We are a UK entity who are currently opening a wholly owned Singaporean Entity for the purposes of doing an ICO.
We will likely bring in a few million to the bank in fiat.
We have been speaking with some 3rd party service providers to sort out opening a bank account in Singapore. So far the 3rd party service provider has told us that UOB would be the most likely place to go.
The 3rd party service provider has quoted us on needing to keep a minimum float of 1million USD in the account. The reason for such a high float is apparently because we are a crypto company.
This isn't an ideal scenario for us.
Does anyone know if this 1 million figure is accurate? Or alternatively, could we be less transparent with the bank and not totally disclose the nature of our business.
We will likely bring in a few million to the bank in fiat.
We have been speaking with some 3rd party service providers to sort out opening a bank account in Singapore. So far the 3rd party service provider has told us that UOB would be the most likely place to go.
The 3rd party service provider has quoted us on needing to keep a minimum float of 1million USD in the account. The reason for such a high float is apparently because we are a crypto company.
This isn't an ideal scenario for us.
Does anyone know if this 1 million figure is accurate? Or alternatively, could we be less transparent with the bank and not totally disclose the nature of our business.
