Personal and corporate bank accounts in Singapore

[DaveFischer]

If I wish to open a personal Singapore offshore bank account, do I have to fly back to Singapore later to open a corporate bank account?

I am planning to incorporate an offshore company in the future.

Do most people both have a personal and corporate bank account in Singapore?

 

[Gediminas]

DaveFischer said:
If I wish to open a personal Singapore offshore bank account, do I have to fly back to Singapore later to open a corporate bank account?
Click to expand...

Hi,

Case by case I would be able to open a bank account in Singapore for offshore company remotely.

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[DaveFischer]

Gediminas said:
Hi,

Case by case I would be able to open a bank account in Singapore for offshore company remotely.
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If you already have a personal bank account, it could be possible to remotely open a bank account for an offshore company.

Is that what you're saying?

 

[Gediminas]

DaveFischer said:
If you already have a personal bank account, it could be possible to remotely open a bank account for an offshore company.

Is that what you're saying?
Click to expand...

If you have a personal account at the same bank with good history, it could increase the approval probability, but that wouldn't be the deciding factor.

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[Silvio]

From what I know all banks in SG require physical visit for personal\corporate accounts, that may be waived only if you deposit several millions

 

[lrotter]

SG banks would like you to come for account opening (get ready to show good references, employment history or successful history of your previous/current business).
Once you open a personal account, put a deposit/saving plan they are ready to consider your business account to be opened.
Usually they want to see you in person, you open personal account, and business account can be opened afterwards remotely upon their decision.

 

[Outlander]

Been there, done that. Tried with OCBC and DBS for an offshore company. Both were keen on opening, requested docs and a personal visit. In the end I was rejected by DBS and accepted by OCBC.

For a personal account, you need a $300k minimum balance.

 

[NicolasMaduro]

Outlander said:
Been there, done that. Tried with OCBC and DBS for an offshore company. Both were keen on opening, requested docs and a personal visit. In the end I was rejected by DBS and accepted by OCBC.

For a personal account, you need a $300k minimum balance.
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300.000 SGD or 300.000 USD? And was it both OCBC and DBS? 🙂

 

[Outlander]

NicolasMaduro said:
300.000 SGD or 300.000 USD? And was it both OCBC and DBS? 🙂
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I think it was $300k because it was a USD account I was interested... but I am not 100% sure

Yes, both OCBC and DBS.

 

[sonato]

You need 300K US$ to open a bank account in Singapore, that's a lot of money to trust a bank you don't know. Any way around it?

 

[rowena]

I don't know other banks but DBS is not opening a bank account remotely for $300k deposit. You can open a private banking account remotely via their representative offices but min amount is $3.5M.

 

[dxbkk]

rowena said:
I don't know other banks but DBS is not opening a bank account remotely for $300k deposit. You can open a private banking account remotely via their representative offices but min amount is $3.5M.
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I spoke with DBS last week and they would open remotely for S$350k but a visit to the representative office would be required.

 

[rowena]

dxbkk said:
I spoke with DBS last week and they would open remotely for S$350k but a visit to the representative office would be required.
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Did you speak with the DBS Dubai DIFC branch or another branch? It might be changed because of COVID. Many serious banks started to accept remote opening via video identification, including top tier banks like UBS, Credit Suisse, etc..

I talked with DBS Singapore last year and they requested a Singapore visit for the "DBS Treasures Private" account(min S$1.5m) and I talked with the DBS Dubai branch 2 months ago for a private bank account and the minimum was S$5m.

 

[dxbkk]

rowena said:
Did you speak with the DBS Dubai DIFC branch or another branch? It might be changed because of COVID. Many serious banks started to accept remote opening via video identification, including top tier banks like UBS, Credit Suisse, etc..

I talked with DBS Singapore last year and they requested a Singapore visit for the "DBS Treasures Private" account(min S$1.5m) and I talked with the DBS Dubai branch 2 months ago for a private bank account and the minimum was S$5m.
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I spoke with DBS Singapore. Non residents can open a DBS Treasures account with S$350k as soon as representative offices are open.

For what it's worth, I opened an OCBC Premier account remotely this year. From what I remember, they said for a business account I would need to fly to their Singapore branch for an interview.

 

[tacokai]

dxbkk said:
For what it's worth, I opened an OCBC Premier account remotely this year. From what I remember, they said for a business account I would need to fly to their Singapore branch for an interview.
Click to expand...

but you didn't fly but opened the account remote! What is the minimum deposit there?

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[dxbkk]

tacokai said:
but you didn't fly but opened the account remote! What is the minimum deposit there?
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I didn't fly there, but my case may be different because I had an agent open it for me. Normal minimum deposit is S$200k.