Many foreign investors maintain accounts with foreign stock brokers in Hong Kong or Singapore. It enables them to transact in English with respectable companies in an advanced financial hub and invest inexpensively and conveniently in Asian markets.
It’s simple to create a trading account Singapore offers. The majority of stockbrokers accept all types of overseas clients. A few thousand dollars will get you started; you do not need to invest hundreds or tens of thousands.
Read this page for more details on opening a trading account in Singapore.
Also Read: Alternative investments
Opening a trading account in Singapore
Opening a trading account in person is the simplest method in Singapore. To feel more at ease about where your money is going, it’s also never a bad idea to visit the firm and speak with an account representative in person when creating an overseas account. You must go to one of the customer service locations for the stockbroker. There are branches for most of the firms in the financial district, near the Raffles Place MRT stop.
Usually, you can visit and wait for your turn without making an appointment. For identification purposes, your passport and documentation of your foreign residence, such as a bank statement or utility bill, are required.
It will take you around an hour to open the account because you will need to fill out several pieces of paperwork. You must create an independent account with the Singapore Central Depository (CDP), which maintains records of brokerage accounts.
Companies take utmost care to ensure that signatures match, to maintain regional regulations. Before the agent is satisfied that the forms are sufficiently comparable, you could be required to sign some of them many times.
Foreign investors may establish a Singapore trading account over the mail. A lawyer or notary should certify copies of your identity documents and all account opening forms. You should confirm the specific criteria with the firm you work with.
DBS Vicker Online application
You can also profit from trade possibilities. You only need to register for a DBS Vickers Online Trading Account, and they will connect it to your current CDP account. Additionally, they will open a new DBS Multi-Currency Account (MCA) for you to make the dividend crediting and transaction settlement straightforward. My Account, DBS Multiplier, and eMulti-Currency Account are examples of eligible MCAs.
Utilising your stock broker account in Singapore
While some markets are accessible online through all businesses, you will also be paired with a trading representative who will carry out your orders when you choose to trade an exchange that is inaccessible on the Internet.
You can place these orders with the help of the broker over the phone or by email. For clients from abroad who are in various time zones, the latter option is more comfortable.
For account-related inquiries, get in touch with your trade agent first. A reputable one will also provide you with research notes about the Singapore market regularly.
Foreign clients are often required to deposit a minimum amount of money into the account before they can trade. This serves as some protection against you buying a lot of shares afterward and not being able to pay by the settlement date.
This can be transferred at a later time; you are not required to pay for it on the same day. However, until a payment is made into the account, customers will not be able to trade.
