Some disadvantages are pointed out below for your reference: Depositing into your savings accounts allows the bank to use the funds and have it loaned to their customers. There is no capital gains tax or inheritance tax to be paid in Singapore. Congratulations! If you  stay or work in Singapore for 61-182 days, you will generally be taxed at a flat rate of 15%. You will receive an acknowledgement message upon submission of the application form. Our expert expat team is ready to get your relocation going, so why not jump-start your move abroad and You may also opt to wait until you are in Singapore to avoid having to comply with these requirements. Some banks do not have any minimum requirement on the initial deposit. For a full list of income tax brackets for tax residents, look at the Inland Revenue Authority of Singapore website. $2000 in account), No minimum deposit (min. 15-18 year olds, you can open a savings account – your parents or guardians can also open an account on your behalf. The problem is that you need to sign a contract to open an account, and contracts signed by minors are complicated. Plus, the account can be converted to a regular statement-based savings account when the little one reaches 16-years-old. Once you have  decided on  a bank,  you  can book an appointment to open your account or apply online. Which bank should you go for? The local banks also serve well, with more than 900 ATM counters throughout Singapore. And with Maybank‘s Youngstarz Savings Account, you’ll find that the little one will stand to gain from its complimentary insurance which covers personal insurance and hand, foot and mouth disease, too. Young ‘un starting school? In this case, the bank’s website will have relevant advice about the specific documents you need. Click here to check out which savings account gives you a … Work From Home Care from GoBear underwritten by Chubb. Considering how hectic relocating can be, opening a bank account online is convenient for expats. The officer will keep you updated on the progress of your application and contact you if anything further is required of you. Apply online for a global bank account in Singapore without visiting Singapore. Having thrown myself into the morass, I have survived to compile an easy guide for you to follow, which will render the entire process a walk in the park! Having remained financially stable since the crash of 2008, Singapore residents and non-residents alike enjoy low tax rates that are paid only on income earned within the nation. Contact us Saving money’s a good habit to cultivate when the kids are young, because it teaches them to save for a rainy day. Minimum monthly balance If you don’t want to pay the fall-below fee, you’ll need to have a certain amount of money in your account, averaged across the month. Make sure you check ahead of time that no extra documents  or  conditions  are needed. We have also included information on  the tax system  for different types of workers, so self-employed  people  and non-residents can understand  how much  tax  they  have to  pay. It also helps if you have a pre-existing account with the bank. New start-up companies that have been in existence for less than three years are eligible for certain tax exemptions. When do you open a bank account for your child? You’ll have to check with the bank for its current interest rate as it changes regularly. Location is key when choosing your bank. Its strong growth has earned the small country the nickn... valid proof of identity, such as Passport or National ID Card; proof of residence  dated within three months  (this  can include phone bills and utility bills); valid  employment pass  or In Principle Approved (IPA) from the Ministry of Manpower; valid rental agreement and government issued proof of address; formal letter  from your employer  and proof of employment (such as a contract or pay slip).