Opening bank accounts in Singapore becoming easier
Having an office in Singapore, we are able to recognise a clear trend in opening of bank accounts for Singapore companies where shares are held by foreigners. It is obviously becoming easier.
Unfortunately, we don’t have much information for foreign companies as we are mostly concentrating on opening of bank accounts for Singapore companies. The only comment we can make is that a foreign company has to have much higher an average monthly bank balance compering to a Singapore companies and to answer a question: “why do you need a bank account in Singapore”.
A corporate bank account opening is the opposite in the EU. Let us take Cyprus as an example; it normally takes about 4 weeks to open a bank account for a Cyprus company with foreign shareholders. By comparison, it takes only 2 weeks in Singapore.