SINGAPORE EXPATS FORUM
Singapore Expat Forum and Message Board for Expats in Singapore & Expatriates Relocating to Singapore
Opening a local business bank account
Re: Opening a local business bank account
Yep, FATCA requirements may also kick in, which will make banks nervous.
- sundaymorningstaple
- Moderator
- Posts: 40007
- Joined: Thu, 11 Nov 2004 1:26 pm
- Location: Retired on the Little Red Dot
Re: Opening a local business bank account
Especially with non-resident US directors. The bank may or may not allow them to be signatories due to the hassles they fact complying with US Treasury ultimatums.
SOME PEOPLE TRY TO TURN BACK THEIR ODOMETERS. NOT ME. I WANT PEOPLE TO KNOW WHY I LOOK THIS WAY. I'VE TRAVELED A LONG WAY, AND SOME OF THE ROADS WEREN'T PAVED. ~ Will Rogers
-
- Editor
- Posts: 1035
- Joined: Sun, 13 Sep 2015 4:43 pm
Re: Opening a local business bank account
FATCA is not really a problem in Singapore (and in most countries) by now. Singapore and the U.S. have an agreement that takes care of that, and the banks in Singapore do what they've already got to do anyway (i.e. make certain reports to the Singaporean government). All the banks mentioned upthread long ago implemented their FATCA-related procedures, essentially just adding a checkbox declaration to application forms, handing out W-9s, and passing that information on to the MAS. They all have Wall Street affiliations that depended on their adoption of those minor procedures. I think Australia has a broadly similar arrangement now, and several other OECD countries are in the next wave. The U.S. was just slightly ahead of the curve, that's all. It's 2016, not 2010. If anything, FATCA -- and the Foreign Corrupt Practices Act (FCPA) -- are helpful if the business is genuine, if the U.S. citizen directors are compliant, and if the bank is convinced of those facts.
No, the real roadblock here is basic KYC/genuineness.
As an aside, Uber does plenty of business in Singapore but processes all credit/debit card transactions here through their merchant account in the Netherlands. Maybe they don't even have a bank account in Singapore. They're at least collecting lots of money without one, and they're providing lots of technology services in Singapore. That's all they do, really.
No, the real roadblock here is basic KYC/genuineness.
As an aside, Uber does plenty of business in Singapore but processes all credit/debit card transactions here through their merchant account in the Netherlands. Maybe they don't even have a bank account in Singapore. They're at least collecting lots of money without one, and they're providing lots of technology services in Singapore. That's all they do, really.
-
- Similar Topics
- Replies
- Views
- Last post
-
-
Opening a bank account without physical EP
by 3star1980 » Sun, 16 Sep 2018 9:24 pm » in Relocating, Moving to Singapore - 6 Replies
- 3973 Views
-
Last post by 3star1980
Tue, 18 Sep 2018 6:44 am
-
-
- 10 Replies
- 3710 Views
-
Last post by maneo
Tue, 12 Nov 2019 6:54 pm
-
-
Need advice on opening bank account
by mohamed66 » Sun, 29 Dec 2019 3:53 pm » in General Discussions - 1 Replies
- 1622 Views
-
Last post by tiktok
Wed, 01 Jan 2020 5:39 pm
-
-
-
Opening a bank account in Singapore as a EU citizen
by Juan Lopez » Wed, 05 Aug 2020 5:52 pm » in Relocating, Moving to Singapore - 30 Replies
- 9005 Views
-
Last post by sundaymorningstaple
Sat, 31 Oct 2020 12:05 pm
-
-
-
How's day 1 of opening the local economy?
by abbby » Fri, 19 Jun 2020 9:49 am » in Staying, Living in Singapore - 10 Replies
- 2451 Views
-
Last post by PNGMK
Mon, 22 Jun 2020 8:40 am
-
Who is online
Users browsing this forum: No registered users and 11 guests