Singapore paypal account require residency in Singapore?

[aahn]

Hi guys

Another question about setting up a business in Singapore.

I am able to incorporate a Singapore business + open up a corporate bank account in Singapore. However, I'm finding it difficult to confirm whether I need to RESIDE in Singapore to open a Singapore paypal account.

I know from my experience in Australia that proof of residency is usually asked by paypal once transactions get higher.

Any clarification on this issue would be much appreciated.


Thanks in advance
aahn

[New_Global_Trader]

Hi.

You can open the paypal account using the address of your business. When you open the account, paypal will transfer 2 small amounts to your bank account for verification.

Once you have confirmed the amounts deposited in your bank account to paypal via your paypal account, your Paypal account will be ready to use.

Once you have used your PP account for transactions (inward + outward) of approx 7,000/- SGD, paypal will ask you to provide the following information

- Business Registration Documentation, (ACRA, Registry of Societies of Singapore or other relevant document official documentation) as Proof of Address(please make sure the address shows on your documentation)
- A legible copy of a government issued ID (Singapore) of the account operator


Please note that the ID should be in the name of the person in whose name the PP account was opened and should be issued by SG govt.

If you fail to provide these details, the PP account will be limited and you will not be able to withdraw any balance.

Regards
RG

[The Ref]

What happens if, after sending this information, you move out of Singapore. Can you keep the PayPal account going if you are no longer a resident? Are there any ongoing requirements?

I am a Singapore resident and thinking of setting up a company for my wife, but when we move home we would want to keep the business here.

Thanks.

[New_Global_Trader]

Hi.

As of today, 31st May 2012, Paypal needs verification only once. After you are verified, you can do unlimited transactions (withdrawal and payments).

You may keep a SG PayPal account going even if you are no longer a resident, but you will not be able to withdraw the balance to a bank account, in the new country of residence.

You can either withdraw the balance to your SG bank account or, if you have a US bank account, you can withdraw to the US bank account also.

Also, while making the payments from your SG paypal account, while you are in another country, may not be suitable, as most e-comm sellers need the paypal address and delivery address to be same.

Regards

[beppi]

It is impossible to change the registered address and phone number of a Singapore Paypal account to a foreign address or phone number.
Since the their Singapore customer service is even worse than elsewhere (Paypal is known for shoddy replies), I have not been able to figure out what that means if you don't have an actual Singapore address and phone number. They suggested to close the account and open a new one (lose reputation data and incure withdrawal or transfer losses), but did not say it is required to do so. Another time during the long communication process (they are all so dumb!!!) they even suggested entering invalid data and keeping the account. But I am not at all convinced that any of their replies is true, or in fact they understood my question or their own rules ...

[New_Global_Trader]

It is impossible to change the registered address and phone number of a Singapore Paypal account to a foreign address or phone number.
Since the their Singapore customer service is even worse than elsewhere (Paypal is known for shoddy replies), I have not been able to figure out what that means if you don't have an actual Singapore address and phone number. They suggested to close the account and open a new one (lose reputation data and incure withdrawal or transfer losses), but did not say it is required to do so. Another time during the long communication process (they are all so dumb!!!) they even suggested entering invalid data and keeping the account. But I am not at all convinced that any of their replies is true, or in fact they understood my question or their own rules ...

Hi.

The change of country is not allowed on any paypal (PP) account. They say, as many countries have different rules for opening the PP accounts (for ex. In India, you cannot open a personal PP account & all balance must be withdrawn to the bank account same day), they donot allow to change the country after a account has been opened.

I have not seen the reputation data on paypal accounts for quite a long time or maybe I missed that feature somewhere.

Does anyone knows of a bank in SG, which allows you to open a bank account in US, while in SG?

Regards

[aahn]

Hi.

Once you have used your PP account for transactions (inward + outward) of approx 7,000/- SGD, paypal will ask you to provide the following information

- Business Registration Documentation, (ACRA, Registry of Societies of Singapore or other relevant document official documentation) as Proof of Address(please make sure the address shows on your documentation)
- A legible copy of a government issued ID (Singapore) of the account operator


Please note that the ID should be in the name of the person in whose name the PP account was opened and should be issued by SG govt.

If you fail to provide these details, the PP account will be limited and you will not be able to withdraw any balance.

Regards
RG

Hi RG

Thanks for your response.

I have just incorporated my Singapore company PTE LTD and currently waiting for our bank account to be created. What happens if I as a foreigner open the PP account and provide the Singapore ID of the nominee director of the business? (We have used a nominee director service to incorporate the company)

I will be making the SG PP business account once I have confirmation of the bank account and will be using the Business address and phone number. I have confirmed with SG PP that using our 'business' address as the 'home' address is okay, although the responses were not provide as much confidence as I was hoping.

Currently we do not have any plans to have a Singapore resident on the paypal account but we can add them as another business owner with restricted access if it is required by SG PP.

What do you think is the best way for me to handle this situation? SG PP advised me that if I access a Singapore PP account offshore (eg Australia / China) and try to send payments they will require verification. Do they just need to ID the account holder which will be myself?

