Bank Account for Singapore Ltd with Nominee Shareholder

[elly]

Hello OffshoreCorpTalk Community,

I am currently setting up a Singapore Ltd and I'm planning to use of a nominee shareholder for enhanced privacy. However, I've encountered some challenges finding banks that are accommodating towards accounts opened under these circumstances.

Could anyone share their experiences or recommend banks that are known to support Singapore Ltd companies with nominee shareholders? Any advice on the application process and what to expect in terms of compliance and requirements would also be greatly appreciated.

Thank you in advance for your help and insights!

Best regards,
Elly

 

[elly]

Seems that I forget to mention that its a non-resident tax-exempt company, so having a bank account in Singapore is not possible

 

[Marzio]

elly said:
However, I've encountered some challenges finding banks that are accommodating towards accounts opened under these circumstances.
Click to expand...

Which banks did you try?

 

[SCHLOSSFINANZ]

no bank will take this structure unless you deposit lets say 200-300k USD in investment products

 

[Clank]

SCHLOSSFINANZ said:
no bank will take this structure unless you deposit lets say 200-300k USD in investment products
Click to expand...

which bank would accept it with that deposit amount?

 

[koohl]

You may look below a thread also the one you have created to find similar threads, it works well.

Here are banks mentioned you can try 😉
https://www.offshorecorptalk.com/threads/singapore-bank-acct-remote-opening.42331/

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[Clank]

koohl said:
You may look below a thread also the one you have created to find similar threads, it works well.

Here are banks mentioned you can try 😉
https://www.offshorecorptalk.com/threads/singapore-bank-acct-remote-opening.42331/
Click to expand...

He doesn't want to open the account in Singapore to avoid taxes.

 

[koohl]

That's totally fine, but if he follows my advice, he'll find several other threads, like one where people mention that you can easily open an account with Wise or Airwallex for your Singapore company.

That's how you solve the problem, those who search, find.

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My Journey to successful card processing for Replica, IPTV, Adult and Gaming business.
I keep my journey in the closed forums in Mentor Group for less saturating methods.
Please understand that I don't sell any services or do consultancy, you don't need to contact me about that!

 

[Clank]

koohl said:
That's totally fine, but if he follows my advice, he'll find several other threads, like one where people mention that you can easily open an account with Wise or Airwallex for your Singapore company.

That's how you solve the problem, those who search, find.
Click to expand...

He is looking for a bank not an EMI, so far in my case I wasn't able to find any information.

 

[elly]

Thanks for your replies!

Clank said:
He is looking for a bank not an EMI, so far in my case I wasn't able to find any information.
Click to expand...

EMIs would also be finde as long as the accounts are outside Singapore. From the general sentiment in this forum however, it seems that these entities are even less likely to be okay with nominee setups or is this assumption wrong?

SCHLOSSFINANZ said:
no bank will take this structure unless you deposit lets say 200-300k USD in investment products
Click to expand...

Yeah would also be interested which banks accept this structure when investing.

 

[JustAnotherNomad]

There was someone on the forum with experience on this - was it @daniels27 maybe?

 

[daniels27]

JustAnotherNomad said:
There was someone on the forum with experience on this - was it @daniels27 maybe?
Click to expand...

Yes, here.

elly said:
Seems that I forget to mention that its a non-resident tax-exempt company, so having a bank account in Singapore is not possible
Click to expand...

Yes, you cannot use any Singapore bank unless you want to pay taxes. I am also not sure why you want a bank and not just an EMI. Do you want just any bank or a particular jurisdiction?

 

[linusAG]

I think you will find it much easier to get a business account from an EMI than a bank
Your Singapore service provider should have mentioned to you that it's very difficult to obtain a real bank account with this structure.
🙁

 

[uplana]

linusAG said:
I think you will find it much easier to get a business account from an EMI than a bank
Your Singapore service provider should have mentioned to you that it's very difficult to obtain a real bank account with this structure.
🙁
Click to expand...

What EMI exists in Singapore for Singapore companies?

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[daniels27]

uplana said:
What EMI exists in Singapore for Singapore companies?
Click to expand...

Amnis, WorldFirst, OFX. I think he needs to rely non non-SG EMIs as otherwise, he would be taxed for the remitted funds.

 

[jafo]

This thread has saved me so many headaches.

I was able to avoid all the traps. Before the end of this year, I will be going to Asia for a few years and visiting some service providers face-to-face.

daniels27 said:
Amnis, WorldFirst, OFX. I think he needs to rely non non-SG EMIs as otherwise, he would be taxed for the remitted funds.
Click to expand...

100% Thank you for the companies. Also, browbeating us with the "taxed for the remitted funds" is brilliant. I missed it the first couple of times it was mentioned. I have now noted (and added) the questions I must ask the service provider in person. 😉

Thank you for sharing!

 

[SCHLOSSFINANZ]

Amnis won't take a non-resident SG company