Singapore: the best options for opening an account in Europe

In recent years, Singapore has become a highly popular jurisdiction for business registration. This is due to several advantages the country offers, including low taxes, ease of doing business, and stability. Singaporean companies often open accounts and conduct operations in other countries to expand internationally. This is also because when a company opens a local bank account, it becomes a full tax resident of Singapore and must pay taxes. However, taxes can be avoided if the income is not transferred to Singapore.

Best European Banks and Payment Systems

Opening a bank account for a Singaporean company in different banks can be challenging, and choosing the right bank depends on your specific needs and capabilities. Below, we will look at several banks providing services for Singaporean companies in Europe:

API Bank (Serbia)

• Compliance complexity: Quite difficult, 3-4 weeks
• Features: API Bank provides services for Singaporean companies, but it's important to note that the process can be lengthy and require thorough verification. You must prepared to provide detailed documents and information about your company.

Vialet (Lithuania)

• Compliance complexity: Moderate, 2-3 weeks
• Features: Vialet offers relatively fast and convenient account opening for Singaporean companies. Their payment system supports SWIFT, making them suitable for international transactions.

Bilderlings Pay (United Kingdom)

• Compliance complexity: Moderate, 2-3 weeks
• Features: Bilderlings Pay also provides services for Singaporean companies and has moderate account opening complexity. They support various payment systems, which can be beneficial for your business.

Wise (United Kingdom)

• Compliance complexity: Low
• Features: Wise's payment system can be a good option for Singaporean companies, especially if you are involved in international transfers and payments. One drawback of Wise is the absence of a full-fledged bank account.

Bendura Bank (Switzerland)

• Compliance complexity: Moderate, 4-6 weeks
• Features: Bendura Bank also provides services for Singaporean companies, but they require a deposit of 300,000 EUR. This option is suitable for large and financially stable companies.

When choosing a specific bank, study all the nuances, including service costs, document requirements, and timelines. This will help optimize the operation of a Singaporean company in Europe. We also recommend seeking assistance from qualified legal consultants at IT-OFFSHORE.