50 thoughts on “How to Open an Offshore Bank Account in Singapore”

  1. Dear Sir,I have read most of your letters on offshore banks and jurisdictions, i would like to know as to what would be your advice on banks in the Seychelles,Hongkong,Dubai and Bahrain.

    Thank you

    I remain

    Yours respectfully

    Feroze

  2. Need advice to open an Offshore Account in US$ in Singapore. THe source is for commission for services which I donot want to deposit in my Country for Tax reasons.

    Can ur company help or any firms u are aware can help for this service.

    Jawaher

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  4. I am interested in recieving your free offshore course but your website does not allow me enter my e mail address. Please send me the course as soon as possible.

    Thank you.

  5. Singapore is often considered by international entrepreneurs and investors for offshore business purposes.

  6. It's been a wild ride for financial services firms in the wake of the Wall Street meltdown. New regulations and overseers, rigorous stress testing, and stringent capital adequacy requirements have led banks to re-examine their operating practices, business models, and customer offerings–and all that adds up to challenges for financial-sector CIOs.

    One priority: Enable firms to adjust their business models and operations in response to the recently enacted Dodd-Frank Wall Street Reform and Consumer Protection Act. "Banks have got to figure out a different way to make money than fee income," says Jim Eckenrode, research executive for banking at TowerGroup, a financial service research and advisory firm. "You have to work a lot harder, while giving the customer confidence that your processes are consistent, fair, and easily understood."

    As an industry driven by data, financial CIOs enjoy the biggest IT budgets in the InformationWeek 500. They reported an average IT budget of $448 million compared with an all-industry average of $243 million, and the financial IT budget represents 8.2% of company revenue compared with 2.9% across all industries. With these big budgets, financial services firms engage in higher levels of outsourcing than companies in other industries. Fully 70% of the industry's CIOs report doing offshore IT outsourcing vs. 58% for all industries, while 46% send business processes offshore vs. 32%.

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    IT spending in financial services has a stronger customer focus than the survey total: 53% of CIOs plan to introduce new IT-led products and services vs. 40% for all industries, and 45% are building improved Web operations and customer experiences vs. 34% for all industries.

  7. Pingback: How and Why to Open an Offshore Bank Account in Singapore « Bank Account Search
  8. According to the Singapore Police website Singapore does indeed have cash and other negotiable instruments restrictions. Therefore it is not a true free market. But, compared to the US and Canada's $10,000 only without paperwork (talk about out of date), Singapore's is more liberal: S$30,000 = US$$23,880 without documentation.

  9. We are interested to open our offshore corporate bank account in Singapore, kindly send us whole procedure.

    Regards,

    Jamil M.

  10. Hello Peter, Can your firm be able to provide representation service in helping me applying for a personal account in HSBC Singapore?

    • Nelson, we certainly can advise you on exactly how to do this. However I must say that we no longer recommend Singapore as highly as we did a few years ago.

      The landscape of international banking is constantly evolving – contact us if you are a Q Wealth member and we will promptly be in touch about opening an account in Singapore if that is what you want. Otherwise we could further advise you on the range of banking jurisdictions that we currently favor.

      If you are not a member please consider becoming one for a free email consultation and a host of other valuable benefits!

  11. Please help with a good lawyer or accountant to start a business ( import & export company ) in Singapore , with off shore account , or a company that can do all that and run the company !!

    • Marcos,

      We do have trusted contacts that can help you with this, and other parts of this we can help you with ourselves. However, we don't reveal our contacts unless you are a Q Wealth member. Why? Because our contacts are highly skilled professionals whose skills are always in high demand and they prefer we not list their information for just anyone to see.

      If you are serious about starting your company then the very small membership fee to join us will be an investment you will earn back many many times over!

      Thanks for the comment and best of luck.

  12. singapore offshore banking account is closing for the foreigner that do not work there. new rules is we must have a valid mailing address in singapore and supporting document for your stays in singapore.
    the rule of games had changed since 2014.
    where as icbc.cn in shanghai. to my surprise they allow any foreigner to open account there in china. But is it safe? i believe it will be a pearl of asia.

  13. Hi,I have potential clients from Africa interested to have their offshore accounts and wealth management services through your firm.Please guide accordingly.

  14. Dear Sir

    We would like to open account in your bank for personal account and investment accounts as we are working in the oil drilling rigs financial investments we are looking to open accounts in your bank.

    Please we are from kingdom of Jordan and our company from Cyprus and Egypt.
    We are looking for forms to help us for open accounts .

