Introducer for offshore bank account in Singapore

[awareoatmeal]

Long time lurker, first time poster here.

Assuming I get a Belize company incorporated, how difficult/what do I need in order to open a corporate bank account in Singapore, is introducer a must, and the minimum initial deposit is 30k SGD from what I heard? Let's say I also rent a virtual office to re-route my bank letters to handle the "proof of address" issue.

Back story: I do freelance technology consulting on the side but it's earning more than my day job, so I guess it's time to do it in a proper way

 

[negon]

You may approach some of the offshore banks in Singapore to figure out what requirements‌ they may have. I have heard different stories, some banks open accounts other require an‍ introducer. However, personal visit is always required.

 

[awareoatmeal]

Personal visit is⁠ absolutely doable for me. What's the easiest bank to set up a corporate account for⁤ Belize incorporated company?

 

[Milky Moon]

OCBC, but you need‍ to deposit 200k.SGD. Otherwise nogo (in SG).

 

[awareoatmeal]

I hear OCBC has quite a "reputation" no?

200k is a little bit‌ too much at this stage, what about local banks like DBS, or with introducer, will‍ the minimum deposit be reduced?

 

[diablo]

any bank in Singapore which had a much lower deposit requirement you think?‌

 

[Milky Moon]

Nope, DBS and UOB have the same requirement.

There is no free‍ lunch 🙂

You always have to look at the 'big picture':
a nice offshore location with⁠ good 'anonymity' but no realistic way to get a bank account isn't all that usefull,⁤
a semi-offshore location that has good nominee services and offers banking services, that is usefull.⁣

 

[awareoatmeal]

Ouch, seems like it's not the best solution for me at this⁣ moment.

What other ways do you think is best for my scenario:

I do tech⁢ consulting on the side, for clients mostly in Asia and Europe.
I receive payments from︀ them mostly in EUR and USD. Currently they wire the payments to my personal account.︁
As I get more projects, the payments become more frequent and larger (highest pay I've︂ got was 5 figure EUR/USD per project, but in installments).
I foresee the possibilities of︃ getting more projects in the future, so I need a painless solution to receive payments︄ from clients and to my contractors via wire transfer.

What I have in mind is︅ first to incorporate a Belize company, then either:
open a Cyprus bank account, or
use one of the many EMIs out there like worldcore, leupay, advcash, etc

What I need︆ is reliable service, and preferably protection from prying eyes 😉

 

[Milky Moon]

Open a uk limited with nomines shareholder/director and a transferwise boderless account.

You get an‌ DE IBAN, a UK sort-code and a US current account.

Then open a Monese account,‍ get a EUR card and wire money from TransferWise to Monese so you can spend⁠ it.

Close the limited after 17 months.

Rinse, repeat.

 

[awareoatmeal]

ns2 I have so many questions now:

- why a uk limited instead of Belize/BVI/etc company?⁣
- what makes transferwise/monese stand out among other EMIs and digital banks, like the usual⁢ worldcore/leupay, or even a "proper" bank?
- I have been looking at Satchelpay and Breder︀ Suasso, what's your take on those?

I read a lot of threads but now I'm︁ confused like when I just started dead:-!

 

[awareoatmeal]

Any master cares to help a confused newbie here?

 

[diablo]

you alread got the⁣ solution from @Milky Moon it seems to be a valid banking solution for anonymous banking⁢ 🙂

 

[awareoatmeal]

Can't deny the solution looks good,‍ but I'm more interested in the logic behind the choices

 

[Brutus]

What are these semi-offshore locations you speak of?

 

[expat]

I'm also in⁠ the same boat with you and I opened a savings account in New Zealand. If⁤ you want to keep your money offshore and earn high interest rates, check them out⁣ on www.vivierco.com

 

[awareoatmeal]

Has anyone from this forum⁠ used that previously?

 

[NickNack]

Hello

I`ve worked with banks in Singapore for years. They used to open remotely through‌ skype but no longer. DBS will require a minimum, but it is a great account.‍ If you do not want to leave a minimum you can use CIMB or Standard⁠ Chartered. In my opinion Standard Chartered Bank is the best you can use.

 

[JohnLocke]

beside the opinions in a thread‌ we have here on the forum I would like to know what your experience is‍ with this bank if you have used them?

 

[diablo]

What is the minimum? and‌ personal visit is required correct?

 

[NickNack]

Yes. I believe the minimum for corporate would be 30k

Ive introduced accounts to Standard‌ Chartered and CIMB, neither have a discussed minimum. Standard Chartered has a complex online banking‍ system with a token however it is a Ferrari to these GMC accounts I see⁠ posted around the board. You have to visit.