Can I get a Singapore company bank account if I don't live there?

[slink]

I'd like to incorporate in Singapore and get a company bank account at one of the big 3 banks (UOB, DBS, OCBC) but I don't live there. Would it be a problem as long as I was doing business with another Singapore company? I'd be spending around $300 - $500k a month with Google Ads Singapore.

 

[Sols]

Open a personal wealth management account and in the onboarding process, mention that you want to also open a company for your Singapore business.

Singapore companies must have a local resident director. If you hire a genuine director (not just a nominee serving on dozens/hundreds of other companies), your chances of opening an account should be quite high. If your transactions are to other Singapore businesses, that further increases your chances of success.

 

[slink]

Open a personal wealth management account and in the onboarding process, mention that you want to also open a company for your Singapore business.

Singapore companies must have a local resident director. If you hire a genuine director (not just a nominee serving on dozens/hundreds of other companies), your chances of opening an account should be quite high. If your transactions are to other Singapore businesses, that further increases your chances of success.

Hey thanks this sounds like good advice. I do actually already have a personal wealth account in Singapore and have contacted them, just waiting to hear back what they say.

With regards to hiring a genuine director, do you mean one where they are paid a monthly salary? If so, how much would the expected salary be?

 

[Sols]

With regards to hiring a genuine director, do you mean one where they are paid a monthly salary? If so, how much would the expected salary be?

Think of it as hiring someone for your business. What roles do you need filled? What parts of the business do you need help with? Of course, you want to keep costs reasonable so try to think of a senior enough sounding role that they could reasonably sit on the board of directors but not so senior you're paying C-level Singapore salaries.

For example, a digital marketing manager probably costs around 4-5,000 SGD/month if you hire someone relatively early in their career.

 

[JohnTIAN]

It's okay. But Singapore companies need a local Singaporean as a director, they generally have a professional company to provide company registration company can provide services to change, but generally I recommend ocbc or uob because they review the process is relatively simple, dbs compared to more difficult!

 

[aidenaiden]

hey @slink, I have recently incorporated my company in Singapore while residing abroad and currently talking with OCBC and DBS. The process is longer than if you were in Singapore but it's still possible to do it. I'm looking to open a personal wealth account and wanted to ask you how you did it?

 

[slink]

hey @slink, I have recently incorporated my company in Singapore while residing abroad and currently talking with OCBC and DBS. The process is longer than if you were in Singapore but it's still possible to do it. I'm looking to open a personal wealth account and wanted to ask you how you did it?

Hey there.

With regards to the personal wealth account it was very easy. I just called UOB's wealth banking service and set up a call with one of them, they said I'd need to open the account in person so I flew to Singapore and met with them, and they spent the morning going through the account opening procedure with me. I then flew back home and transferred the money to the account they opened for me.

 

[uranium]

Hey there.

With regards to the personal wealth account it was very easy. I just called UOB's wealth banking service and set up a call with one of them, they said I'd need to open the account in person so I flew to Singapore and met with them, and they spent the morning going through the account opening procedure with me. I then flew back home and transferred the money to the account they opened for me.

Do you mind sharing country from where you sent funds and currency?
Also minimum deposit amount

 

[Jbb1]

OCBC can open you an account remotely with around 200K SGD minimum relationship balance.

 

[slink]

Open a personal wealth management account and in the onboarding process, mention that you want to also open a company for your Singapore business.

Singapore companies must have a local resident director. If you hire a genuine director (not just a nominee serving on dozens/hundreds of other companies), your chances of opening an account should be quite high. If your transactions are to other Singapore businesses, that further increases your chances of success.

Rejected for business account after incorporating. Kinda frustrating. Did everything I could to increase my chances - opened personal wealth management account at same bank, showed proof of big customers with Singapore companies, got a Singapore director and someone from the bank wealth management side to vouch for me and appeal on my behalf. Still rejected for a business account without a reason given, appealed twice but to no avail.

 

[jafo]

Rejected for business account after incorporating. Kinda frustrating. Did everything I could to increase my chances - opened personal wealth management account at same bank, showed proof of big customers with Singapore companies, got a Singapore director and someone from the bank wealth management side to vouch for me and appeal on my behalf. Still rejected for a business account without a reason given, appealed twice but to no avail.

1. Is there anything negative about you at Thompson Reuters?
2. How about a Google search?
3. Did you go through the process online or at the physical bank in Singapore?

PS. Other people I know who recently were successful did it personally at the bank. Those who were rejected tried it online. Coincidence?

