Urgent: need advice on setting up a bank account in Singapore

[Petrichoroma]

Hi guys,

I'm new here. I'm a full time crypto trader. I know it's a bit short notice but I would really appreciate any help. From Monday I will be in Singapore for 3 days. I need to open a non-resident bank account and I will have all the documents with me: tax statements, bank statements, proof of address, passport, driving license etc... I don't want to tie up any money just to open the account although I'm open to doing that at a later stage if it's required, and if I am satisfied and making use of the account. I plan to turn around about €1M/month through this account as soon as they open it for me.

Is this realistic? Should I be honest about the amounts and that I intend to use this account as part of my crypto trading strategy? Which banks should I approach? Do I need to hire an accountant or tax advisor at some point to file my taxes in Singapore if I manage to get this account?

If any of you gives me the golden info and I get my account, I will send a small gift to your BTC address

Looking forward to your advice. Thanks in advance!

BR

 

[mrau]

Hi BR,
I'm not an expert and perhaps I'm wrong but from what I've read from this and other forums, your pose is not realistic. Most banks (over 90%) seems to be way too reluctant when it comes to cryptocurrencies trading and even more if you are planning to turn around such a considerable amount.
Hope any other member can give you a more positive outlook or solution !!

 

[Petrichoroma]

Thanks Mrau.

Trying to keep my hopes up. I am also open to the option of opening an account with any bank that accepts me and sticking to the limit the bank is comfortable with, even if it means opening several accounts in different countries to get the job done.

BR

 

[mnschwarz]

Thanks Mrau.

Trying to keep my hopes up. I am also open to the option of opening an account with any bank that accepts me and sticking to the limit the bank is comfortable with, even if it means opening several accounts in different countries to get the job done.

BR

You didn't mention if it's non-resident personal or company?

I have my main company account in Singapore and transfer in and out for cryptotrading. I didn't tell them about it though (I actually wasn't trading back then) and I do have other activity so it isn't the sole purpose. I think your main issue is where you say you don't want to tie up any funds. This pretty much rules out Singapore. You'll be looking at the bigger local banks such as DBS, OCBC etc to accept non-resident companies (and it will depend on the jurisdiction also) and Singapore plays things safe! Expect a minimum balance of $30,000 or higher.

You'll likely need a management company to introduce you also, especially considering your short time frame. If you want to go ahead with it, send me a PM and I can give you the details of the introducer I used.

If it's a non-resident personal account, I don't think you'll have any success. I can't remember exactly why but I tried to open a non-resident personal account at several banks and was turned away. I think they just don't accept non-resident because they deem it too risky.

Whichever it is, a bank account alone doesn't subject you to taxes or accounting obligations. Those obligations are likely wherever you are a resident.

 

[Petrichoroma]

Thanks for your reply Mnschwarz.

It's a non-resident personal account I am looking to open. I do have a company however it has nothing to do with my trading business and I will not have company documents at hand anyway. If you turn around money through a Singapore bank account, wouldn't you owe anything in taxes to Singapore?

BR

 

[mnschwarz]

Thanks for your reply Mnschwarz.

It's a non-resident personal account I am looking to open. I do have a company however it has nothing to do with my trading business and I will not have company documents at hand anyway. If you turn around money through a Singapore bank account, wouldn't you owe anything in taxes to Singapore?

BR

Not at all. Generally you pay tax where you're a resident or where you derive the income (sometimes both). Moving money in and out of a bank account is simply that; moving money. It doesn't produce any income.

 

[Petrichoroma]

@mnschwarz - Good to know! I'm trying to PM you but can't find out how to do that, perhaps it's disabled cos I'm a new member. I'd like to get the contact for an introducer to see if I can get something done. Kindly feel free to PM me these details, much appreciated!