How To Оpen Bank Аccount Online In Singaporе

Singapore is the largest financial center in Asia. Today, it is a thriving financial center with an excellent international reputation, serving its domestic economy as such and the entire Asia-Pacific region. The banking sector is a key player in the country’s financial market segment, becoming one of the strongest in the world. Factors such as a favorable economic and political environment, favorable legal and tax policies, good reputation, and strong anti-crime and money laundering measures have contributed to status as the third-largest international financial center in Asia after Japan and Hong Kong. Today, 117 foreign banks and six local banks are represented in the banking sector.

To apply for an account in this country, you need: to log in to your bank using a card number and apply for a new one. If you do not have an account at all, then you need to contact the bank. If you are not a resident, you will need to prove the economic connection of you or your firm with that country to open an account.

Banking is an essential area of ​​the economy, with about 90% of all banking structures being foreign banks. Among them are those that provide a full range of services, wholesale, trade, and offshore banks. They all operate under the supervision of the Monetary Authority of Singapore.

You can open a bank account online in Singapore at the following banks:

• DBS – from 2700 € (remote opening)
• OCBC – from 3000 €
• UOB – from 3000 €
• CITIBANK – from 2700 € (remote opening)
• HSBC – from 2700 € (remote opening)

Benefits of the Singapore banking system:

• stability, minimal risks for clients;
• a full range of services;
• the safety of money is guaranteed by the state deposit insurance program;
• confidentiality, observance of banking secrecy concerning clients;
• developed internet banking.

Growth of the private banking industry in Singapore

Singapore has benefited from a growing some high net worth individuals in Asia and other regions such as Europe and the Middle East, becoming a leading private banking destination for international investors. You can easily open a bank account online in Singapore. This country received the nickname Asian Switzerland because the country has:

• Strict banking secrecy laws. No case should information about customers be disclosed by the bank or its employees to any other person, except as expressly provided in the Banking Law.
• Non-recognition of the European Tax Directive. This county is one of the few remaining offshore centers that have not signed the EU Savings Tax Directive. Member countries can exchange private information about individuals who conduct banking operations and invest in these countries.
• Generous tax breaks for capital gains and interest income outside are tax-free here.

All these are favorable factors to open a bank account online. Among other things, private banks provide clients with access to unique financial products, for example, accumulative life insurance, which allows them to ensure a comfortable old age or the future of their children.

The requirements for clients of private banks differ significantly from the requirements of similar European banks. The fact is that the MAS-financial regulator has established certain criteria for private foreign investors, which are exempted from obtaining an appropriate license: the general condition of such an investor must be at least two mn. SGD (about 1.5 million USD), and the annual income is at least 300 thousand SGD (about 230 thousand USD). It is generally necessary to meet these criteria to invest through a private bank.

Required documents to open a bank account online in Singapore

You need to prepare well and collect documents about your activities, family composition, and most importantly, show and document how your well-being was formed. Suitable for these purposes:

• copies of your tax returns; 
• statements from current bank accounts;
• documents confirming the ownership of a firm;
• real estate purchase and sale agreements.

There are banks in this country that are ready to work with clients from different countries and allow the deposition of crypto assets.

In addition to a personal invoice, it is possible to open an account, provided that the company’s assets exceed 10 million Singapore dollars, while the balances can be from 500,000 US dollars.

Although most banks require the client’s personal presence, there are banks that can carry out the entire open bank account process online.

The list of documents required for a create invoice online is almost the same regardless of the chosen banking institution. Additionally, letters of recommendation may be required. It is obligatory to fill out the KYC questionnaire, which will allow you to prepare for the interview at the bank and pass it successfully.

All potential clients-legal entities of banks are assessed in terms of the following features and characteristics:

• the consistency of the structure of the organization;
• the existence of a company website with open information about the founders and directors of the company;
• compliance with the manager with the position held (education, work experience);
• the presence of letters from other (including resident) banks and counterparties to confirm the company’s direction.

Deposit insurance. The deposit insurance scheme provides a basic level of protection for private depositors. The Singapore Deposit Insurance Corporation (SDIC) is the guarantor of the safety of deposits.

The Deposit Insurance Scheme currently protects contributors (individuals, charities, sole proprietorships, partnerships, companies, and unincorporated entities) by covering their Singapore dollar cash up to $ 75,000 per depositor.

All operating banks and financial companies must be members of the deposit insurance scheme.

In which bank to open an account in Singapore?

Banks continue to maintain a reputation for being reliable financial institutions that guarantee their clients a high level of asset protection and confidentiality of personal data.

Open a bank account online allow clients to successfully conduct firm in the rapidly developing countries of Southeast Asia, such as China, Indonesia, Malaysia, and Thailand.

Those wishing to open a bank account should know that the country’s banking institutions are among the largest in the region. Many of them have an extensive network of offices and representative offices, both in Asia and Europe, and North America.

If you are interested in such an option as a create invoice online, then pay attention to the fact that the jurisdiction is not listed in the EU and FATF’s black lists and has many signed bilateral agreements with various countries of the world.

If you are planning to open an invoice, please note that local institutions are ready to consider both a remote option and create an invoice with a client’s visit to the bank.

• DBS bank. Many business people wishing to register a firm decide to open an invoice with DBS Bank, the largest bank in the region, whose range of services is suitable for a wide variety of business purposes.

The bank opens multicurrency invoices, offers asset management, securities transactions, and financing services.

• CITIBANK. Do you want to open a bank account online for a non-resident? In this case, you should pay attention to Citibank Singapore, one of the country’s most prestigious banks with over 100 years of history.

The advantages of this institution include a wide range of services (international transfers, financing, lending, insurance), quality service, and the ability to open an invoice with Citibank Singapore remotely.

• OCBC BANK. It is the second-largest financial group in Southeast Asia and also one of the most reliable banks.

The following types of services are available to the institution’s clients: create an invoice for a non-resident company in OCBC Bank or a local enterprise, using modern online and mobile banking, conduct securities transactions, and much more.

• MAYBANK. Opening a bank account online for a company in Maybank will allow you to easily use Internet banking, the advantages of multi-currency accounts, as well as business and trade financing services.

Other options for creating an invoice. Not all banks require a mandatory personal visit of the client. There are also alternative solutions, such as:

• Bank of Singapore, the largest commercial institution in the region, part of the OCBC banking group;
• RHB, a bank that owns a wide network of branches throughout Malaysia and serves both residents and non-residents;
• UOB Bank, a large institution in the country, offering the ability to manage assets using high-quality Internet banking and perform daily operations using multicurrency invoices and other services.

Benefits of an open bank account online:

• High level of service;
• Availability of Russian-speaking staff;
• Opening invoices in USD, EUR, SGD, and many other world currencies;
• A wide range of services for private and clients (lending, insurance, investment advice);
• Relatively fast application review process.
• If you are interested in one of the above institutions, then creating an account will help you quickly implement the task.

Registering a firm and opening a bank account will allow you to access the rapidly growing financial services market, find potential partners and major investors, and bring your business to the modern level.

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