Singapore is a prosperous and reputable financial center, serving not only its domestic economy, but also the entire Asia-Pacific region. The banking industry is a key player in the financial market of the country which is gradually becoming one of the strongest in the world. A stable economic and political environment, favorable legal and tax policies, and strict control over crime and money laundering have made Singapore the third largest financial center in Asia, after Japan and Hong Kong. We would like to offer you the service of opening an external asset management bank account in Singapore remotely.
Note: In order to open an external asset management bank account you will have to make an initial deposit of USD 500,000 or its equivalent in another currency. It will also be necessary to take a telephone interview. Your presence in person for opening an external asset management bank account in Singapore is not required.
External Asset Management Account: Main Advantages
The external asset management services are now more in demand than ever due to the increasingly stringent regulatory requirements in the banking sector. Banks are forced to spend more and more resources to meet the regulator’s client verification requirements. The external manager assumes part of the responsibility for the bank’s clients’ compliance with the due diligence, and subsequent compliance with the legislation, including the laws in the field of anti-money laundering. As a result, banks are interested in working with external managers and are ready to provide their clients with the most favorable conditions and offers.
An external asset management account first of all allows the client to receive 100% independent consulting. Unlike a private banker, the external asset manager has no connection with the bank and is not interested in selling any particular products or services. The external asset manager acts solely in the interests of their client.
Yet another advantage is the protection of the client’s interests before the bank. The external manager undertakes all communication with the bank, including the account opening and closing procedures, the due diligence verification, resolving of any issues with the bank.
Also, the external manager can represent the client’s interests in various banks of other jurisdictions, which gives the client the following advantages:
- the ability to open bank accounts in other jurisdictions quickly and remotely;
- the possibility of reducing the fees;
- protection at concluding agreements with banks;
- higher quality of service;
- improved client status with the bank;
- legal protection and advice;
- quick response in case it is necessary to close the account.
Dual service which means that it will be provided both by the bank and by the licensed asset management company and will allow to ensure the most complete protection of the client’s interests, as well as:
- receive services outside of bank business hours;
- double control of each operation to avoid any errors;
- use the analytics from two sources, compare it and make the most informed decisions;
- use the connections of the external manager with other banks and external service providers;
- avoid pressure from the bank and any conflict of interest;
- provide higher profitability with lower maintenance costs as compared to the regular bank;
- reduce the risks through flexibility, hedging strategies and efficient asset portfolio management.
Having opened the external asset management bank account, you will get access to a full range of banking, financial, legal and other services, so that each of your requests will find a suitable comprehensive solution.
The banking group we would like to offer you in Singapore consists of private banks and investment holdings in such business sectors as real estate and agribusiness. The group’s banking interests are represented by its office headquartered in Basel, Switzerland ; the branch in Sao Paulo, Brazil ; the bank in New York. All of these banks are independent of each other in terms of consolidated control.
Strategically located in Singapore, the group serves the most demanding clients who seek to place their assets in a reputable private wealth management institution in a world-class jurisdiction.
The bank in Singapore we are talking about has a wholesale banking license issued by the Monetary Authority of Singapore. The bank may also act as a free financial advisor under the Singapore Financial Advisors Act.
In addition to the Singapore office, the bank’s presence in Asia is also ensured by the its Hong Kong office.
Investment Products and Services in Singapore
The bank in Singapore offers creative solutions to satisfy the specific financial demands of each client.
The bank’s clients can access all the most popular investment opportunities and solutions.
Stocks and their derivatives:
- stocks in all major stock markets;
- a wide range of structured and over-the-counter products;
- stock options listed on the exchange.
- spot, forward, margin trading (available in major currencies and RMB);
- two-currency investments;
- structured products with currency pegs;
- currency options (vanilla and exotic).
- Asian bonds (both in local and freely convertible currencies);
- deposit certificates;
- commercial papers;
- convertible bonds;
- Government bonds and Eurobonds;
- bond portfolios with external financing;
- perpetual financial instruments;
- structured fixed-income securities and bond options;
- interest rate swaps.
The bank’s investment professionals are always on the lookout for current products and strategies. The choice of products offered by the bank is regularly extended to keep up with market development. At the same time, upon request, the bank’s specialists can financially structure and customize the products to meet specific customer requirements.
- The bank in Singapore offers a wide range of investment funds suitable for a variety of strategies:
- Thematic funds;
- Sustainable funds;
- Alternative investment funds;
- Absolute income funds;
- Equity and bond funds;
- Segregated funds portfolio.
In addition, the bank’s experts and fund specialists provide portfolio management advice and offer their clients a wide range of investment funds by reputable asset managers.
Discretionary Investment Management Services
For clients who prefer to delegate their daily portfolio management concerns, the bank offers discretionary investment management services in Switzerland.
Each client can choose one of the standard mandates (protective, balanced or dynamic) that will correspond to his investment profile. In order to meet the specific needs of the each client, a personalized mandate can be developed individually.
The bank’s specialists regularly update their clients on asset distribution and portfolio performance, and systematically review their investor profiles to continuously ensure that appropriate asset allocation strategies are in place.
Investment Consulting Services in Singapore
The bank offers consulting services by the account managers to those clients who want to make their own investment decisions and formulate their own strategies. The bank follows an open architecture approach to ensure that its clients are recommended the best products by the right suppliers.
Clients of the bank have a wide range of global securities and currency products available.
Account managers provide global research results, investment forecasts, and strategies to help their clients identify the best market opportunities.
Transactions are carried out quickly and responsibly.