 

[slink]

1. Is there anything negative about you at Thompson Reuters?
2. How about a Google search?
3. Did you go through the process online or at the physical bank in Singapore?

PS. Other people I know who recently were successful did it personally at the bank. Those who were rejected tried it online. Coincidence?

No to 1 and 2.

3 - I got in contact with my relationship manager at UOB who overseas my wealth banking, and he put in touch with the manager at his branch who emailed me forms to fill in and send back to him, which he said he submitted higher up for approval. And he was the point of contact from then on. The communication was pretty poor actually, I waited six weeks, messaging him once or twice a fortnight to see if there was any update with him usually not responding, and him finally replying to my latest message today that it was rejected after appeals without a reason given and for me to try other banks. I had previously said it would be fine for me to travel to Singapore in person if needed (like I did for my wealth banking) but he said it would make no difference.

Also regarding points 1 and 2, I can't even see that anyone from Singapore has looked at my Linkedin profile over that time period, so I must admit the poor communication has made me dubious whether any due diligence on me was even carried out.

 

[jafo]

he said it would make no difference.

He's smoking something!
Face-to-face makes a TON of difference! I can give you hundreds of my own personal examples over the course of almost 4 decades. I keep a diary.
So many "professionals and experts" have NO clue what they are talking about because when they make a mistake they aren't punished.

You already know what to do.

 

[slink]

He's smoking something!
Face-to-face makes a TON of difference! I can give you hundreds of my own personal examples over the course of almost 4 decades. I keep a diary.
So many "professionals and experts" have NO clue what they are talking about because when they make a mistake they aren't punished.

You already know what to do.

Thanks man, you're right.

With regards to visiting the bank in person - do you recommend just flying over to SG and walking in the branch with all my docs in order and ducks in a row? Or first contacting someone at the bank to schedule an appointment for me to visit in person?

 

[Sols]

Rejected for business account after incorporating. Kinda frustrating. Did everything I could to increase my chances - opened personal wealth management account at same bank, showed proof of big customers with Singapore companies, got a Singapore director and someone from the bank wealth management side to vouch for me and appeal on my behalf. Still rejected for a business account without a reason given, appealed twice but to no avail.

Sorry to hear, but thanks for sharing your experience! A personal wealth account does increase your chances of success but don't guarantee success. Maybe there is something about your business activities that the bank doesn't accept (direct or indirect relation to some high risk industry).

Have you considered Wise, Currenxie, Airwallex, Statrys, RD Technologies, Statrys, WorldFirst, Fazz, or Aspire? Popular non-banking options for companies incorporates in Singapore and Hong Kong.

 

[slink]

Sorry to hear, but thanks for sharing your experience! A personal wealth account does increase your chances of success but don't guarantee success. Maybe there is something about your business activities that the bank doesn't accept (direct or indirect relation to some high risk industry).

Have you considered Wise, Currenxie, Airwallex, Statrys, RD Technologies, Statrys, WorldFirst, Fazz, or Aspire? Popular non-banking options for companies incorporates in Singapore and Hong Kong.

Hey thank you. Yeah I have got myself an account at Aspire, they seem okay so far, I just don't like having large sums of money in an EMI.

 

[JackAlabama]

Thanks man, you're right.

With regards to visiting the bank in person - do you recommend just flying over to SG and walking in the branch with all my docs in order and ducks in a row? Or first contacting someone at the bank to schedule an appointment for me to visit in person?

someone made your company. Ask them for help.
When I had a singapore company, my agent could call a hot chick from one of the local banks who would do the banking application.
You will go there together with the directors and singapore pr to set it up.

 

[jafo]

Thanks man, you're right.

With regards to visiting the bank in person - do you recommend just flying over to SG and walking in the branch with all my docs in order and ducks in a row? Or first contacting someone at the bank to schedule an appointment for me to visit in person?

Have you considered Wise, Currenxie, Airwallex, Statrys, RD Technologies, Statrys, WorldFirst, Fazz, or Aspire? Popular non-banking options for companies incorporates in Singapore and Hong Kong.

someone made your company. Ask them for help.
When I had a singapore company, my agent could call a hot chick from one of the local banks who would do the banking application.
You will go there together with the directors and singapore pr to set it up.

(1) Follow @Sol's advice and get a few more EMIs.
(2) Do what @JackAlabama has done. It works! Same thing I have done.
What I say to them: "I insist on going to Singapore because I have clients, suppliers, and OTHER private wealth bankers to visit, and while I am there, I'll schedule a few minutes for you, Mr./Mrs. banker, if you are a serious professional."

Remember, don't beg! You are bringing money to their bank. You aren't there begging them to give you money!