Offshore Bank Account in Singapore: How To Open an Account

If you’re considering offshore banking in Singapore, you’re likely looking for stability, flexibility, or a smarter way to manage international finances. For entrepreneurs, SMEs, and investors, Singapore offers trusted regulation, multi-currency support, and strong digital banking options.

Still, opening an account as a non-resident or foreign company isn’t always straightforward. You’ll need to meet compliance checks, prepare the right documents, and, in some cases, consider incorporating locally.

In this guide, we’ll explain how offshore banking in Singapore works, the benefits, what you’ll need to apply, and which banks or alternatives to consider in 2025.

Simply put, an offshore bank account is a bank account held outside your home country. For businesses, this often means holding a corporate account in a jurisdiction where the company doesn’t primarily operate, typically to manage international transactions, hold foreign currencies, or support regional operations.

For example, a company based in the UK might open a business account in Singapore to manage payments and revenue from its Southeast Asia operations. In this case, the Singapore account would be considered offshore.

Holding an offshore bank account is entirely legal, provided it’s used transparently and reported correctly. Account holders are responsible for complying with tax and disclosure requirements in both their home country and the offshore jurisdiction. When managed properly, offshore banking can be a practical and compliant way to support cross-border business activity.

Singapore is widely recognised as one of the world’s leading financial and business hubs, known for its strong economy, business-friendly environment, and advanced banking infrastructure. Often ranked alongside Hong Kong and Switzerland as a top choice for offshore banking, Singapore stands out for more than just asset diversification and investment opportunities, and here are the reasons why. 

Singapore is one of Asia’s most established financial hubs, with a strong reputation for transparency and economic stability. It holds a consistent AAA credit rating from agencies such as S&P Global, Moody’s, and Fitch Ratings, reflecting low jurisdictional risk and reliable governance.

The Monetary Authority of Singapore (MAS) regulates the sector with strict compliance standards aligned to global best practices. For foreign businesses and investors, this offers confidence that their offshore banking activities are backed by a stable, well-supervised environment.

Singapore’s banking ecosystem includes a mix of traditional banks, digital banks, and fintech service providers, many of which now offer remote-friendly account opening and fully digital onboarding.
For international entrepreneurs and SMEs, this means you can open and manage a business account without being physically present in Singapore. While requirements vary by provider, digital access to services like multi-currency transfers, mobile banking, and cross-border payments has made offshore banking more accessible than ever.

Many banks in Singapore offer multi-currency accounts or foreign currency accounts, allowing businesses to hold and transact in several currencies from a single account. This is especially useful for companies managing international payments, suppliers, or revenue streams.
Supported currencies commonly include the Singapore Dollar (SGD), US Dollar (USD), and Chinese Yuan (CNY/CNH/RMB), though availability varies by bank. By reducing the need for constant currency conversion, these accounts can help lower transfer fees and minimise foreign exchange costs, making them a practical option for cross-border operations.

Singapore offers a fast and straightforward setup process for foreign-owned businesses, with minimal capital requirements and full ownership allowed across most sectors.
In the Global Business Complexity Index 2024, Singapore ranks 47th out of 79 jurisdictions, reflecting a relatively low level of regulatory and administrative complexity. While compliance requirements remain strict, particularly around Anti-Money Laundering (AML), the overall environment supports efficient business operations and offshore banking access.

Singapore’s tax system is often viewed as business-friendly, with relatively low corporate tax rates, no capital gains tax, and access to an extensive network of double tax agreements (DTAs). For foreign companies using an offshore bank account in Singapore, this can contribute to more efficient international tax planning, depending on the business structure and home country regulations.

That said, opening an offshore account doesn’t automatically result in tax savings. Businesses must still meet all tax reporting and disclosure obligations in both Singapore and their country of residence. It's essential to consult a qualified advisor to understand how Singapore’s tax framework applies to your specific situation.

Offshore banking in Singapore isn’t just for large corporations, it can be a strategic option for startups, SMEs, and even individuals who regularly deal with international finances.

In addition to managing funds in SGD, offshore accounts in Singapore often come with access to local payment systems like PayNow and GIRO, helping businesses streamline domestic transactions while operating from abroad.

