1. Why should you open a personal bank account in Singapore when doing international business?
It is common for a person to have a personal bank account legally in their countries of residence. However, to be a foreign bank account holder in Singapore – the leading center of finance in Asia – without Singaporean nationality or living in Singapore (For short: foreign individuals) is not a piece of cake. So why are there a huge number of foreign individuals interested in opening a bank account with Singapore bank accounts?
To make investments into the international market, a large number of individuals wishing to have international bank accounts to transfer and receive money with foreign partners and customers more easily and conveniently. With Singapore bank accounts for foreigners, the account holders are exempted from providing any documents; just by making online payment via Internet banking, all transactions will proceed quickly.
2. What are the main benefits of opening a personal bank account in Singapore?
Firstly, the Singaporean government does not collect foreign personal tax on deposits in personal bank accounts in Singapore.
- Especially if foreign individuals (people without Singaporean nationality) establish companies in Singapore, and these companies earn a high profit, at the end of each fiscal year, shareholders (individuals) of these Singapore companies will receive dividends in cash or via banking transaction. This amount of dividends is not subject to individual income tax in Singapore. Learning more about personal income tax for foreigners in Singapore.
- Therefore, opening a bank account in Singapore after setting up a company in Singapore will assist individuals (shareholders) to receive dividends in a simple manner through checks or transactions from Singapore company’s corporate bank account to personal bank accounts in the same country.
Secondly, it will help individuals to receive money directly from Google and Youtube:
- Foreign individuals doing business in digital advertising, technology, and software can receive payments directly from affiliate agencies without the need for an intermediary. In addition, that sum of money is not subject to individual income tax since Singapore banks do not impose a tax on foreign workers' remittances.
Thirdly, because of the simple and fast procedure for opening Singapore bank accounts for foreigners.
- The procedures for opening a personal bank account for foreigners in Singapore are not too complicated. However, like other trustworthy foreign banking jurisdictions, the best Singapore banks hold high and strict regulations on the requirements of customer appraisal. Each customer’s identity will be checked thoroughly before opening an individual foreign bank account.
- As a result, to open a personal Singapore bank account, the account holder will have to attend a face-to-face interview with Singapore banking specialists to provide and exchange information with that bank specialist. This requires the individual to be prepared with full and thorough documents - and not everyone possesses the adequate knowledge or expertise for this. Global Link Asia Consulting - as a partner in direct working relationships with the majority of top reputable banks in Singapore, such as OCBC, DBS, UOB, etc., along with the valuable experience to assist numerous foreign merchants/ individuals to open a bank account in Singapore successfully – is capable of resolving your problem.
- For customers wishing to open personal accounts in Singapore, please check out this detailed process of opening a bank account in Singapore that Global Link Asia Consulting offers in the below section.
3. What steps would you take to open a personal bank account in Singapore?
Certified as a prestigious partner of the banks in Singapore - Valued Partner Award thanks to years of experience in business with the banks, Global Link Asia Consulting proudly offers support services for opening bank account in Singapore following these steps:
- Consulting and assisting in the bank selection in Singapore: The bank recommendations will be in the top 10 best domestic Singapore bank list - a trustworthy bank that can meet all the needs of account holders.
- Assisting in required document preparation for opening a personal bank account in Singapore.
- Arranging an appointment with bank representatives.
For a foreign individual to successfully open a personal bank account in Singapore - the leading financial center in Asia - is not a simple task. It requires the individual to be prepared with full and thorough documents - and not everyone is able to acquire the adequate knowledge or expertise for this.
4. Frequently asked questions about opening a personal bank account in Singapore.
4.1 What are the documents required for opening a personal account with a bank in Singapore?
- Proof of the residential address of the applicant;
- A reference letter from a bank where a foreign applicant has already opened a personal account;
- Proof of the source of funds (for Private Banking accounts).
4.2 How long does it take to open a personal bank account in Singapore?
Normally, it takes two to four weeks to open a personal bank account in Singapore.
4.3 Do I have to travel to Singapore to a personal bank account in Singapore?
For opening a personal bank account in Singapore, foreigners are not required to travel to Singapore.
4.4 How much do I need to deposit to open a bank account?
When opening a personal bank account in Singapore, foreigners are required to deposit at least SGD200,000 in Singapore.
4.5 Can foreigners open a personal bank account in Singapore?
Yes, you can, foreigners are allowed to open a bank account in Singapore.
Global Links Asia Consulting Company - a consulting firm specializing in offering ONE-STOP solutions for every business in every level of your business development - is ready to support your business with the following services:
- Overseas incorporation consultancy services (especially in Singapore, Hong Kong (China), the USA, BVI, Seychelles, etc.)
- Opening bank accounts consultancy services in Singapore (for Personal and Business Account)
- Tax - Accounting consultancy services (in Singapore, Hong Kong (China), etc.)
- QuickBooks Online consultancy services (Training and Licensing)
- Register international phone transfer in Singapore, the United States, EU, etc.
- Payment solutions consultancy services (support to open PayPal Business account, register for PayPal Pro, etc.)
With our one-stop solutions, we pride ourselves on being a trustworthy partners - working directly with major notable banks such as OCBC, DBS, UOB, Standard Charter Bank, ANZ, etc and international payment gateways such as PayPal and many other partners. With many years of experiences working in this industry and having supported many companies, Global Link Asia Consulting are confident to bring the best quality of our services to all clients.
Contact us now:
- Vietnamese Hotline: (+84) 0938 531 588 (Call/ Skype)
- Singaporean Hotline: (+65) 3163 4102 (Call)
This article was written by Global Link Asia Consulting Pte. Ltd., and was first published on https://www.globallinkconsulting.sg/ on 9 July, 2021. Its copyright belongs to Global Link Asia Consulting Pte. Ltd.. All rights reserved. You may not, except with our express written permission, copy, modify, commercially distribute or exploit the content.