Open an offshore bank account in Singapore

Known as the Financial Center of Asia, Singapore is always the first choice for foreign businesses when opening an international bank account. Not only businesses in Singapore, businesses that own companies in countries outside of Singapore can still open a corporate bank account in Singapore called an offshore corporate bank account in Singapore.

The following article by GLA aims to provide readers with the benefits and procedures for opening an Offshore bank account in Singapore. 

1. What is an overseas bank account? 

Bank account abroad (offshore/foreign bank account) simply understood as a bank account outside the country/place of residence or place of company establishment of investors.

For foreign investors, individuals who want to establish companies in countries other than their home country or investors who want to diversify their investments, or benefit from financial instruments and taxes abroad, opening a bank account abroad is an optimal option worth considering.

2. Benefits of having a bank account abroad

3. Why should you choose Singapore to open an overseas bank account? 

• Singapore is one of the leading financial and banking centers in Asia, famous for its secure, stable and highly reliable financial sector. Singapore applies strict customer information confidentiality, specifically Singapore's refusal to exchange customer information with the Organization for Economic Cooperation and Development (OECD) and its member countries as well as its refusal to sign the information disclosure agreement related to the EU Savings Tax Directive are clear evidences of the above argument.
• An offshore bank account in Singapore easily creates trust with foreign partners or customers. 
• The procedure for opening an offshore bank account in Singapore is simple, however, the account holder will be required to meet a Singaporean bank specialist to open the account. In addition, like other offshore banking jurisdictions, banks in Singapore have very strict customer due diligence requirements, so each customer's identity will be carefully verified before opening an account.
• Good relationships between Singapore banks and the financial systems of China, Asia and the world; therefore, foreign investors can easily expand their markets abroad, establish companies in other countries, while still ensuring that their financial resources will be protected and stable in Singapore.
• In addition, opening a foreign bank account in Singapore also brings many opportunities to increase profits. Specifically, Singapore is the fastest growing hedge fund center in Asia, with more than 100 foreign hedge funds based in the country's jurisdiction, managing assets of 17 billion USD.
• Singapore has the advantage of being close to Vietnam, sharing the same ASEAN economic community, and soon TPP, company formation in singapore and at the same time create a foreign bank account here will support businesses in international trade, enjoy tax incentives very favorable government is also a step to create the premise for trade with countries in the region and the world. 

With its economic and political stability, world-class infrastructure, global outlook, a conducive banking environment that caters to the needs of foreign investors, a reputation for high standards of regulation and supervision, a strong legal and judicial framework, a thriving financial sector and the presence of a wide range of offshore banking services, Singapore is increasingly establishing itself as an ideal location for investors looking for a safe, stable and secure offshore bank account.

4. Procedures for opening an Offshore bank account in Singapore

Opening an offshore bank account in Singapore is an optimal solution for international businesses that want to take advantage of a stable financial system and favorable tax policies. Below are the detailed procedures and processes when an Individual/Business wants to open an offshore bank account in Singapore:

5. How does GLA support businesses in opening offshore bank accounts in Singapore? 

Opening a bank account abroad in today's era of trade integration is no longer strange, however, which bank to open, how to open, what procedures are required are certainly still issues that many Vietnamese investors are still wondering about. Understanding those concerns, GLA's consulting experts:

1. Advice and support in choosing a bank in Singapore. The selected bank will be in the top 10 best local banks in Singapore. However, understanding what businesses care about, the selected banks will be convenient, reputable while still meeting the need to minimize costs while optimizing quality.
2. Consulting and support in preparing necessary documents for opening a bank account in Singapore.
3. Arrange an appointment with a bank representative in Singapore.

With experience in consulting and supporting many Vietnamese entrepreneurs and businesses in the top 500 largest import-export enterprises in Vietnam to establish companies in other countries. Singapore, British Virgin Islands (BVI), Thailand, etc. in many fields such as e-commerce, software, medical equipment, trading, etc. At the same time, provide tax and accounting consulting services after the company has been established and other support if necessary.

5. Frequently asked questions about opening an offshore bank account in Singapore

Highlights

• Benefits of Offshore Bank Account in Singapore: Helps businesses reduce political risks, facilitate international transactions, diversify foreign currencies and protect assets.
• Reasons to choose Singapore: Singapore has a stable, highly secure banking system that easily builds trust with partners and supports international business expansion.
• Offshore account opening process: Includes 5 steps from choosing a bank, preparing documents, performing KYC procedures, activating accounts to optimizing transaction costs.
• Important note: Businesses need to comply with anti-money laundering (AML) regulations, avoid high-risk industries and check individual bank requirements.