You might benefit from opening an offshore account in Singapore if you:

• Travel to Singapore frequently for business or work
• Run a company with suppliers, clients, or operations in the region
• Receive income or payments in SGD
• Need a multi-currency account to manage cross-border transactions
• Want to diversify financial holdings outside your home country
• Prioritise banking in a stable, well-regulated jurisdiction

Opening a business bank account in Singapore, especially from overseas, requires specific documents and an understanding of each bank’s expectations.

Requirements differ depending on whether your company is registered in Singapore or abroad. And while Singapore’s banking process is generally efficient, offshore applications still involve KYC checks and often in-person verification.

Here’s what to expect when applying.

General Requirements

Most banks in Singapore require the following, whether your company is local or foreign-registered:

• Company incorporation documents (original or certified true copies)
• KYC documents for directors and beneficial owners
• Passport and address proof for key individuals
• Initial deposit – usually around SGD 5,000
• In-person interview – Often required for directors; while some international banks allow remote interviews, this is not common

Foreign companies may face stricter checks and limited account availability, particularly if they don’t have a Singapore presence. In some cases, setting up a branch office in Singapore can improve eligibility and provide access to a wider range of account options.

Required Documents Based on Company Type

Depending on where your company is incorporated, banks will request different sets of supporting documents.

For Singapore-registered companies:

• Unique Entity Number (UEN) – from your ACRA profile
• ACRA Business Profile – showing company details and shareholder structure
• Memorandum and Articles of Association (M&AA)
• Board Resolution – authorising account opening
• Tax Identification Number (TIN)
• Passports and proof of address for directors and signatories

For foreign-registered companies:

• Certificate of Incorporation (or equivalent)
• Certificate of Incumbency – confirming current directors and shareholders
• Business purpose statement – explaining why you’re opening the account in Singapore
• Bank reference letter – from your current bank or financial institution
• Passports and proof of address for directors and ultimate beneficial owners (UBOs)

Some banks may request additional documents depending on your business activity, ownership structure, or industry.

Once you’ve confirmed that you meet the eligibility criteria and gathered the necessary documents, the next step is to apply. Here’s a simplified breakdown of the process most businesses follow when opening an offshore bank account in Singapore.

Step 1 - Choose the Right Bank

Start by researching banks that accept offshore applications. If your company is not incorporated in Singapore, your options may be more limited. Some major local banks, like DBS and OCBC, and international banks, such as HSBC and Standard Chartered, may offer offshore account services.

Compare banks based on:

• Account types available to foreign-owned or foreign-registered businesses
• Fees and deposit requirements
• Access to services like multi-currency accounts, debit cards, or online banking
• Account maintenance conditions, including minimum balance and monthly charges

Some banks charge higher fees for offshore clients, so review the fine print carefully.

Step 2 - Submit Your Application

Once you’ve selected a provider, review their account requirements and prepare all documents accordingly. These typically include:

• Passports and address proof for directors or UBOs
• Incorporation documents or business certificates
• Initial deposit proof, where applicable

Depending on the bank, you may need to:

• Submit documents online, through a local partner, or in person
• Attend an in-person or video verification meeting with a bank representative

Not all banks offer remote onboarding; some may require you to visit a branch, either in Singapore or at one of their overseas offices.

Step 3 - Wait for Approval and Account Setup

After submission, the bank will review your application and verify all documents. Processing times vary, but it typically takes anywhere from a week to a month, depending on your company’s structure and the bank’s internal process.

Once approved, you’ll receive your account details and gain access to online or mobile banking tools, if included.

Not all banks in Singapore support applications from foreign-incorporated businesses. Below are examples of three banks that do, along with key details to help you assess whether they’re a suitable fit for your company.

*OCBC lists this fee in USD, as reflected in their official pricing guide.

Opening a business account with a traditional bank in Singapore can be a challenge, especially for SMEs incorporated overseas. From in-person verification to high initial deposits, many banks require additional steps that don’t suit fast-moving, cross-border businesses.

That’s where Statrys offers a different path.

Statrys is a Hong Kong-based financial platform that provides multi-currency business accounts for companies incorporated in Hong Kong, Singapore, and the BVI. Designed with SMEs in mind, the Statrys platform lets you manage funds, make payments, and access real-time FX services—all from a simple online dashboard.

In addition to business accounts, Statrys also provides company registration services in Singapore. If you’re looking to open a business account in Singapore but don’t yet meet bank eligibility requirements, Statrys can help you set up a local company and get operational in as little as five working days.

💡No branch visits required. 100% remote onboarding means you can apply from anywhere in the world.