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The process of opening an offshore business account in Singapore is straightforward unless you are from a prohibited or high-risk industry. You need to provide the proper documentation to the local banks and go through their processes. It is advisable to consult with a local Company Secretary to help you prepare the documentation, guide you through the process, and avoid common mistakes so you can set up an account without any hassle.

Singapore is one of the most influential financial centers in the Asia Pacific region. Additionally, according to the International Monetary Fund (IMF), Furthermore, Singapore ranks very high on the Financial System Stability Assessment due to its strong economic policies and robust financial framework with an emphasis on committing to enforce international standards. 

This factor and many others made Singapore one of the most popular destinations for international companies and startups to start a business.

In this article, we will discuss how companies can open an offshore account in Singapore and other steps and considerations of the process.

Before we begin covering "how" you can set up an offshore bank account, let us first clarify what an offshore bank account is.

🔍Tip: Find out what the 11 best countries for offshore banking are in 2024.

What Is an Offshore Bank Account?

In recent years, the term offshore has been used to refer to running opaque business operations, and it has even become a synonym for tax avoidance in a faraway land. Nevertheless, what does the concept of offshore refer to? An offshore can refer to anything outside the borders of the country of origin of a person.

In this sense, an offshore company can refer to an entity that operates in another country, such as a US company with a subsidiary in China. In the same line of thought, offshore bank accounts are the same, for example, a corporate bank account that was opened in a jurisdiction different from the one of the parent company to serve the operations of a subsidiary.

Many countries or jurisdictions worldwide have different tax and financial systems that may present incentives to conduct business. However, it does not automatically mean that operating an offshore company or accounts will lead to tax evasion, money laundering, or other illicit activities, as offshore banks require high compliance. 

Offshore Banking in Singapore

As we have seen in the previous section, an offshore bank account is a bank account under the regulations of a foreign jurisdiction. In this sense, the banks located in Singapore can be counted as offshore banks from the perspective of a foreign national, meaning someone who is not a local Singaporean. Nevertheless, it is essential to highlight that both the local regulations of the home country and the foreign jurisdiction should be followed at all times to avoid conflicts or legal liability. 

Now that we have explored the root of the offshore concept and what it involves, we can move into the next section that answers the question, how can a foreign national open offshore bank accounts? More details will be discussed in the next section.


Tip: Need to incorporate a company first? Check out our guide to setting up an offshore company in Singapore.

Offshore Bank Account Opening Requirements

This section will detail the offshore bank account opening requirements for business accounts in Singapore. Most banks in Singapore have similar requirements when individuals request to open a business bank account. Below are some requirements that you should consider:

  • Interview with the directors and signatories: it is a standard requirement that the directors go to an interview with the bankers and be physically present to sign documents. International banks with overseas branches might allow the directors to do the interview and signing of documents without going to Singapore, although this is only in very few or exceptional cases.  
  • Corporate documents: as the bank account to be opened is going to be used to run a business, several documents need to be provided to the bank to evaluate the case and decide whether it is feasible to provide the service to the owners. 
  • Identity documents: particulars of the individuals involved in the company's internal structure may also be requested by the bank authorities as part of their compliance standards. 

Depending on the banking institution chosen, further requests or documents might need to be provided to complete the assessment for the bank account opening. Also, some banks might request a minimum initial deposit for the bank account, and this fee might not be refundable. As we have analyzed some of the requirements, we will focus on the steps to start opening a bank account in Singapore in the next section. 

How to Open an Offshore Bank Account

Before listing the steps to open an offshore bank account in Singapore, it is important to distinguish between trying to apply for a corporate business account in Singapore. You need to have an established business entity recognized under Singapore's jurisdiction.

One of the most standard ways of carrying out the process is by opening a Singapore offshore company or having a subsidiary company. 

Now that we have clarified the above-mentioned point, we will enlist the steps to take to start the application process for a corporate bank account in Singapore: 

  1. Search for the banking institution that best suits you and your company's needs.
  2. Check the requirements from the bank and prepare the supporting documents.
  3. Arrange an interview appointment with the bank. 
  4. Getting the directors and the signatories to go to the bank interview.
  5. Wait for the bank to communicate if the interview was successful or if some clarification might be needed. 
  6. Activation of the bank account if the case was successful. 

Remember that different banks offer different services and perks in their bank accounts, such as multiple currency accounts, personalized customer service, and other financial and banking services. Furthermore, depending on how fast the document can be prepared and submitted will impact the timeline for the account opening. Nevertheless, it usually takes 1 to 2 months after the submission of the documents. 

Documents Required for Opening an Offshore Bank Account

Typically, before an interview appointment is made, the bank officers assigned to the bank will review the supporting documents from the applicant. This is normally known as the document package. This document package can include the following:

  • Bank account opening forms.
  • Director's board resolution for the bank account opening. Your Company Secretary normally prepares this.
  • Bank form for the authorized signatories. 
  • Certificate of Incorporation. A certified true copy needs to be provided. 
  • Company’s Business Profile. A certified true copy is needed. 
  • Memorandum and Articles of Association (MAA). A certified true copy needs to be provided. 
  • Passports and residential address proof of the directors, bank signatories, and the Ultimate Beneficial Owners (UBO). A certified true copy can be provided by your Company Secretary in case the original documents cannot be provided.
  • Corporate documents and support documents from the business back in your home country. Transaction invoices and purchase orders might be needed to be provided to the bank.

It is important to mention that the incorporation documents are provided by the Accounting and Corporate Regulatory Authority (ACRA) since it is the maximum authority that oversees the matters related to registering entities in Singapore. Additionally, Banks may request additional documents as they see fit and according to the specific case of each company.


Overall, getting an offshore account in Singapore is straightforward, but it requires you to know exactly what the banks want, and sometimes it is not easy to find all the information, especially if you are not a local.

Therefore, it is better to approach your Company Secretary service provider, that can guide you through the process and the preparation of the documents needed. However, an alternative option to Singapore is Hong Kong.

Hong Kong is another great option for offshore banking, and we have a detailed guide on setting up an offshore company and opening a business bank account in Hong Kong.

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What is an offshore bank account?

An offshore bank account is a bank account opened outside the account holder's country of residence.

What are the benefits of having a corporate bank account in Singapore?


How to apply for a corporate bank account in Singapore?


Should I consult a Company Secretary service provider to help with the process?


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