Offshore Bank Account in Singapore
Singapore, one of the most popular offshore jurisdictions that one can ever think of has been a favourable ground to small businesses, investors and large corporate entities. Along with the company establishment proceedings, the location holds numerous potentials for higher growth rate and reduced political risks.
Now, being a business investor, when you opt for offshore company incorporation, you also need to take care of the bank-related proceedings that will benefit you in the long-run. Offshore bank account helps an individual to carry out the business banking transactions at ease, and, Singapore is one of the favourite destinations when it comes to opening an offshore bank account.
If you have set up an offshore company in any of the popular offshore jurisdictions and is looking to open an offshore bank account, you can count on Singapore. This guide will highlight the essentials that are required to know for opening a Singapore bank account.
Singapore Offshore Banking
Over the years, there have been numerous banks that have been continuously providing the best offshore banking services to business investors and entities. Singapore has been turned out to be an exceptional business location that offers high-end confidentiality and security. Thus, offshore banking in Singapore is positively opted by business investors. Now, before one proceeds to the opening of a bank account, individual specifications are to be considered that includes:
- Determining the purpose of the bank account
- Conducting intensive research of the various banking options available
- Understanding the documentation requirements
- Getting advice from tax advisors
- Comparing the bank account fees
By opening an offshore bank account in Singapore, you’ll get an exposure to international banking and investment diversification options.
How to Open an Offshore Bank Account in Singapore?
Now, the answer to the question above holds specific essential steps that need to be followed by the business investors accordingly.
1.Get in Touch with an Expert
The first and foremost task that needs to be sorted is to take care of the complete process by joining hands with experts. Being a foreigner, you may face numerous obstacles while taking the first step. Having guidance by your side will help you to take the first step in the best possible manner.
2.Deep-Dive into the Banking Options
The second move is to fetch out the available options. Make sure to discuss with your business expert while you deal with the proceedings. Going ahead under the supervision of an expert turns out to be beneficial as they hold an in-depth knowledge on the same.
3.Be Handy with the Documents
You need to make sure that before you proceed ahead, you have the required set of documents that is necessary to open offshore banking in Singapore. The basic requirements include:
- Duly filled bank account opening form
- Address proof of the shareholders and directors of the company
- Identity proof of the shareholders and directors of the company
- Passport-sized photos of the company shareholders and directors
- Well-drafted business plan
- Certificate of Incorporation
- Memorandum of Association (MOA)
- Articles of Association (AOA)
The documents need to be submitted accordingly to the banking authorities that will undergo severe inspection and scrutiny.
4.Gain the Respective Approvals
Once the documents have been submitted, you need to wait accordingly for the respective approvals that will be given by the higher authorities of the bank. Your business advisor will assist you in the complete process.
5.Carry out the Transactions
The final call is to carry out the business transactions with your respective clients. You can carry out the business processes at an international level, enter into Forex Trading, deal with cryptocurrency, asset and wealth management etc.
So, towards the end, you have got an idea regarding the steps that need to be initiated when it comes to the opening of an offshore bank account in a tax-haven jurisdiction. To carry out the process effectively, and in a clean manner, it is recommended to carry out with the help of experts. Business experts hold a high-end experience on the same and can assist you accordingly. At Business Setup Worldwide, our business advisors have complete details when it comes to opening an offshore bank account in Singapore and can guide you by giving tailored solutions.
Since inception, we have been focusing on providing best and effective business setup solutions along with bank account services that have made us as one of the top business consultants in Dubai. If you are looking forward to opening an offshore bank account for your business, feel free to discuss with our experts. Contact us today-we’d be glad to assist!