Banking in Singapore
Singapore is the main financial center in Asia, with a developed and reliable banking system. Opening an account in Singapore will allow you to work comfortably, conduct business using multi-currency accounts. Singapore has more than 30 banks (local, foreign).
Open bank account
Our professional tax consultants, financiers, and lawyers will assist you to choose the right bank, draw up documents for opening an account in Singapore. Contact us and the specialists will give you all the information you need to open a bank account in Singapore.
Types of bank account
Singapore’s banking system is very developed. The interests of the client in the bank sector are above all, therefore, the non-disclosure of bank secrets is protected at the legislative level and clients can rely on the confidentiality of information. Singapore is the best solution to conducting international business.
Corporate
A corporate account has a wide range of instruments, as well as a range of different types of lending. Provides trade and structured finance services for your business in Singapore, both for operating companies and for holding one. The corporate account offers the development of individual solutions in the field of corporate finance - the acquisition of assets, securities, and other operations.
Merchant
A merchant account is a special type of trading account. The owner can accept payment cards VISA, Master Card, and others, as well as receive money from the bank accounts of clients. Merchant is a trading account. Also, keep in mind that the money from the merchant does not go to the current account immediately, but after a while: this is done to return the money to the client as soon as possible if he made a transfer by accident.
Escrow
The escrow account is a special account for the secure settlement of payments between a buyer and a seller. The buyer deposits the money in an escrow account, and the seller can collect it when he fulfills the conditions previously prescribed in the contract. The Bank, as an independent intermediary, monitors the fulfillment of these conditions.
Requirements
Due to the growing global problem of illegal financial turnover and tax evasion since 2014. The procedure for opening an account in Singapore for non-residents has become more complicated. The candidate should provide banks with a letter of recommendation drawn up by the manager of the current bank, information about the sources of the company’s income.
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