Singapore corporate bank accounts
Healy Consultants assist our Clients by project managing all processes involved with Singapore corporate banking. It may be possible to open a Singapore business 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 providing Singapore corporate banking services.
Advantages of Singapore corporate banking
- Demand for Singapore corporate 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;
- 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 corporate 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 corporate 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 and looking for Singapore corporate banking options adequate to their business neeeds;
- 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 company 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;
- Singapore offers a mature and competitive banking system, dominated by three Singaporean establishments, famous for their soundness and the excellence of their corporate banking services: i) DBS ii) UOB and iii) OCBC. Foreign banks have however managed to enter successfully the Singapore corporate market: i) HSBC ii) Standard Chartered and iii) Citibank (among others) also currently maintains a significant presence in the country.
Singapore corporate bank accounts options for foreign companies
- Without the need for a local entity, foreign companies can open a company bank account in Singapore. For example, a German company can open a Singapore business bank account to serve Asian customers and suppliers, without the burden of incorporating a local company. Healy Consultants guarantees bank account approval or your money back. Our fee for our Singapore corporate banking services is US $3,950;
- As you can appreciate, it is a difficult task to obtain bank account approval for a foreign company when shareholders and directors and bank signatories reside overseas. It is a time consuming task, Healy Consultants will shelter our Client from the administrative challenges. A sample of Singapore corporate banking options follows:
Singapore corporate bank accounts options without travelling
- To save our Client’s time and cost of travelling, Healy Consultants guarantees corporate account approval or your money back. Our fee for the corporate account opening service, if the Client incorporates a local entity as well, is US $2,550;
- As you can appreciate, it is a difficult task to obtain bank accounts approval when shareholders and directors and bank signatories reside overseas. Below is a sample of banking options we accompany our Clients to bank meetings:
Our Client can travel to Singapore for bank accounts approval
- If our Client travels to Singapore to incorporate a local company, there will be different bank options available. It is still difficult to obtain timely corporate account approval from Singapore banks because they enjoy excess demand, thus they are very choosy about what Clients they will engage;
- During your visit, Healy Consultants will i) provide you a detailed table of banking options evaluating each bank thoroughly ii) prepare a detailed business plan for the bank iii) request the banker to visit our office premises for the meeting iv) activate the internet banking on your behalf;
- We guarantee corporate account approval or your money back. Our fee for this service is US $1950. Below is a sample of banking options we accompany our Clients to bank meetings:
Singapore corporate bank accounts options for resident entities
- Healy Consultants will i) present you a detailed table of banking options evaluating each bank thoroughly ii) prepare a detailed business plan iii) request the banker to visit our office premises for the meeting iv) activate the internet banking on your behalf;
- We guarantee corporate account approval or your money back. Our fee for this service ranges from US $1,950 to US $2,550, depending on whether the Client can travel or not.
10 steps to opening Singapore corporate bank accounts
- Prior to submitting the bank account application, Healy Consultants requires detailed information on i) company’s activities (including proof of business like contracts and invoices etc.), ii) company’s customers and suppliers iii) details of the management team and iv) the company’s financial projections;
- On receipt of aforementioned information, our experts prepare a detailed business plan, which will highlight the reasons for opening a Singapore bank account, the company’s activities and financial projections. The business plan will then be sent to the Client for review and approval;
- Healy Consultants approaches the local banks in Singapore to obtain preliminary approval for bank account opening for our Client’s company;
- Following receipt of the preliminary approval, Healy Consultants prepares bank account opening forms for our Client’s signature in front of notary public or local bank branch officer and courier return the originals to Healy Consultants Singapore office;
- On receipt of the original signed bank forms, the banks will implement strict ‘know your Client’ procedures for Clients undertaking Singapore business banking to ensure the capital inflows are legitimate and clean;
- Despite strict guidelines, our experts will assist our Client with all corporate banking requirements with minimal inconvenience, assuming the bank receives sufficient information about our Client’s company activities, beneficial owners and bank signatories;
- Within two weeks following submission of the account opening application, Healy Consultants will receive the approval from bank;
- Our Client will be required to fund the bank account within one week. The minimum initial deposit for a business bank account in Singapore can range from US $1,000 to US $75,000 depending on the bank chosen;
- Within two weeks, Healy Consultants opens the bank account mails and activates the internet banking on our Client’s behalf;
- Following successful activation, we will dispatch a courier to our Client’s preferred mailing address containing bank documents and internet banking details.
What is happening to Singapore banking?
- Singapore banking sector is amongst the most preferred in the world. Consequently, Singapore business banking solutions are in excess demand, presenting our Clients with the following challenges and benefits:
- Top tier banks invite only medium to large companies as customers. These banks do not prefer SME Clients;
- All banks are choosy of the Clients they approve, accepting only some nationalities and industries i.e. perceived low risk Clients;
- Bank accounts approval often takes four weeks;
- There is no longer a dedicated bank officer for each Client;
- Corporate debit visa cards are available from most banks;
- The banks enjoy ultimate power of approval of corporate account applications. Consequently, guaranteed success is outside of Healy Consultants control. What is inside our control is the preparation and submission of a high quality bank application that maximizes the likelihood of approval. To date, we enjoy a 100% approval record;
- Global banks continue to tighten corporate account opening procedures with their internal compliance departments completing a more thorough due diligence of Clients. Consequently, our Clients should expect the bank accounts approval period to take up to 4 weeks. Furthermore, banks now require evidence of proof of business in the country where the company bank account will be, including sales contracts or lease agreement;
- G10 countries view Singapore as a tax haven because foreign income is not taxed in the country. Consequently, Singapore banks are cautious of the nationality and industry of their customers. However, Singapore is not on the OECD ‘blacklist’ of tax havens (nor the FATF blacklist).
