Opening an investment trading account in Singapore as a foreigner

Several common questions for a foreign investor interested in opening an investment account in Singapore are:

"Can a foreigner open an investment account in Singapore?"

"If yes, what are the documents required? 

"Do I need to fly in into Singapore? Or can I do it remotely?" 

"How long does it take for my account to be ready for trading?"

"What products can I trade?"

This article will address all these questions and guide you in your account opening journey. 

 

Can I open an account in Singapore?

Absolutely! As long as you're not from a country sanctioned by the Monetary of Singapore (MAS), you can open an investment account in Singapore. We accept clients from all over the world, including Malaysia, Hong Kong, Taiwan, Australia, Thailand, the United States, the United Kingdom, and Indonesia, to name a few. However, there may be restrictions on the products you can invest in based on your nationality. For example, US citizens are not allowed to trade in US securities. Likewise, your investor profile will also determine whether you can transact in certain products (whether you are an accredited/institutional investor or possess a certain level of proficiency).

 

We also accept account opening applications for foreign corporations, including those incorporated in the Cayman Islands and British Virgin Islands (BVI). However, we will need to conduct Enhanced Customer Due Diligence (ECDD) on any corporations classified as high-risk due to their country of incorporation or nature of business. ECDD also applies to individuals classified as high risk due to their country of residence, occupation, or other related factors.

 

Once the customer passes the Know Your Customer (KYC) and Anti-Money Laundering (AML) checks, the account will be opened and approved for trading.

 

What are the required documents for account opening?

The exact requirements may differ from financial institution to financial institution, and depending on the complexity of the account, they may request additional supporting documents.

 

However, the standard requirements for individual or joint account opening are as follows:

1. Completed and signed account opening forms of the financial institution with which you are opening an account; and
2. Clear photocopy of identity card (Singaporean / Singapore PR / Malaysian) or passport with at least 6 months validity (non-Malaysian foreigners); and
3. Original or clear photocopy of proof of residential address (e.g., utility/telephone bill, bank statement) issued within last 3 months.

2 and 3 must be witnessed and notarized by a party recognized by the financial institution in question.

In the case of KGI Securities (Singapore), we accept notarization by the following parties:

• Our related company's authorized officer
• Notary Public or Commissioner of Oath
• Licensed solicitor
• Certified public accountant
• Singapore or Foreign Embassy

 

For corporate accounts, the standard requirements are as follows:

1. Certificate of Incorporation/Registration
2. Constitution/Memorandum & Articles of Association/By-Laws/Charter
3. Particulars or registers of directors/shareholders
4. Latest audited financial statements /annual report/management accounts
5. Clear photocopy of identity card/passport of all directors/beneficial owners & authorized persons
6. Company organization chart showing ownership/control structure up to the ultimate beneficial owner(s) (i.e., individual or listed company)
7. Completed and signed W-8BEN-E/W-8IMY form (where appropriate)

Additional requirements for tax-haven incorporated corporations (e.g., BVI, Cayman Islands)

1. Certificate of Incumbency issued within 1 year;
2. Certificate of Good Standing issued within 1 year;
3. Other documents/records requested by the company. 

 

The above documents must be witnessed and notarized by any one of the following:

• Our related company's authorized officer
• Notary Public or Commissioner of Oath
• Licensed solicitor
• Certified public accountant
• Singapore or Foreign Embassy
• A registered agent (for tax-haven incorporated corporations) 

 

Can I open an account remotely without flying into Singapore? 

Yes, you can! KGI Securities (Singapore) has in place non-face-to-face client onboarding procedures that will allow you to open an investment trading account without being physically present in Singapore. All you need to do is fill up and sign the relevant account opening forms, which can be downloaded from our website, and email us the soft copies and the relevant supporting documents for our review and processing. 

 

Visit this link to download the forms: https://www.kgieworld.sg/securities/forms-download

 

Once the documents are in good order, we will schedule a video conference (recorded) to confirm the customer's intent to open an account and verify the identities of the account holder / authorized persons / directors. The authorized company personnel attending the meeting will witness and certify the supporting documents as true copies. Once this process is completed without abnormalities, the account will be opened and ready for trading.

 

Nonetheless, we will need the client to follow up with the original hard copies of the forms by printing out the softcopy forms and supporting documents, and countersigning the softcopy signatures in wet ink, before couriering the documents to us (if e-signature was used initially). This should be done within a month of the account opening. KGI Securities (Singapore) will reimburse the client for the courier charges in full.

 

How long does it take for my account to be ready for trading?

Once your account is opened successfully, you may proceed to fund your account. Typically, overseas funds transfers will be completed in the next working day, but this may vary from bank to bank. Nonetheless, once the funds are credited into your trading account, you can start trading immediately. Remember to inform your Relationship Manager of the products you wish to transact in at the point of account opening, as there may be additional forms or declarations you need to submit before you're allowed to trade the product.

 

What products can I trade through KGI Securities (Singapore) Pte. Ltd.?

At KGI Securities (Singapore), we offer our onshore and offshore clients a suite of Wealth Management investment products and services. These include global stocks, bonds, options, futures, leveraged forex, mutual funds, structured products, and hedge funds. We also provide access to private market products with high potential returns and low correlation with traditional asset classes. Through our alliances, KGI Securities (Singapore) can further assist you with your wealth planning needs, such as opening a Singapore bank account, life insurance solutioning, and establishing a trust or family office in Singapore. 

 

Are you interested in opening a Singapore investment trading account?

If you'd like to open a trading account with KGI Securities (Singapore) Pte. Ltd., please send us your contact details through the online enquiry form. We'll get someone to reach out to you within 1 business day to assist you with your account opening request.