Singapore Expats

Hey guys,

Some time ago I asked for your advice on incorporation (see http://forum.singaporeexpats.com/sutra5 ... tml#554180) now I am looking for your ideas on Singapore business bank accounts.

Do you know of a bank that allows opening a business bank account without a visit to the Singapore office?

I don't need anything fancy, just a place to store my company's money, preferably in USD, with internet banking available. A credit card that is directly connected to the account balance (a credit card that acts as a debit card so there's never credit involved, it simply denies transactions when the balance is too low) would be nice to.

I'm fine with notarizing documents, visiting the Embassy of Singapore, or a European office of the bank (I'ld rather fly to London than to Singapore).

Any suggestions?

You really need to call the banks. They require that signature cards be signed in front of bank officers. Only the bank can tell you if notarization, etc will be an acceptable alternative.

Formerly, HSBC and Citi allowed opening of bank accounts in Singapore, from overseas: you need to visit their respective overseas branch, and place a minimum deposit of 50,000 US$, for them to open an account in Singapore and then transfer the deposit over to Singapore.

Note that such services are "premium" / "premier" banking service, and not for those who plan to have low balances ..

Just checked the website and Standard Chartered have the same criteria as above. Although these are for personal offshore accounts and not business accounts.

I'm assuming from your previous post that you have a locally incorporated company and therefore you won't need to open an offshore account, rather just an ordinary business account will suffice. My suggestion is to contact the banks directly and ask them what their requirements are. As far as I know, opening accounts by mail is still an option.

There is another post in the forum asking which is the best bank for business in Singapore. Check out that and contact them directly.

Kim

Thank you for your replies. I'm trying to find out what is possible, and talking to a bank, but it's a slow process.

Therefore I wondered, is it required to have a Singapore bank account or would a business bank account at a Dutch bank with Singapore presence suffice?

Several Dutch banks (ING, Abn Amro, Rabobank) have branche offices in Singapore and I could simply walk into one of their Dutch offices to see what's possible. Because I'm Dutch, I'm already a client of one, and I can easily visit their offices here and have as many face to face meetings as they desire, this might be easier than trying to setup a Singapore bank account from abroad.

Then when I fly to / move to Singapore, I could always walk into a Singapore bank, and get a Singapore bank account at that stage.

Does this make sense?!