News: Open an account in Singapore

Opening account with a bank in Singapore

Singapore is a progressive financial center with developed and reliable banking sector. Opening account in Singapore will allow to work comfortably, conduct business using Singapore dollars and world currencies. Tax advisors, financial experts and lawyers of Law&Trust will help in selecting the bank and preparing documents for account opening in the bank in Singapore.

Required documentation package for opening bank account in Singapore for non-residents is as follows:

- Passport (national one);
- Registration certificate;
- Memorandum of association;
- The charter;
- List of the management of the company and the shareholders;
- Description of the scope of the firm's activities;
- International passport;
- Information about the beneficial owners;
- Good Standing reference (in case when the company was registered more than one year ago);
- Documents confirming the experience of business management (bank statements, contracts with consumers, suppliers), dated no later than 6 months.

Singapore has more than 30 banks (local and foreign ones). We recommend the clients to focus their attention on three financial structures:

• DBS;

• OCBC;

• UOB.

Institutions conduct financial interbank transactions by means of the EPS system quickly and at a low cost.

Our company has wide experience and international banking relationships, which guarantees professional service for opening bank account in Singapore for non-residents.

Open bank account in Singapore

Due to economic and political stability of the state, account opening with the bank in Singapore gives a range of advantages to business owners, namely:

- Fully-fledged provision of services (standard package of services, programme for crediting, asset management, stock exchange and investment services);
- Guaranteed preservation of accounts;
- Bank secrecy allowing to ensure citizen of another state with complete confidentiality;
- Remote account management, balance control regardless of location.

We help to prepare documents with the shortest possible time, choose acceptable bank service programme for opening account in the bank in Singapore.

Opening bank account in Singapore for non-resident

Due to increscent global problem of illegal financial circulation and evasion of tax payments, the procedure for opening bank account in Singapore for non-residents has become more complicated since 2014, so it is necessary to submit letter of recommendation prepared by the manager of the current bank and information on sources of the company's income to banks.

Law&Trust guarantees efficiency, quality, reasonable price of the services provided. There is the program for confidentiality and protection of the received data.

Law&Trust International offers the service of opening bank account for non-residents in Singapore and the professionalism of our lawyers will ensure prompt procedure.