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]

Hi,

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

 

[DaveFischer]

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]

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.

 

[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]

300.000 SGD or 300.000 USD? And was it both⁤ OCBC and DBS? 🙂

 

[Outlander]

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]

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]

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 the︀ minimum was S$5m.

 

[dxbkk]

I spoke with DBS Singapore.⁢ Non residents can open a DBS Treasures account with S$350k as soon as representative offices︀ 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 fly︂ to their Singapore branch for an interview.

 

[tacokai]

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

 

[dxbkk]

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.