Overview:
How to open an offshore bank account in Singapore? Our office in Singapore deals with many banks and keeps on top of the constantly changing requirements. Singapore is suitable either for small commercial accounts with low turnover, or for private banking and investment accounts above USD 5 million. Singapore, surprisingly, is relatively poorly served with banking facilities for middle market clients. Banks’ marketing efforts are very focused on Asian clients and Indians, so it can be hard for westerners, Russians or Latin Americans to open accounts. Fortunately we have experienced representatives on the ground to assist with this. It is, however, essential to communicate in English with the bank.
Target clients:
Asian clients.
Languages:
English, Chinese etc.
Specific features:
- Good for precious metals investors.
- Singapore brokerage accounts are an attractive option.
Plastic cards:
Full Visa and Mastercard range. Available either as debit cards, secured credit card, or unsecured credit card for larger investors. SGD or USD.
Documents and Account Opening Process:
- Standard set of documents, plus proof of address.
- Proof of source of funds.
- Bank reference is preferred, but account may be opened without depending on the risk and transaction profile.
- Personal meeting in Singapore is required.
Deposit requirements:
USD 1000 upwards.
For further information on procedures and fees for opening your Singapore offshore bank account, contact Offshore Pro Group today!