One last question, could you please direct me to where got the 7,000 SGD inward/outbound figure from? I am only worried about (b), as we will not have a singpore resident on the paypal account to show the ID.


Thanks
Aahn

[New_Global_Trader]

Hi.

Once you have used your PP account for transactions (inward + outward) of approx 7,000/- SGD, paypal will ask you to provide the following information

- Business Registration Documentation, (ACRA, Registry of Societies of Singapore or other relevant document official documentation) as Proof of Address(please make sure the address shows on your documentation)
- A legible copy of a government issued ID (Singapore) of the account operator


Please note that the ID should be in the name of the person in whose name the PP account was opened and should be issued by SG govt.

If you fail to provide these details, the PP account will be limited and you will not be able to withdraw any balance.

Regards
RG

Hi RG

Thanks for your response.

I have just incorporated my Singapore company PTE LTD and currently waiting for our bank account to be created. What happens if I as a foreigner open the PP account and provide the Singapore ID of the nominee director of the business? (We have used a nominee director service to incorporate the company)
Answer: Bank account in SG takes 15 minutes to open in OCBC/UOB. You may note the monthly balance requirements (approx 8000 SGD) to be maintained or they charge about 25 SGD per month. The name on PP account and the ID should match. You will need 2 id's as mentioned in my previous message.

I will be making the SG PP business account once I have confirmation of the bank account and will be using the Business address and phone number. I have confirmed with SG PP that using our 'business' address as the 'home' address is okay, although the responses were not provide as much confidence as I was hoping.
Answer: As you have confirmed with PP SG, it should be ok.

Currently we do not have any plans to have a Singapore resident on the paypal account but we can add them as another business owner with restricted access if it is required by SG PP.
Answer: Once your account is limited and PP needs verification, you cannot make any changes.

What do you think is the best way for me to handOnle this situation? SG PP advised me that if I access a Singapore PP account offshore (eg Australia / China) and try to send payments they will require verification. Do they just need to ID the account holder which will be myself?
Answer: If the payments are of high denominations, they may want to call you up to verify. Never heard of them doing it.

One last question, could you please direct me to where got the 7,000 SGD inward/outbound figure from? I am only worried about (b), as we will not have a singpore resident on the paypal account to show the ID.
Answer: The 7000 SGD is approx. It can be 5% +- also. I think they also count the refunds. You can google it, and you will be able to find about it. For more details, check the following link.
https://cms.paypal.com/sg/cgi-bin/marke ... r_customer



Thanks
Aahn

No solicitations!

-Moderator

[The Remittance Man]

Does anyone knows of a bank in SG, which allows you to open a bank account in US, while in SG?

If you mean US dollars, I believe OCBC does.

[New_Global_Trader]

Hi.

Paypal does not transfer money in form of USD to a SG bank account. PP sends only SGD to a SGD Paypal account.

As PP charges 2.5% on the currency rate, while converting USD to SGD, if a bank allows you to open a US account, while in SG, you can save a lot, if your PP transactions are of large denominations.

Regards
RG

[harshthackar]

Hi Aahn and RG,

Can you please advice which service provider you used for incorporation and bank account. Also is your paypal now verified using the same bank account and incorporation , Please advice ?

Thanks a Many

Regards,
Harsh

[New_Global_Trader]

Hi Aahn and RG,

Can you please advice which service provider you used for incorporation and bank account. Also is your paypal now verified using the same bank account and incorporation , Please advice ?

Thanks a Many

Regards,
Harsh

Dear Harsh

Incorporation service provides are present at every nook of Singapore. What you need is, a SPR/Citizen to be your nominee director for your company & owner of your paypal account.

You (I assume you are a citizen of India), cannot operate a paypal account in SG, as paypal will need ID proof (Issued by govt of SG) of the account holder once the transactions on paypal account has crossed S$ 7000/-. This includes deposits, withdrawals & refunds.

Also, you must ask the service provider the charges for making accounts, submitting accounts, income tax returns, AGM submission etc etc etc.

Regards
RG

[ttguru]

Interesting subject, I was looking for these answers.

I remember PP also check the IP address of the country from where you are logging in, so that operating Singapore PP account from another country is not a good option too.

I need to know if it is okay to use the Nominee Director as the user to open the PP account?

[New_Global_Trader]

Interesting subject, I was looking for these answers.

I remember PP also check the IP address of the country from where you are logging in, so that operating Singapore PP account from another country is not a good option too.

I need to know if it is okay to use the Nominee Director as the user to open the PP account?

Depends upon
1. Is he willing to share his copy of Singapore ID & address proof with you.
2. Has he already given the info to another person to open a paypal account.
3. Does he himself have a paypal account?
4. Can you trust him being the owner of the paypal account?
5. Lots more, read this full post 3 times and you will have the answers.

Regards
RG

[Strong Eagle]

Interesting subject, I was looking for these answers.

I remember PP also check the IP address of the country from where you are logging in, so that operating Singapore PP account from another country is not a good option too.

I need to know if it is okay to use the Nominee Director as the user to open the PP account?

A nominee director is a DIRECTOR, with all the rights and responsibilities of a director under Singapore company law. She/He can certainly act on behalf of the company... but usually they do not want to do so.