We work with the following banks:
Multi-currency account in 12 currencies: initial deposit starts from 3,000. Singapore dollar-only account requires a deposit of 1,000 SGD into the account.
Standard Chartered Bank:
Business banking: an initial deposit starts from 30,000 SGD
Corporate banking: an initial deposit is preferable from 500,000 USD and maintaining an average balance of at least 1,000,000 USD (or USD equivalent value in foreign currency).
An initial deposit starts from 50,000 USD per account. Corporate banking is allowable for those companies that use letters of credit and plan to use the bank's trade finance capabilities.
UOB (United Overseas Bank) account:
A standard business account requires to deposit from 1,000 SGD (or equivalent) for each currency and maintain 8,000 SGD (or equivalent) per currency.
If the company can confirm business relations with Singapore counterparties, which operate through HSBC Bank account, then it is possible to open a corporate account with a deposit starting from 500,000 USD.
Moreover, we collaborate with many private banks that allow our clients to remotely open a private account and holding activities account. Usually, such banks require an initial deposit starting from 1,000,000 USD. They open quite fast, up to 1 month.
Let's just say that Singaporean banks do not like complex structures with offshore jurisdictions in ownership. Therefore, we advise you to register the simplest legal entity owned by the ultimate beneficiary.
Write to us and we will honestly answer what is the current status with banks.