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Singapore: the best options for opening an account in Europe

Singapore: the best options for opening an account in Europe

06. 11. 2023

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

Best European Banks and Payment Systems

Opening a bank account for a Singaporean company in different banks can be a challenging task, and the choice of 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 should be 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 a suitable option for international transactions.

Bilderlings Pay (United Kingdom)

  • Compliance Complexity: Moderate, 2-3 weeks
  • Features: Bilderlings Pay also provides services for Singaporean companies and has a moderate level of 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, make sure to study all the nuances: 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.

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