Setting a dedicated wealth management account in Singapore designed for investing purposes carries a host of benefits that are not usually offered by traditional savings account. A wealth management account enables you to keep track of the performance of your investments, gain control in the management of investing cashflow, and provide you a clear picture of your investment portfolio at a glance.
With a comprehensive and consolidate overview of all your holdings, there is no need to manually calculate all your investment transactions to improve on your portfolio or tally unrealized profit or loss. As Singapore has established itself as a premier banking and wealth management hub on a global scale, it is a good decision for foreign investors to open a wealth management account in the country.
High-net-worth individuals prefer opening a wealth management vehicle in Singapore due to its solid financial regulations, strong legal framework, as well as a stable economic and political landscape. The breadth and depth of financial institutions here give foreign investors easy access to global and regional financial markets, while providing a comprehensive range of wealth management that serve their unique needs.
The Advantages and features of Opening a Bank Account for Wealth Management in Singapore
- Your investment budget allocation is kept separate from day-to-day expenses, thus avoiding unnecessary spending of your investment budget.
- Topping up and trading is quick and hassle-free whenever opportunities arise to create wealth.
- Easy and fast monitoring of your wealth management portfolio.
- Prompt notifications and price alerts that helps you stay updated on the market.
- Come up with well-informed decisions with great insights and research based on your specific preferences and private holdings.
A Comprehensive Checklist in Opening a Private Bank Account in Singapore
Listed below are the general guidelines that will assist you in preparing all the necessary documents for a smooth and streamlined bank account opening process in Singapore.
Select the Right Bank
Pick the bank that can provide you with all the financial services you need, whether for savings, corporate, or wealth management purposes. By choosing a bank account in Singapore that aligns with your investment or company goals, you can avoid banking-related issues in the future.
There is a wide range of banking solutions available to foreign investors in Singapore. During the bank selection process, the following factors must be considered:
- Anticipated daily volume or frequency of banking transactions.
- Initial capital that you must deposit with your chosen bank.
- Average minimum monthly balance where you intend to save or grow your wealth.
- Additional financial solutions that your company or investment vehicle may need.
- Minimum account balance requirements for the account.
Provide Accurate and Honest Information
Provide all the paperwork upfront. Make sure to submit all the documents that are required by your chosen bank. In essence, the more pertinent information you provide, as well as company plans, the easier it will be for the bank to determine your eligibility for a bank account. Provide pertinent information such as your business name, planned business activities, professional experience, potential clients, source of funding, general nature of banking transactions, comprehensive business plan, and many more.
If easily accessible, provide reference letters from active and previous banks from your country of residence to showcase your history, track record, and overall banking relationships. In case there are complexities in your shareholder structure or business background, expect questions that may come up during the interview and pre-empt them by providing clear and accurate information proactively.
Requirements when Opening a Bank Account in Singapore
Opening a bank account in Singapore as a non-resident requires standard documentation. Local banks in Singapore have different rules when it comes to the application process. While some allow online application, there are also banks that prefer or require in-person bank account opening. When opening a company in Singapore, preparing the necessary documents for bank account opening should be your top priority.
Regardless of which bank you choose to open a savings, corporate, or wealth management account, the following documents will be required from you:
- Proof of identifcation
- Work permit in Singapore, if an employee
- Proof of residence in Singapore or home country
- Secondary government-issued ID in addition to your passport
- Referral letter from an active or former bank
Since banks differ in their requirements, it is important to learn your chosen banks list of document requirements. Visit their website and check the paperwork that you need to furnish for a smooth and streamlined application process.
Additional Documents for Corporate Bank Account Opening in Singapore
- Furnished corporate account application form. It must be duly authorized by the signatories of your company, as per board resolution.
- Board of Directors Resolution that recognizes opening of the account, and signatories to the account. These documents must be prepared beforehand by the company secretary.
- Certified true copy of Certificate of Incorporation. This must be duly certified by the company secretary and one of its directors.
- Certified true copy of Company Business Profile from the Company Registrar. This must be duly certified by the company secretary or one of its directors.
- Certified true copy of a company’s Memorandum and Articles of Association. This document must be certified by the company secretary or one of its directors.
- Certified true copy of passports or Singapore Identification Card, and the residential address of a company’s directors, signatories, and beneficiary owners.
Damalion offers unmatched expertise and comprehensive consulting services for all manners of establishing a company in Singapore. Our global service network consists of service professionals from various sectors that will assist you in every aspect of your business operations. From company formation, accounting, bookkeeping, taxation advice, bank account opening, and wealth management consulting, our skilled consultants are with you every step of the way. To learn more, reach out to a Damalion expert today.
This information is not intended to be a substitute for specific individualized tax or legal advice. We suggest that you discuss your specific situation with a qualified tax or legal advisor.
