Bank Account for Singapore Ltd with Nominee Shareholder

[elly]

Hello OffshoreCorpTalk Community,

I am currently setting up a Singapore Ltd and I'm planning to use of a nominee shareholder for enhanced privacy. However, I've encountered some challenges finding banks that are accommodating towards accounts opened under these circumstances.

Could anyone share their experiences or recommend banks that are known to support Singapore Ltd companies with nominee shareholders? Any advice on the application process and what to expect in terms of compliance and requirements would also be greatly appreciated.

Thank you in advance for your help and insights!

Best regards,
Elly

 

[elly]

Seems that I forget to mention that its a non-resident tax-exempt company, so having a bank account in Singapore is not possible

 

[Marzio]

However, I've encountered some challenges finding banks that are accommodating towards accounts opened under these circumstances.

Which banks did you try?

 

[SCHLOSSFINANZ]

no bank will take this structure unless you deposit lets say 200-300k USD in investment products

 

[Clank]

no bank will take this structure unless you deposit lets say 200-300k USD in investment products

which bank would accept it with that deposit amount?

 

[koohl]

You may look below a thread also the one you have created to find similar threads, it works well.

Here are banks mentioned you can try

Singapore Bank Acct - Remote Opening

My business parter (US citizen) is looking to remotely open a bank account in Singapore at OCBC, DBS, UOB etc... 1. Is it even possible to remotely open an account? If so , how? 2. Are singapore banks over-hyped? 3. Are there any better jurisdictions or banks where your private banker is at...

www.offshorecorptalk.com

 

[Clank]

You may look below a thread also the one you have created to find similar threads, it works well.

Here are banks mentioned you can try

Singapore Bank Acct - Remote Opening

My business parter (US citizen) is looking to remotely open a bank account in Singapore at OCBC, DBS, UOB etc... 1. Is it even possible to remotely open an account? If so , how? 2. Are singapore banks over-hyped? 3. Are there any better jurisdictions or banks where your private banker is at...

www.offshorecorptalk.com

He doesn't want to open the account in Singapore to avoid taxes.

 

[koohl]

That’s totally fine, but if he follows my advice, he’ll find several other threads, like one where people mention that you can easily open an account with Wise or Airwallex for your Singapore company.

That’s how you solve the problem, those who search, find.

 

[Clank]

That’s totally fine, but if he follows my advice, he’ll find several other threads, like one where people mention that you can easily open an account with Wise or Airwallex for your Singapore company.

That’s how you solve the problem, those who search, find.

He is looking for a bank not an EMI, so far in my case I wasn't able to find any information.

 

[elly]

Thanks for your replies!

He is looking for a bank not an EMI, so far in my case I wasn't able to find any information.

EMIs would also be finde as long as the accounts are outside Singapore. From the general sentiment in this forum however, it seems that these entities are even less likely to be okay with nominee setups or is this assumption wrong?

no bank will take this structure unless you deposit lets say 200-300k USD in investment products

Yeah would also be interested which banks accept this structure when investing.