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]

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.

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 . No offence intended but 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]

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.

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 could be opened.

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

 

[Martin Everson]

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

It sounds very sketchy .

 

[manuaa]

It sounds very sketchy .

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