Where to open an account for a Singapore company?

[John82]

To which payment system can I connect a Singapore company without a bank account in order to use the company's funds? Most of the funds come from customers through corporate PayPal. For example Paysera works only with EU companies, TransferWise difficult to connect with PayPal, Payoneer possible but have to have local corporate bank account, and I do not have it. Help me find a solution please, what do you think? Have any ideas?

 

[moneyhoney]

Not impossible to open a bank account in SG: OCBC and DBS.

 

[James Turner]

Agree with @moneyhoney banking should be available in Singapore, maybe even HK and certainly in some less respectable location which obviously may be an issue for you using.

 

[lavel]

Not impossible to open a bank account in SG: OCBC and DBS.

It will require personal visit right?

 

[moneyhoney]

Yes personal visit always required. They do a strong KYC, but SG is still more open than HK about banking. Maybe things will change in HK too cause they are coming on the market some fresh licensed virtual banks, if the whole situation with protests don't explode.

 

[John82]

Not impossible to open a bank account in SG: OCBC and DBS.

Agree with @moneyhoney banking should be available in Singapore, maybe even HK and certainly in some less respectable location which obviously may be an issue for you using.

Thanks for your replies. The problem is that physically the business is in Thailand, and the chances of opening an account with the OCBC are 0. Have DBC and RHB with 50/50 chances, but their have initial deposits 50 000 and 80 000 USD accordingly. This is too much for this case.
What do you think of this configuration:
Singapore company-PayPal business account linked to the TransferWise business account?
I know it will work. But the problem is that I do not have much experience with TransferWise and other similar systems. What difficulties can be with such configuration and what do you think about it at all?

Thank you

 

[moneyhoney]

What do you mean for "physically in Thailand"? My experience is without physical presence in SG as well.

As far as I know, Paypal and TW aren't a great match, even because you'd need a borderless account in SG, which it doesn't provide. (but someone maybe knows better than me).

Maybe it doesn't matter to you, but keep in mind SG is putting limits to the money you can keep on EMI: now it's 400.000 SGD.

Thanks for your replies. The problem is that physically the business is in Thailand, and the chances of opening an account with the OCBC are 0. Have DBC and RHB with 50/50 chances, but their have initial deposits 50 000 and 80 000 USD accordingly. This is too much for this case.
What do you think of this configuration:
Singapore company-PayPal business account linked to the TransferWise business account?
I know it will work. But the problem is that I do not have much experience with TransferWise and other similar systems. What difficulties can be with such configuration and what do you think about it at all?

Thank you

 

[John82]

What do you mean for "physically in Thailand"? My experience is without physical presence in SG as well.

As far as I know, Paypal and TW aren't a great match, even because you'd need a borderless account in SG, which it doesn't provide. (but someone maybe knows better than me).

Maybe it doesn't matter to you, but keep in mind SG is putting limits to the money you can keep on EMI: now it's 400.000 SGD.

Thanks for your reply. I didnt know about these limits.
And about the physical presence, the chances of opening an account are reduced if the company does not have an office in Singapore. Especially for manufacturing businesses, as in our case.
I will try to find the right combination and share the result with you here.

 

[moneyhoney]

Thanks for your reply. I didnt know about these limits.
And about the physical presence, the chances of opening an account are reduced if the company does not have an office in Singapore. Especially for manufacturing businesses, as in our case.
I will try to find the right combination and share the result with you here.

I don't know for a manufacturing business, but in general the banks I suggested don't need a physical office/presence in SG. Other banks do, for instance Citibank.

 

[Monika]

Hello everyone, I would like to make some clarifications about the Paysera business account use conditions.
You can have it not only in the EU countries (also in Singapure) and you can do everything online.
Please, take a look here:https://www.paysera.lt/v2/en-LT/fees/account-management-and-identification-business.

 

[John82]

Hi guys, I successfully solved this case.
To whom it will be interesting pm me.

 

[WoWNull]

Hi guys, I successfully solved this case.
To whom it will be interesting pm me.

please post here, not everyone can do pm

 

[zoom20092]

Hi guys, I successfully solved this case.
To whom it will be interesting pm me.

Hi , l'm Thai person and staying in Bangkok , l'm doing afflilate marketing. , I think we have same ploblem here,
l have tried so hard to open account in Singapore, but not succesful
l'm really interesting how can you solved this case.

* Could you give me your Line ID or contact number please ?

Or you can add My Line ID : 0942272540

Thank you

 

[lrotter]

what type of identification and verification needed for Paysera business account?

 

[Alex Durham]

Is personal visit of a director necessary to open bank account? Can I do it remotely through POA agent?

 

[Stefano3323]

Is personal visit of a director necessary to open bank account? Can I do it remotely through POA agent?

If the corporate secretary and director agrees you might not need, but majority of banks wants to see in person even the majority shareholder/s.

 

[Yafa]

Hi guys, I successfully solved this case.
To whom it will be interesting pm me.

can you give us the tips ? i can't pm...

 

[JustAnotherNomad]

I’m also interested, especially in banking for a SG company. Because if the money ends up in a SG bank account, it will count as remitted into SG and thus taxable. So I’d like a bank account outside of SG, with a reputable bank. With multi-currency and ideally brokerage support. Any suggestions?