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]

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.

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

 

[Milky Moon]

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

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

 

[awareoatmeal]

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

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]

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

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

 

[Milky Moon]

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

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]

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.

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 from 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've got was 5 figure EUR/USD per project, but in installments).
I foresee the possibilities of getting more projects in the future, so I need a painless solution to receive payments from clients and to my contractors via wire transfer.

What I have in mind is 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 need 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]

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.

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 Breder Suasso, what's your take on those?

I read a lot of threads but now I'm confused like when I just started

 

[awareoatmeal]

Any master cares to help a confused newbie here?

 

[diablo]

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 Breder Suasso, what's your take on those?

I read a lot of threads but now I'm confused like when I just started

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

 

[awareoatmeal]

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

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

 

[Brutus]

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.

What are these semi-offshore locations you speak of?

 

[expat]

Long time lurker, first time poster here.

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

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]

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

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]

CIMB or Standard Chartered.

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]

DBS will require a minimum

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.