Other Singapore banking information
- Healy Consultants recommends our Clients to avail services of international banks such as HSBC, Standard Chartered and Citibank because they offer the best internet banking service and customer care service;
- Singapore government imposes no foreign exchange controls. Hence, there is a free flow of funds for remittances of profits, debt service, capital, capital gains, and returns on intellectual property or imported inputs. Singapore’s currency is the Singapore dollar and the exchange rate is SG $1 = US $0.80;
- Banks in Singapore are highly reputable and provide full range of business facilities including multiple currencies, internet and telephone banking, checking and savings accounts, debit and credit cards, and wealth management services;
- Singapore banks offer multiple currency bank accounts, including the Yen, RMB, Euro, US dollar, and other Asian currencies;
Frequently asked questions
Do Singapore-based banks offer services for foreign SMEs?Yes. Foreign SMEs can use Singapore small business banking solutions without having to incorporate a resident corporate entity. Also, Singapore online corporate banking solutions will be made available to the foreign companies. Healy Consultants will help our Client access this service for US $3,950.
How can Singapore-offshore banking help my global business?Singapore-offshore banking allows two major advantages: i) monetary assets in an offshore account will be legally tax-exempt until remitted back to the home country and ii) remittance of money can result in loss due to forex rates.
On a more macro level, Singapore’s tax exempt offshore banking allows investment into other Asian developing economies like India and China.
Is Singapore business internet banking safe for corporate transactions?Yes. Healy Consultants works with some of the best international banks which guarantee the safety of our Client’s corporate account.
I wish to open a business entrepreneur account. Which Singaporean banks would you recommend?Healy Consultants works with international banks like HSBC, Standard Chartered and Citibank which enjoy a great international reputation. Consequently, our experts will assist you in choosing the optimum bank out of such respectable choices.
Will internet banking for Singapore accounts be available 24/7?Yes. Internet banking services for corporate accounts can be accessed at any time using the Login ID and PIN.
Who will I contact in case of an emergency regarding my business account?Our Clients can contact the banks directly or they can contact their Healy Consultants’ relationship officer to inquire about their problems from the bank on their behalf.
My firm is looking for banking solutions for corporate and institutional businesses. Can Healy Consultants help us with this?Yes. We provide a bank account opening guide for Singapore companies whether the company is incorporated in the country or not. Healy Consultants will assist our Clients in obtaining the highest quality banking services from reputable banks.
What will be the due diligence requirement for accessing Singapore business banking services?All foreign companies will be required to submit the details of all their shareholders, company’s business plan and company’s audited annual statements. Healy Consultants will assist the Client in preparing the requisite documents.
Are there any special restrictions put on foreigners accessing corporate banking services in Singapore?No. There are no special restrictions put on foreigners wishing to engage in corporate banking in Singapore.
Asia banking options
Singapore offshore bank accounts
- For all foreign and offshore companies, Healy Consultants guarantees Singapore bank account approval or your money back. Our fee for this service is US$3,950;
- As you can appreciate, it is a difficult task to obtain bank account approval for a foreign company when shareholders and directors and bank signatories reside overseas. It is a time consuming task, Healy Consultants will shelter our Client from the administrative challenges. A sample of banking options follows:
Singapore corporate finance
Our Singapore corporate finance team is a multi-skilled team of professionals who bring to bear their varied experience from diverse backgrounds. The corporate finance services our firm offers includes:
- Obtaining Singapore corporate finance for acquisitions, buyouts and stock exchange listings;
- Obtaining asset based loans to improve cash flow, restructure capital, consolidate debt and provide working capital;
- Obtaining letters of credit;
- Obtaining private debt financing, export financing and private and public equity;
- Redesigning and amending benefit plans;
- Negotiating underwriting agreements;
- Preparing and negotiating registrations of securities under equity-based plans;
- Advising on management buy-outs and buy-ins;
- Providing share and business valuations as a precursor to a corporate finance transaction.
Healy Consultants banking fees
Healy Consultants guarantees Singapore company bank accounts approval or your money back. Our fees for different banking services include:
Singapore banking task
Our Client travels
|Singapore bank account for a foreign company||No||3,950|
|Singapore bank account for a foreign company||Yes||2,950|
|Singapore bank account for an offshore company||No||3,950|
|Singapore bank account for an offshore company||Yes||2,950|
|Singapore bank account for a Singapore company||No||2,550|
|Singapore bank account for a Singapore company||Yes||1,950|
|Singapore personal bank account||No||1,550|
|Singapore trade finance assistance||No||1,500|
|Singapore corporate finance assistance||No||1,500|
|Singapore international mortgages finance assistance||No||1,500|
|Singapore private equity assistance||No||1,500|
|Singapore government grants assistance||No||1,500|
|Singapore investment banking assistance||No||1,500|
|Singapore private banking assistance||No||1,500|
Asia corporate merchant accounts
Asia corporate brokerage accounts
Asia corporate visa debit cards
Asia deposits accounts
Asia trade finance
Asia corporate finance