Opening a Corporate Bank Account in Singapore

[aahn]

Hi guys

Another business related question that I'm trying to get my head around.

I'm travelling to Singapore in 2 weeks to open a Corporate Bank Account. I'm looking to open one with Standard Chartered Bank. From the information on this website:

http://www.guidemesingapore.com/incorpo ... -singapore

I would like to open a Foreign Currency Account in Australian Dollars as this is how the money will enter the bank account. Am I correct in assuming that I would be required to put in 5k USD immediately once I open the account? If so can I simply take the money back out of the account again once I've deposited the 5k?

Hoping to get some insight from anyone whose opened a Foreign Currency Account and their experience with using Standard Chartered vs HSBC and Citibank.

Also, would I be able to make international transfers to Australian / Chinese bank accounts using internet banking? I will not be staying in Singapore so it will be difficult to fill out those TT forms.

Thanks in advance guys.

Aahn

[bensonlew]

In order for you to open corporate account in Singapore you must have a registered company in Singapore.

Aside of it you will need all the director to be present to sign. Acra Profile. and also AGM. Then only you can open account in Singapore under corporate.

As for minimum account I am not too sure, it depends on bank to bank. Some of bank even have promotion like min 500SGD to open corporate account and can be below 8k for first 6 months. Otherwise there will be monthly admin fee for that.

As for standard chartered, you can visit standard chartered website in singapore. There should be some information about corporate account.

Hope this help.