Maybank Singapore

[Xerkki]

Hi.

Any experiences about this bank?
Singapore is quite stable place for banking but many banks seems to accept only Singapore companies.
Maybank minimum deposit 1000 USD or EUR.
We have US offshore company (no business in USA) and some activity in Asia but not in Singapore.

Is this bank worth a try?

Thank you for answers.

 

[Silvio]

From what I know OCBC still accept non-resident companies. DBS used to, but now is harder.
Never heard of Maybank in this context. Also sounds strange to have a US company if you do business with Asia, and the bank will ask you why you don't use HK\SG company.

How about emailing\calling them and asking?

Let us know how it goes!

 

[Xerkki]

Hi.

Yes i will.
I ask about their policy on this.

Singapore company is much more expensive and it needs a nominee director. If i got it right, company needs SG resident director (at least one).
But as i said, we do not have activity in Singapore either. We just want stable banking jurisdiction in Asia. In Hong Kong also more harder to get account for foreign companies.

 

[Silvio]

I think US will be hard. But OCBC does open accounts for IBCs so maybe US will be accepted as well.
If you show good reasons why you need an account in Singapore- maybe invoices\agreements with SG clients- you will have a higher success rate.

 

[Tax Cow]

Last tried May SG in 2018 to no avail. They're not very likely to open for non resident businesses. Especially with a US connection - even if cosmetic, your LLC.

Though, a May SG account paired with a Malaysian IBC (Labuan) which has some Asia-based hustle... I see how that could be more than a concept; 25% or better odds.

 

[Xerkki]

Thank you for your answers. I try that OCBC next.
Here is Maybanks reply :

"We are appreciative of your interest in opening a business current account with us. However, we are unable to process applications for offshore companies."

I asked for foreign currency account.