How to open a bank account in Singapore

The Republic of Singapore is one of the most attractive in terms of starting a foreign business and creating an appropriate account. And this is not surprising, because the state has the most stable and secure financial system. But recently, opening an account in a Singapore bank has become more difficult and is possible only if you are personally present. So that you, despite the difficulties, get the desired result, we have prepared for you today's guide, from which you will learn about all the nuances and be ready for them.

What does it mean to open a bank account in Singapore

There are more than thirty banks operating in Singapore, but only a few will be of interest to foreign investors. But if you need to register a corporate account, you need to look for banks that provide such services. And along the way, take into account a few details:

  • There is no foreign exchange control in the republic. But if you bring more than 30 thousand SGD into the country, you will need to fill out a customs declaration. At the same time, electronic payment systems are always available to you.
  • If you need to fund a foreign bank account, you will have to make an international transfer.
  • It takes between 3 and 10 days to transfer funds, depending on the sender's country. Usually the commission is only 10 SGD.

The best part is that opening a bank account in Singapore of a different type and direction can sometimes be much more profitable. It is for the explanations of these nuances that you should seek qualified help.

Opening a bank account in Singapore: main features

The conditions for registering a bank account in the Republic of Singapore are approximately the same:

  • You can open an account with a debit or credit card, but you can also easily open a savings account.
  • You get the opportunity to conduct free transactions with finances, and you also get rid of the commission if the minimum balance is at least one thousand.
  • You can deposit in any convertible foreign currency.

The main thing you should know when deciding to open an account in Singapore is that its financial system is stable and properly regulated, due to which it is the best in the world. And deposits of depositors are completely safe, because they have insurance. It is worth noting that the government of the country is not interested in the bankruptcy of even foreign investors, so the credit rating of this republic is the highest in the world and you can be sure that your assets will always be safe.

How to open a bank account in Singapore

When you decide on a bank, you need to proceed to the account registration procedure. You must have the following documents with you:

  • ID.
  • A document confirming the place of residence.
  • An extract confirming the legitimacy of incoming funds.

Some banks request individual documents. Therefore, it is best to contact qualified specialists who will be able to dedicate you to all the nuances of opening a foreign account in the republic and prepare you for this.

Why you should open a bank account in Singapore with us

If you are attracted to Singapore, opening an account in this country will be the right decision. And if you call for help a team of specialists from the consulting firm Crystal Tax, it will be doubly correct, because it will become your guarantee of obtaining the desired result. By choosing our services, you are hiring not just one, but a whole team of trained and experienced lawyers, financiers, accountants and HR professionals who:

  • Conduct detailed consultations regarding your individual issue.
  • They will collect and prepare a package of necessary documents.
  • Select the appropriate bank, jurisdiction and form of taxation.

And most importantly, what our employees will do is take care of all the tedious details, providing you with the desired result. And at the same time, they will save you time, nerves and energy that you can spend on more enjoyable activities. If this is exactly what you were looking for, sign up for a consultation and we will help you discover new opportunities!

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Maksym Stepanenko

Maksym Stepanenko

Managing Partner, Crystal Tax

International client projects since 2012: company structures, tax, immigration, DUNS and NCAGE. 50+ jurisdictions.

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