Tips for foreigners when opening Singapore corporate bank account

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Tips for foreigners when opening Singapore
corporate bank account
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Looking at the various benefits and facilities
that are offered by Singapore government,
incorporating a company in Singapore as a
foreigner is fairly easy and a foreigner can also
own up to 100 shares of the company. In this
scenario, foreigners requiring to open corporate
bank account in Singapore is obvious as the bank
account is needed in order to carryout financial
operations of the company the bank account should
be opened before a companycan begin its
transactions. In Singapore, various banks
provide special facilities, benefits and offer
for foreigners, making it easy for them to open a
Singapore corporate bank account.
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• As choosing one of the various available banks in
  Singapore for opening Singapore bank account is a
  critical decision, here are some important tips
  that will help you choose the right bank for your
  Singapore corporate bank account.

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Tips for foreigners opening Singapore bank
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It is important to choose a bank that would
facilitate your business processes. One tip of
choosing a bank to ensure your operations run
smoothly is to pick and choose the bank that
allows you to open a corporate bank account at an
amount of capital that is according to your
preference and risk level. 
1. Choose a bank that is start-up friendly
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• Some banks require you to put a minimum deposit
  and you cannot take out the deposit for your
  start-up business expenses and investments. To
  the start-ups, every cents and cash flows count
  toward getting sales for the company and hence
  picking the right bank that is start-up friendly
  would allow you to have the flexibility and
  capability to scale, grow and expand your
  start-up.

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2. Choose a bank that provides multi-currency
account

• Some of the banks provide only Singapore dollar
  account, meaning that the transactions can only
  be made in Singapore dollars. However, there are
  banks that provide multi-currency accounts so
  that the transactions in foreign currency can as
  well be made with ease.
• As a foreign national opening corporate bank
  account in Singapore, it's advisable to choose a
  bank that offers the multi-currency facility.  Do
  note that depending on the bank and account type,
  the minimum balance amount may differ.

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3. Comparing the international fund transfer fees

• Being a foreigner having Singapore bank account,
  you may require to periodically transferring the
  funds from Singapore account to the bank account
  in your country. It's important that you check
  international fund transfer charges of various
  banks and choose the one that has lowest
  charges/fee to ensure minimum cost overhead in
  the long run.

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4. Choose a bank that has work hours in your time
zone

• If you are living in a country that has opposite
  timezone from Singapore, communicating with the
  bank for any operational related issue can be
  challenging. Do carefully check the work hours of
  banks as well as the availability of their
  customer care services. Choosing a bank that you
  can easily communicate with when needed is highly
  recommended.

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While internet banking facility is now available
in almost all banks, not all banks have the
technology capability and authorization to
transactions across all the countries.Do check
if your chosen bank has an app that can provide
internet or mobile banking. The bank should offer
complimentary transaction alerts through SMS
messages so that you are kept abreast of every
transaction in your account.
5. Choose a bank that offers internet banking and
internationally valid card
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• This will help prevent debit or credit card
  fraud, as well as helping you keep track of your
  account balance. With internet banking, you are
  able to easily access your bank statements, and
  transfer money between different accounts.
• As you may have the need to withdraw money at any
  point, making sure that the ATM card provided by
  bank is valid internationally is also a critical
  point to consider.

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While some of the above points may best be found
fitting with international banks, choosing local
bank has its own advantages including lesser fee
and charges. If you have to use the respective
corporate bank account for transferring funds
locally (such as salaries, choosing a local bank
for Singapore corporate bank account can be a
wise option too.
6. Choose mindfully between local and
international  banks
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With a number of local and international banks
available in Singapore, it is critical to choose
a right option keeping in mind the long-term
business goals.At Precursor, we have a team of
corporate business experts that does not only
consult about best corporate bank account option
but also provides end-to-end services such as
accounting and company compliance services. 
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For more information read this link For more
information read this linkhttp//precursor.com.s
g/tips-foreigners-opening-singapore-corporate-bank
-account/   
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Contact us

• Precursor Group Pte ltd.
• Address 60 Albert Street 14-04 OG
  
• Albert Complex Singapore
• (189969)
• Phone [phone]
• Email id clients_at_precursor.com.sg
• Website http//precursor.com.sg

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