SG company with UOB account

[manuaa]

Looking to either establish a Singapore company or purchase a ready-made one with an account at UOB.

Suggestions for service providers would be very appreciated.

 

[manuaa]

Given that it's my first message and thread I'm not sure if I need to‌ post an introductory message anywhere else to say hello.

In any case, I'm looking to‍ start a company in Singapore or purchase an already established one, preferrably with an UOB⁠ account, since our clients' account is based there and it will make transactions smoother, if⁤ you will.

I'd really appreciate any indications on first steps.

All the best.

 

[happyjohn]

You don't need to do that, you may search the forum using Google for similar‌ question if you need a fast answer, here is a little help 🙂

https://www.google.com/search?ei=Qn...hUKEwjdhp2EhtTqAhVBw4sKHdoKDGEQ4dUDCAw&uact=5

 

[Martin Everson]

That makes⁠ no sense whatsoever. Just start your own Singapore company and open a Transferwise Account. Transferwise⁤ started offering individual local SGD account details (with DBS bank) i.e Singapore Bank Code, Swift⁣ and account number. Clients can pay you by Singapore FAST or MEPS from UOB.

P.S Check with TW it is available for business accounts unless your into scamming and need⁢ a ready made Singapore company and account to scam someone ca#"!. No offence intended but︀ 9/10 times that is reason people ask questions about ready made company and account.

 

[manuaa]

No offense taken. No intention to scam anyone. Thanks for the suggestions.

 

[JustAnotherNomad]

Why Singapore if I may ask? Last time I looked into it, it seemed like‌ it wasn’t very easy to save taxes with SG companies, so I’d be interested to‍ learn more about it.

 

[VanguardFortuna]

With Singapore, I believe you need to satisfy certain criteria to make sure your business‌ qualifies as offshore, other than simply selling a service offshore and not in Singapore itself.‍ Additional factors such as revenue not being remitted to Singapore, Directors being outside of Singapore,⁠ keeping the bank account elsewhere should definitely preclude you from being classified as onshore for⁤ tax purposes. I believe that even if you do have a bank account in Singapore,⁣ you should be able to be classified as offshore. Best to talk to a local⁢ lawyer with experience in Offshore Companies.

 

[JustAnotherNomad]

SG companies need to have a local director last I checked. I don’t think they‌ have an offshore status in SG.

 

[VanguardFortuna]

Yes, they do need a resident nominee director, so there's an extra cost.

There is‌ an offshore status for SG companies from what I have seen. I just searched a‍ few links to read more about it:

https://www.paulhypepage.com/offshore-company-incorporation/
https://singaporelegaladvice.com/law-articles/set-up-offshore-company-singapore/

Healy's is probably the best regarding⁠ information out of those links.

 

[manuaa]

Client I'm working with has requested⁠ operating with that specific bank in SG. If it were possible to open the account⁤ as an offshore company, that would be ok, but if not I'd open an SG⁣ entity. I have at least one resident over there who could help me out as⁢ the nominee director, but it would be ideal of course if just the account could︀ be opened.

I certainly understand how it might seem sketchy, but that's the basic request︁ our client has made and I'm looking to comply.

 

[Martin Everson]

It sounds very‍ sketchy ca#"!.

 

[manuaa]

Understood. From their POV,‌ they've been successful with that particular bank and would like us to stay with it.‍ I'm just complying.