Healy Consultants assist our Clients by project managing all processes involved with Singapore banking. It may be possible to open a Singapore corporate bank account without needing to visit Singapore. Healy Consultants’ experienced international banking team will prepare the required documentation and attend a bank interview on your behalf. We are one of the few global professional firms who provide this service.
Opening a bank account in Singapore
- Singapore is positively ranked as the world’s 5th least corrupt country in the 2012 Corruption Perceptions Index by Transparency International, a measure of corruption amongst public officials and politicians;
- Demand for Singapore banking services continues to grow due to increased flow of capital from the West into Singapore. As governments endeavour to clamp down on tax evasion, bank accounts located in tax havens are under increased scrutiny. Singapore is a reputable jurisdiction with a regulated and secure banking system, making banking in Singapore an excellent long-term solution for international entrepreneurs;
- Singapore has strong security laws in regards to the banking industry, including the disclosure of bank account information. Details of the Singapore banking laws can be found on the Monetary Authority of Singapore website;
- Prior to the Singapore corporate bank account application, Healy Consultants prepares a detailed business plan, highlighting the company’s activities and financial projections. This will include providing reasons why the company requires a Singapore corporate bank account;
- To enable Healy Consultants to complete the Singapore corporate bank account application, our firm requires detailed information on the company’s activities (including proof of business such as examples of contracts and invoices etc), information on the company’s customers and suppliers, as well as information about its management team and financial projections;
- The Singapore government requires local banks to implement strict ‘know your Client’ procedures for Clients undertaking Singapore corporate banking. This is to ensure the capital inflows are legitimate and clean;
- Despite strict guidelines, Healy Consultants will assist our Client with all Singapore corporate banking requirements with minimal inconvenience, assuming the bank receives sufficient information about the Singapore company activities, beneficial owners and bank signatories to the Singapore corporate bank account. Healy Consultants has a 100% record for obtaining Singapore corporate bank account opening approval;
- The Singapore corporate bank account is opened at a large international retail bank such as HSBC, Standard Chartered , and Citibank. The account will include world-class Internet banking, a corporate cheque book, corporate ATM card and corporate debit card (Visa), if required.
- The minimum initial deposit for a corporate bank account in Singapore can range from US$1,000 to US$25,000 depending on the bank chosen;
- Following completion of the application for the corporate bank account, your firm will normally receive a bank account number within two weeks. Internet banking is typically fully functional within two weeks of receipt of the corporate bank account number.
Advantages of Singapore banking
- Singapore has seen significant growth in private banking services and is expected to be a leader in this field over the next 5 years. As a global private banking and wealth management hub, Singapore is positioned to cater the needs of high net worth individuals within Asia and globally;
- Singapore is a globally important and respected business centre. Singapore’s financial centre is a secure, reliable and well-regulated banking system;
- Singapore is one of the A grade offshore centers not signed up to the European Union Saving Tax Directives. The Client confidentiality laws in Singapore are a contributor to Singapore banking security;
- Singapore banking security is aided by the clear and fair investment laws. Foreign and domestic businesses are treated equally with 100% foreign ownership an option in most sectors;
- Foreign individuals can apply for Singapore permanent residency if they hold at least S$5 million (US$4.08 million) with a financial institution regulated by the Monetary Authority of Singapore;
- Multi-currency accounts and excellent Internet banking are two advantages of Singapore banking which facilitates global business. Furthermore, Singapore banks offer letters of credit (L/C) support for Singapore companies involved in international trading.
Key facts on Singapore offshore banking
- Offshore Banking in Singapore benefits from a well-regulated banking system and an international reputation as a globally important and respected financial centre. For several reasons, demand for Singapore as a domicile for an offshore company is growing. Hence, the financial services industry in Singapore continues to grow to meet the needs of the high net worth individuals and entrepreneurs investing in Singapore;
- Singapore offshore banking strategies are efficient, thanks to i) the Healy Consultants’ vast experience in opening Singapore offshore bank accounts for Clients and ii) improving customer service in Singapore banks. That said, opening a Singapore corporate bank account remains a challenge due to increased due diligence requirements;
- As a global private banking and wealth management hub, Singapore caters to the offshore banking service requirements of wealthy people in Asia and globally;
- International entrepreneurs using offshore banking in Singapore will benefit from multi-currency accounts and excellent Internet banking, which facilitates global business. Furthermore, Singapore banks offer letters of credit (L/C) support to Singapore companies engaging in international trading. Healy Consultants will assist Clients obtain L/Cs and related trading tools;
- Healy Consultants offshore banking services include assisting Clients obtain highly competitive mortgages from Singapore banks for their properties in Asia and around the world. With significantly lower interest rates and simple procedures, Singapore mortgages are a viable, cost-effective and convenient alternative to rival mortgages in locations such as Australia, Canada, the US and Europe.
View the complete guide to Singapore company incorporation.