Opening a corporate bank account in Singapore is one of the best ways to secure your company's finances with a secure and well-managed bank. In fact, Singapore's banks are among the safest in the world.

So it's no surprise that Singaporean banks can choose who they want as a customer. And if you're interested in opening a corporate bank account in Singapore, that can mean obstacles to opening an account.

The possibilities of opening a corporate bank account in this jurisdiction depend basically on how much you are willing to deposit, the profile of your company, business structure and shareholders and directors of the company.

It is entirely possible to open a corporate account in Singapore as long as the bank sees you as a profitable customer worth working with and you can pass due diligence.

Singapore's banks are well regulated, well capitalized, have strong balance sheets, and don't need to take on any unnecessary risk. Therefore, when opening a corporate bank account in Singapore, your company will be put under the microscope.

Keep in mind that Singapore's bankers have seen it all. So it's no surprise that the due diligence process your company will go through uncovers any discrepancies, risks, or unpleasant activity.

Singapore is better for companies that do not engage in high-risk activities. Such activities include gambling, activities involving strict regulations, online dating, and the other usual suspects.

If your company is involved in a high-risk industry, contact a Foster Swiss consultant for proper advice on how to achieve the opening of a bank account in Singapore even if you have a high-risk company.

One of the most important considerations when opening corporate accounts is the shareholders, directors and ultimate beneficiaries of the company.

These individuals will undergo the same detailed scrutiny to which the company will be subject when opening corporate accounts in Singapore.

Through this process, banks will assess your citizenship, residency, internal databases and even open source information that are incorporated, operate or transact with countries that are blacklisted, grey, on the EU list of non-cooperative or considered high-risk jurisdictions.

Bank accounts for offshore companies

Opening corporate bank accounts in Singapore is possible for companies outside Singapore. In fact, if you own a company from a foreign country or even an offshore jurisdiction, you can still open an account in Singapore.

Not all Singaporean banks accept foreign companies. Foster Swiss can provide you with the necessary information about the available banks.

If you have an offshore company, certain banks will require additional due diligence, have different requirements or incorporation processes altogether.

With this in mind, the best way to ensure success when opening a corporate bank account in Singapore for a foreign company is to choose a bank that has been opened before for companies like yours.

If you are unable to travel due to a global pandemic or are simply on the opposite side of the world, you should know that it is possible to open corporate bank accounts in Singapore remotely; you just need to know which banks to approach, which specific account opening strategies to use and which bankers to deal with when opening accounts and with foster Swiss all this information will be handled from the first instance. 

Foster Swiss can help you consolidate an offshore company in Singapore with a bank account, we provide you with personalized advice from the moment you choose a corporate structure for your company, until even one year after you have incorporated your company.

In the same way we choose the bank that best suits your requirements and we take care of the whole process for you.

For more information on this topic or any requirement related to our services, you can contact us directly through info@fosterswiss.com