Inheritance Planning and International Trust Services in Singapore
Thanks to its international network, the bank’s clients in Singapore have access to a full range of trust and fiduciary services, as well as inheritance planning services. The bank’s specialists assist their clients in structuring and managing their plans for property, trusts and assets.
Experienced professionals work closely with the bank’s partners to ensure that clients’ needs for inheritance planning and wealth protection are met.
Bank Accounts in Singapore
- The bank offers its clients the possibility of opening different types of accounts:
- loan opportunities in any of the major convertible currencies for non-renewable or revolving credit lines with fixed or floating interest rates, as well as the possibility to use foreign investment as collateral for the loan;
- custodial services: securities custody, transfer of funds, securities delivery, corporate actions, dividend distribution and coupon payments;
- deposit services: fixed-term deposits, structured deposits and deposits with external financing in all major currencies and with different payment terms.
E-Banking in Singapore
The bank offers its clients a safe and convenient way to manage their account remotely by offering the following features:
- All assets are managed from a single point;
- You can view your account and save the positions;
- You can export your account items as printed reports or data files;
- You can receive and check your transaction and portfolio recommendations.
Procedure for Opening an External Asset Management Account in Singapore Remotely
In order to open an external asset management account in Singapore remotely, you will need to do the following:
- First of all, make a decision to open an external asset management bank account in Singapore, after which you should contact our experts with a corresponding request by email to firstname.lastname@example.org.
Together with your request, please provide the answers to the following questions:
- Secondly, we will ask you to pay for the service of opening an external asset management account in Singapore. This payment can be made using the most convenient service such as a bank transaction, card payment, and via PayPal, WebMoney, Western Union. The cost of this service is 1500 EUR.
- Thirdly, you will have to take an interview with a private banker and/or a representative of a licensed asset management company. The interview is usually conducted by phone or messenger: Telegram, Skype, WhatsApp, Viber, etc.
- The fourth step will be filling out and signing all the bank forms for opening an account and prepare a package of the required documents (in which our experts will assist you).
Note: after you pay for the service, but before you fill out the bank forms for the account opening, you will still be able to change your mind and choose another bank that will better meet your needs and priorities. Here is the list from which you can choose:
|Switzerland:||Liechtenstein:||Principality of Monaco:||United States:||Singapore:||Dubai:|
|UBS||LGT*||ANDBANK||Morgan Stanley*||Bank of Singapore||Mirabaud|
|Credit Suisse||VP Bank||CMB*||JP Morgan||DBS||Mashreq|
|Julius Baer||BANK ALPINUM||Andorra:||Wells Fargo||J.SAFRA SARASIN||FAB|
|Vontobel*||BENDURA BANK AG||ANDBANK||Pershing/BNY||CITIBANK COMMERCIAL BANK SINGAPORE|
|Lombard Odier*||LIECHTENSTEINISCHE LANDESBANK||CREDIT ANDORRA||Interactive Brokers||Hong Kong:|
|J. Safra Sarasin||Luxembourg:||VALL BANC||J.SAFRA SARASIN|
|Edmond de Rothschild (Geneva)||BANQUE DE LUXEMBOURG||Latvia:||Cyprus:|
|Rothschild Bank (Zurich)||EAST WEST UNITED BANK||BLUEORANGE||BANK OF CYPRUS|
|Corner Bank||Finland:||BANK M&M EUROPE|
|Audi||VARENGOLD BANK AG|
|FALCON PRIVATE BANK|
Note: the asterisk marks those banks that seemed the most attractive to our experts.
Should you wish to learn more about this service, as well as start opening your external asset management bank account in Singapore remotely, please fee free to contact us by e-mail to email@example.com.
When is the due diligence procedure conducted in Singapore?
Most often it is conducted before a major transaction, when the investor wants to make sure that the information about the object of investment is accurate. It is also highly desirable it in the following cases: 1. Any changes in the status of a business entity that occurred due to merger/acquisition. 2. New share owner joining the company. 3. Significant changes in the executives structure. 4. External financial support (including loans and borrowings). 5. Decrease in the company’s efficiency. 6. Arrest or blocking of assets. 7. Prosecution by law enforcement or regulatory agencies. 8. Serious violations detected as a result of audits. 9. Any internal labor conflicts and disputes. 10. Risk of the intellectual property loss or a fait accompli. 11. Deterioration of the company’s market position.
I would like to open a bank account in Singapore. Can my application be rejected?
That is a good question. We truly value the trust of our clients, so we never withhold information on the potential risks. In this case, the possible reasons for rejection are as follows: 1. Inaccurate information about the applicant. 2. Attempt of falsification of documents. Errors in their filling are also in this block. 3. Negative information on beneficiaries, the company itself or its business partners was found during the verification. 4. You have no license for certain types of business. 5. Your business is too diverse (more than 2 lines of the declared business that are not connected in any way with each other). 6. The company’s business is classified as high-risk. We would like to note that our experts will help you reduce the risk of rejection almost to a minimum, and if the procedure is impossible in your case, they will immediately inform you about it.
My friend has an active business in Singapore, but their bank suddenly closed the account. What can be done?
Sometimes this can happen. The main thing is not to panic and discuss the problem with our experts. In order to help your friend, we must identify the cause as soon as possible and eliminate it. Why was the account closed at all? 1. The actual business does not correspond to the declared one. 2. There are no documents confirming the legality of certain transactions. 3. From the point of view of the financial monitoring service, some transactions were doubtful or illegal. 4. Your friend ignored the bank’s requests for additional information. 5. Among your friend’s pro-active partners there are persons who have been classified as dishonest. 6. The number of authorized activities was exceeded. Practice shows that if the feedback channel with the bank works steadily, such problems can almost always be avoided.