    Best Regards

    GENERAL MANAGER
    NIHAD KHOURSHEED

    • Dear Nihad,

      I believe you also sent us an email with this same question, and we replied to that message. Please let us know if we can do anything else to help!

  15. Great post.

    I have also done extensive further research online regarding Singapore IBCs and, according to a webpage related to Singapore at http://www.milonline.com/companies/singapore-offshore-company.html , it states that: “If you wish your Singapore company to be non-taxable then you should have a bank account outside of Singapore, and do not remit funds into Singapore. Of course, you can do both; remit funds into Singapore which will be taxable and keep funds outside of Singapore which will not be taxable.”

    Can you confirm that any funds in a Singapore bank account would be taxable, even if the funds were not used to trade in Singapore? How much tax would be payable?

    We intend to invest our funds in stocks / shares. If our sharedealing brokerage account was in Singapore, but we only bought shares on stockmarkets in, say, the USA, rather than Singapore itself, would that classify as local trading and then make us eligible for taxes in Singapore?

    The bank accounts in Singapore were simply going to be used to receive and forward income to the sharedealing accounts.

    If that is the case, our only option would be to register an IBC in Singapore and then have a bank account in, say, Hong Kong. Then we would open sharedealing accounts in Hong Kong to invest our funds. Please let me know your thoughts on that.

    Finally, we have read that the details of Directors etc. are public in Singapore. I’ve seen on your website that you provide a variety of services. So can all the names on the report, such as Directors and Secretaries, be nominees provided by yourselves? Or must some of them be ourselves (which ones)?

    In terms of company finances / revenues etc. each year, are these all available to everyone via a public directory?

    • Jamillah,

      Thank you very much for your detailed comment. We really appreciate it. I will send you a more detailed response via email.

    • We sure can! Let me send you an email with how to get started. Thank you so much for leaving us a comment and have a great weekend!

  16. Hi sir!

    I wonder if you can help me to open an offshore account? I live in Sweden and have company here. I want to expand into the Asian market. With reference to what do I need to open an account.

    Best regards Sam

    • We would be more than happy to help you set up that bank account. I will send you some information via email with some options for you to choose from. Thank you for thinking of us for your offshore needs and have a great weekend!

  17. Little help? I would like to open an offshore account in Singapore, how might I do this? From what I can see you need either Work permit or student papers? are there ways for a foreigner to open an account without these, only a passport ?

    • Very good question Sebastian. Thank you so much for taking the time to leave us a comment. Let me send you an email with a little more information on how to get in touch with our experts to get reliable answers to that question.

    • Let my send you an email Mystic with information on how you can get in touch with our experts to get that question answered.

  18. dear sir madam

    Please I would also like some detailed info on the possibility of opening a non-resident personal account in Singapore. Thank you

  19. Hi, I am managing wealth of several individuals from eastern Europe. Are there any limitations for larger tan 100K Mil euros deposits and can they be managed in Singapore. Also what are the taxes? What are the Banking Charges.

    DD

    • Thank you so much for your comment Dragan. I will send you an email right away with what we have in Singapore right now.

    • Thank you so much for taking the time to leave us a comment. I will send you some options right away on how you can get in touch with our experts to get reliable answers to your questions.

  20. Hi

    I m interested in opening an offshore (international ) personal bank account . could you please put me in touch with someone who can help me with this . Often using the services of a facilitator makes the application easier and successful. Thanks. Best regards

    • Habib, we very much agree that a facilitator can make the process less painful, which is why we are here to help. I will send you an email right away with options on how to get in touch with our experts. They will then be able to help you create a unique strategic road map for your circumstances. Thank you so much for your comment and we look forward to working with you on this project!

  21. I went to Singapore last week to open an account. I emailed all the banks for weeks before I went to find out if I was allowed to open an account there. I told them quite clearly that I was NOT a US citizen and I was NOT a Singapore citizen and did not work there. They all said that was okay and told me what information I had to bring to one of their branches. I confirmed this information with them again and again just o make sure. I got all the information they requested ie. certified copies of passport, onshore bank statements, utility bill showing my home address and hardest part; why did I want to open a bank account in Singapore. They all said a brokerage report was good enough as I will be using their banks for funding my forex account. When I got to Singapore, I went to each bank and got the same answer every time. My application was declined because they “don’t open bank accounts for people not working/living in the country.” Therefore, all the information I received from the banks beforehand was wrong. They no longer allow foreigners to open bank accounts there unless you live and work there 🙁

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