01 / PRACTICAL PRODUCT DETAILS
Singapore Account for an English UK Ltd
If the company works with buyers, suppliers or projects in Asia, a company account in Singapore provides a local banking platform for SGD and international currencies. OCBC states that its Business Foreign Account is available to businesses registered outside Singapore and offers multi-currency use.
Did secret offshore companies in England always exist? In general — yes, this was possible. For example, if offshore companies in Panama have existed for almost 100 years since 1927, nothing prevented two Panamanian offshore companies from opening a company in England earlier, for example in the City of London, as an LP or LLP partnership, and obtaining a 100% British offshore structure as the result. Especially in those good old days when there was no internet, no public registers and everything was kept on paper. It simply attracted little attention and isolated cases, so to speak, went unnoticed. Now everything has changed. But offshore structures remain. Banks, however, require more work: accounts are no longer opened for clients from the street, or walking clients, as one says in English. The bank must be persuaded that the business intentions are proper and that there is no intention to optimise taxes. But the essence remains the same.
DBS also separately confirms the possibility of opening an account for a foreign incorporated company and offers a Business Multi-Currency Account. An English company therefore does not need to create a separate Singapore company merely for a bank account.
Singapore is particularly convenient when the director is in the region or the company has Asian counterparties and payments. The account can be supplemented with a European IBAN or a British GBP account.
Tell us which Asian payments require the account. We will prepare the UK Ltd documents and compare OCBC, DBS and other available options.