offshore bank account in Singapore (For your foreign Business)

Businesses which are not registered in Singapore can also open a bank account and use it for transacting their business. This can be especially helpful if you do not want to incorporate a company in Singapore, but are just looking for flexibility of keeping your funds in an economically stable country, for further use.

Your business derives following benefits from a bank account with Singapore bank

Country rating AAA

Singapore enjoys AAA S&P rating in all criteria’s (AAA means Extremely strong capacity to meet financial commitments. Its Highest Rating). As a result your funds are in a safe, secured and stable country

Strong and safe bank

Most of the local banks in Singapore feature in top 20 Safest list as per Fitch / S&P rating. These banks are have minimum 100 Billion dollars under their management

Free exchange controls

Since 1978, Singapore government abolished all currency exchange controls, Singaporean residents or foreigners (whether (individuals and corporations) are free to move funds, import capital, or repatriate profits without restriction

Multiple currencies

You can maintain accounts in multiple currencies. See below for the list of currencies available.

How Transcend will help you?

Transcend in this case provides following services;

  1. Collect all documents (scanned copies) from you and check if anything is missing
  2. Go through your documents with the Bank representative and get an “indicative” pre approval (This is before you plan to visit Singapore for bank account opening)
  3. Arrange your meeting with bank representative in our office for bank account opening
  4. Handle post account opening documentation

    Benefit of “indicative” pre-approval

    Banks carry out background checks on the business and people involved in it before approving the account. If the result of this check is not satisfactory then the account may get rejected. In case of foreign registered businesses banks are more cautious and are stringent, as a result chances of rejection can be high. Since we go through your case with bank representative in the initial phase itself, significant time and efforts are saved. Once this indicative approval is obtained you can plan your visit to Singapore.
    Please note this “indicative” pre-approval is still not final approval. Bank may still reject the account opening however the chances of that happening are very low.

      Personal visit required for bank account opening

      All account signatories and minimum two directors of the company are required to visit Singapore. They must bring corporate and personal documents. The bank conducts interview and verifies personal documents and signatures of the account signatories. In case of the single director company the sole director and all signatories need to visit.

        Offshore bank account requirements and features

        These requirements are for a foreign entity opening a bank account in Singapore (not for Singapore registered companies)
        CurrenciesThe bank opens accounts in the following currencies: SGD, USD, EUR, GBP, CAD, AUD, HKD, JPY, CHF and NZD. You can open an account in any one or multiple currencies.
        Initial depositInitial deposit and minimum balance required as follow:
        1. SGD account – SG$30,000
        2. USD account – US$30,000
        3. EUR account – EUR30,000
        4. GBP account – GBP30,000
        5. CAD account – CAD30,000
        6. AUD account – AUD30,000
        7. HKD account – HKD180,000
        8. JPY account – JPY2,000,000
        9. NZD account – NZD30,000
        The bank charges monthly service fee of $100, if monthly average balance falls below the required minimum balance.
        How the initial deposit is to be fundedOnce the account is opened you will need to make transfer of funds in few days
        Online bankingThe bank offers online banking facilities including using which you can check your account balance and transfer amount to any bank in the world.
        Debit CardThe bank offers MasterCard Debit Card. This card is connected directly to the business account. Therefore, all payments are debited directly from the business account.The card provides the following benefits:
        1. 24/7 cash withdraw from ATMs with the sign PLUS and MasterCard in any country of the world
        2. Worldwide acceptance for any online or in store purchases
        3. No security deposit is required
        4. You can personalize your card with your company logo and title
        The bank does not offer credit cards for offshore companies.