2020 is an horrendous year for frequent travelers and entrepreneurs, under such circumstances how to open a bank account in Singapore?
Our answer will be comprehensive to open business bank account in Singapore, as personal accounts are not interesting for the banks nor the services providers.
Private banking with a requisite of a minimum USD 1 million deposit is of course part of the Singapore banks offer, the country host a vast array of wealth managers with excellent services, this said.
Opening a Bank Account in Singapore
To open a bank account in Singapore in 2020 is an excellent idea! Few banks are accepting at distance opening so no need to travel as the physical meeting is remplaced by a video conference.
At distance bank account opening in Singapore is following the same principles of compliance than in any banks worldwide. The KYC process remains the same although Singapore banks have notably a better trained compliance team and are thus accepting clients with difficult profile.
The best way to open business bank account in Singapore is to use a Seychelles Company or a Hong Kong Company. Singapore companies due to the mandatory presence of a local resident Director are more difficult to manage and the offshore status is somewhere between difficult and impossible.
At distance bank opening in Singapore in 2020 is considered as life saving for many corporate services providers, a very short list of countries are accepting such at distance bank opening, Mauritius and Switzerland are the most notorious and serious options.