Business Credit Card in Singapore??

[javiercabrera]

Hi people!

First of all, INCREDIBLE USEFUL FORUM. Can't live without it now that I'm moving my business to Singapore.

I plan to open a business in Singapore and work overseas from another country (Uruguay) because there is where I live. I need to ask you guys a question:

THERE IS A CHANCE that a bank in Singapore would give my Singapore Newly formed company a credit card? or at least, an international debit card? (visa logo on it, but credit card would be really well).

I have read over a web site from the Singapore gov, that they give you "small" credit cards up to 500 USD to anyone, even non-residents. I may have read no updated information so I'm in the dark here about that too.

But in this case, it won't be for me but for my Business which I hope I will be traveling there to open in the next few months.

Thanks for the help to those who can provide it!

[akhild]

Hola javier. Bienvenido a Singpaore y buena suerte.

As far as I know, as long as you have a legitimate business in SG getting a card (secured against some kind of deposit), or unsecured (based on your company's financial health) should not be an issue.

And debit card is no problem at all. Just have an account here and link your debit card to it.

[akhild]

my comments assume that you have all the pre requisites for setting up a business here..

[javiercabrera]

my comments assume that you have all the pre requisites for setting up a business here..

Yes of course, I have all the pre requisites to form a business in Signapure (they aren't many as far as I know. I have my passport, money, no bad credit history and way of traveling there as many times as I want from my home country) If there is something else I'm missing just let me know but I believe that is just the usual stuff to get a business there (accountant, etc).

So a Credit Card for my company won't be a problem? the only thing is that, my company will be brand new

[sundaymorningstaple]

my comments assume that you have all the pre requisites for setting up a business here..

Yes of course, I have all the pre requisites to form a business in Signapure (they aren't many as far as I know. I have my passport, money, no bad credit history and way of traveling there as many times as I want from my home country) If there is something else I'm missing just let me know but I believe that is just the usual stuff to get a business there (accountant, etc).

So a Credit Card for my company won't be a problem? the only thing is that, my company will be brand new

You might want to start here:

http://www.singaporeexpats.com/forum/ftopic38927.html

and here:

http://www.acra.gov.sg/Services/Company/

[jpatokal]

As far as I know, as long as you have a legitimate business in SG getting a card (secured against some kind of deposit), or unsecured (based on your company's financial health) should not be an issue.

Err... when opening my company's account at UOB, I also asked about a credit card, but was told that it would be quite difficult for a just-incorporated company, unless I backed it with a heavy deposit.

Getting a NETS (debit) card was no problem at all, but it's useless outside Singapore, without even PLUS/Cirrus ATM functionality.

[taxico]

amex?

[Strong Eagle]

As far as I know, as long as you have a legitimate business in SG getting a card (secured against some kind of deposit), or unsecured (based on your company's financial health) should not be an issue.

Err... when opening my company's account at UOB, I also asked about a credit card, but was told that it would be quite difficult for a just-incorporated company, unless I backed it with a heavy deposit.

Getting a NETS (debit) card was no problem at all, but it's useless outside Singapore, without even PLUS/Cirrus ATM functionality.

I got a debit card at Stan Chart and it includes Cirrus and all the rest... I can use it virtually anywhere in the world... at least the UK, France, Spain, Greece, Australia, US, and all the Asian nations I have been in... including Laos and Vietnam.

[sierra2469alpha]

Old post but to drag it up:

We eventually got Amex Corporate Platinum for a new startup - officially a PTE LTD company, but none of us directors had to go guarantor for it, but the amount of paperwork they wanted (including the PERSONAL holdings of each director of the 48% holding company which is overseas based) was beyond pain. Eventually they caved in because, as usual, they want the business but do not have the processes to recognise legitmate credit risk here (and yes, flame me all you like!), until you point out to them that there are other options available.

I think StrongEagle makes a good point - a debit card with interbank agreements may be your best bet. For this, something that is also recognised with the Visa or MasterCard networks (often these are confused with Cirrus/Maestro) - check with your potential provider. As jpatokal points out, NETS is pretty much next to useless outside lovely Singapore.

If you have the need to make payments overseas, I'd suggest you check if there are fees or charges associated with making payments on your card outside of its registered country.

Remember also, that Visa and Mastercard, along with charge card companies like AMEX and Diners Club, WILL change their fee structure providing you provide them with a good argument. Been there, done that

HTH everyone, Mr. P

[javiercabrera]

Old post but to drag it up:

We eventually got Amex Corporate Platinum for a new startup - officially a PTE LTD company, but none of us directors had to go guarantor for it, but the amount of paperwork they wanted (including the PERSONAL holdings of each director of the 48% holding company which is overseas based) was beyond pain. Eventually they caved in because, as usual, they want the business but do not have the processes to recognise legitmate credit risk here (and yes, flame me all you like!), until you point out to them that there are other options available.

I think StrongEagle makes a good point - a debit card with interbank agreements may be your best bet. For this, something that is also recognised with the Visa or MasterCard networks (often these are confused with Cirrus/Maestro) - check with your potential provider. As jpatokal points out, NETS is pretty much next to useless outside lovely Singapore.

If you have the need to make payments overseas, I'd suggest you check if there are fees or charges associated with making payments on your card outside of its registered country.

Remember also, that Visa and Mastercard, along with charge card companies like AMEX and Diners Club, WILL change their fee structure providing you provide them with a good argument. Been there, done that

HTH everyone, Mr. P

That was really helpful for me mate, thanks a lot!!!
Real experience rules!

I'm planing going this month there (if I have a chance) to open a business. Anyone knows a trust worthy company to do this? I saw asianbizsetup online but I don't know, they charge $2500 for an entre-pass which, you can fill yourself without a third party as far as I know.

I'm looking a company that can register my singapore LLP without charging me 10k in the process!