services, or residential status of company based on where the important company management decisions are made).

Since I'm accross the globe I wanted to check all things before I come to SG, so that I can do the paperwork in the couple of days I'm there. I primarily don't want to mess up the bank account opening since this is crucial.

BTW is there any online forum where local guys from SG hang on? Just to do some networking with people who might be doing similar business as we would (software, online services, hitech etc.).

Thanks for the replies.