Singapore bank accounts for non-residents

Singapore is Asia's other major banking centre alongside Hong Kong, with strong local banks and a large private banking industry. For non-residents it is also one of the more selective places to open an account: banks want a clear reason why the relationship belongs in Singapore and evidence that the money and the activity make sense together.

Singapore bank account for non-residents: requirements

• A valid passport and recent proof of residential address for each account holder, signatory and beneficial owner.
• A tax residency self-certification with your tax identification number; banks have used this form for every new account since 1 January 2017.
• Evidence of income or wealth and of where the first deposit comes from.
• A reason for banking in Singapore: Asian customers, suppliers, investments, employment or family.
• For companies: constitutional documents, registers of shareholders and controllers, an ownership chart and a description of the business and its counterparties.

Open a Singapore bank account online as a non-resident?

MAS rules allow banks to onboard customers without meeting them, provided the checks are at least as robust as face-to-face due diligence (MAS Notice 626). How a bank applies that to non-residents is its own decision. For a first account, especially a business or private banking account, many banks still ask for a branch visit or a meeting with a banker.

Business accounts and the company question

Singapore banks are most comfortable with companies incorporated in Singapore that have local management, staff or customers. A foreign company can apply, but expect close questions on why its account should sit in Singapore. Redomiciled arranges Singapore banking introductions only; we do not form Singapore companies. If you are choosing an Asian base for a company, compare Hong Kong, where we handle both formation and banking. Singapore's headline corporate income tax rate is 17%.

Reporting under CRS and FATCA

Singapore has exchanged financial account information with partner jurisdictions under the CRS since September 2018. US persons are reported under a reciprocal FATCA agreement in force since 1 January 2021. A Singapore account is therefore visible to the tax authority where you are resident.

Banks versus payment institutions

Multi-currency wallets offered by licensed payment institutions are not bank deposits. MAS has stated that e-money is not protected by deposit insurance; larger issuers must safeguard customer money instead, which protects against the issuer's insolvency but with less certainty about how much is recovered and how quickly.

We prepare the file and introduce you to the banks in our network that fit your profile; each bank makes its own decision, and approval is not guaranteed.