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In recent years, interest in incorporating a company in Singapore has notably surged, prompting business owners to contemplate setting up a bank account for their companies in the region.
Singapore, renowned for its international standing, economic and political stability, and the remarkable advancement of its banking system, presents a compelling case for business owners considering the option of opening a bank account in the country. This choice is underlined by the practicality and effectiveness it offers.
Global Link Asia Consulting is committed to supporting businesses in achieving a 100% success rate in opening corporate bank accounts in Singapore. In our upcoming article, we'll address crucial aspects such as:
- Top banks recommended for registering an account in Singapore.
- Essential checklist for companies before initiating an account in Singapore.
- Key considerations for businesses managing a bank account in Singapore.
Understanding how the banking market in Singapore operates stands as the primary step toward successfully opening a bank account.
1. List of top banks in Singapore to open company accounts.
Being among the world's foremost financial hubs, Singapore boasts a diverse range of options for corporate customers, with over 150 banks operating under the regulatory oversight of the Monetary Authority of Singapore (MAS).
Here's an overview of reputable banks with a global presence. These banks are a great choice for business clients.
Formerly known as the Development Bank of Singapore, DBS has maintained its status as Singapore's premier bank, securing the title of Asia's safest bank for 15 consecutive years (from 2009 to 2023) as per Global Finance's ratings. With over 12 million customers, an impressive revenue exceeding 16.5 billion SGD, and more than 100 branches in Singapore, DBS offers a comprehensive suite of services for all, including small and medium enterprises (SMEs).
Referred to as Oversea-Chinese Banking Corp Ltd, OCBC stands as the second largest bank in Singapore by total assets. Offering a full range of financial services spanning commerce, investment, management, savings, and more.
Besides, OCBC takes a special interest in catering to the financial needs of SME customers. With a global presence in 18 countries and over 600 branch offices, including locations in Sydney, London, Los Angeles, and New York, OCBC extends its services across multiple regions.
United Overseas Bank, Singapore's third-largest bank by assets, provides extensive services and excels in offering excellent solutions to SME customers. Operating not only in Singapore but in multiple countries across the globe, UOB covers regions like Australia, Hong Kong, Malaysia, the UK, the US, and many more.
As the initial American bank to commence operations in Singapore, Citibank Singapore Ltd is a major international bank catering to all business financial requirements. Part of Citigroup Inc., operating in over 160 countries, Citibank Singapore offers a wide array of financial services.
HSBC Bank, one of the oldest banks in Singapore, is a subsidiary of the British giant HSBC Holdings PLC, providing a diverse range of financial products catering to a spectrum of business needs.
As the largest foreign bank in Singapore, Standard Chartered Bank Limited, with its roots dating back to 1858, was among the earliest foreign banks to receive a license in Singapore. Deeply embedded in Asia and operating in over 70 countries, it provides a comprehensive array of services.
RHB Bank Berhad Singapore, a subsidiary of RHB Bank Malaysia, is the fourth largest financial services provider in Malaysia. As a full-service bank, it caters to individuals and corporations across various domains, including commerce, asset management, investment, consulting, and risk management.
2. How to open a corporate bank account in Singapore with 100% success?
Here are some guidelines that will help you prepare the necessary information to have a smooth experience opening a business bank account in Singapore.
2.1. Selecting the right bank
The right bank is the first important choice you need to make. Based on our top 6 banks in Singapore above, you can opt for a bank that offers financial services aligned with your business activities. Selecting the appropriate bank and account type can significantly reduce potential banking issues in the future.
You can refer to our comprehensive checklist of 10 key points essential for opening a bank account in Singapore to make a more informed decision about which banking institution is the right choice for your company.
In addition, we prepare a list of essential questions for your decision-making process about the most suitable bank.
- How much is the estimated banking transaction volume of the Singapore company?
- What is the expected initial deposit amount? Bearing in mind that different Singapore banks have varying minimum deposit requirements.
- What is the average monthly minimum balance intended to be maintained at the bank?
- Do you need additional services such as loans, financial consultation, or investment management?
- What is the quality of customer service you expect?
- What are the initial account opening requirements and complexities?
- How easy it is to manage money flow with this bank account?
- Does the bank have the payment method: Letter of Credit (LC)? How easy to use this service?
After choosing the right bank, the next step you need to do is document preparation.
2.2. Preparing necessary information
An important key to successfully opening a bank account for a Singapore company, particularly for foreign business owners, lies in understanding that MORE information is indeed better.
The more precise, transparent, and comprehensive the information you offer to the bank regarding the company background and plans, the higher the probability Singapore banks comprehend the business model and the greater the likelihood your company bank account can be successfully opened.
Clarity and thoroughness in providing information are fundamental for a seamless and successful account initiation process.
That is why, you need to prepare these documents first:
- Application to open a bank account (provided by the bank): We will assist you in completing this application g to enhance your chances of success;
- Essential documents of the Singapore company such as Business License and certificate of incorporation;
- Passport of director/shareholder/bank account holder;
- Proof of address of the director/shareholder/bank account holder;
- Documents substantiating financial transactions like contracts and sales invoices;
- Documents verifying company operations such as a website and brochure;
In case there are complexities in your background, company structure, or business operations, the Singapore bank interviewer will likely seek clarification by asking questions. Therefore, you should anticipate potential inquiries that might arise, meticulously prepare explanatory details, and proactively provide this information to the bank.
Here are suggested preparatory questions to facilitate
- Who are the significant figures involved in the business operations?
- Where is the origin of the company's capital contribution?
- What is the company's business model and revenue-generating methods?
- What are the involved parties in the transactional processes?
It's crucial to note Precision and Accuracy are of utmost importance. All information provided must be exact, accurate, and precise.
If inaccuracies are discovered by the bank appraiser, it can adversely impact your company's reputation and create challenges in maintaining a positive working relationship with the bank. Accuracy in the information provided is pivotal for a successful account opening process.
2.3. Key points for consideration for Singapore company account openings
For a better chance of business account openings, you should consider these key points
- The business intending to open a bank account in Singapore must possess a registered company in Singapore.
- For account holders (mainly foreign directors), you must be physically present in Singapore during the interview with a banking specialist.
- The involvement and signatures of the nominated director (Nominee director) and the Singapore company secretary are essential. These roles are fundamental prerequisites when registering a Singapore company for foreigners
- The initial deposit amount for USD accounts is $1,000 USD, while for SGD accounts, it's $3,000 SGD. During the meeting with the bank specialist, the account owner must present a corresponding check of the required value to initiate the account opening in Singapore.
- You need to maintain a minimum account balance of $1,000 USD for USD accounts and $3,000 SGD for SGD accounts.
3. Things to note when business owners own a Singapore bank account
There are crucial considerations that account holders should keep in mind to avoid potential issues:\
You should refrain from conducting transactions with countries identified as potential sponsors of terrorism, involved in money laundering, or suspected countries on the EU's blacklist. Engaging in transactions with these countries may result in the permanent closure of the bank account in compliance with Singaporean law. Typically, the bank may not provide reasons for closing the account.
Ensure that the transactions do not involve activities related to weapons financing, terrorism, or virtual currencies. These actions are prohibited when operating bank accounts in Singapore.
Ensure that fund transfers from Singapore company accounts are made to accounts supported by valid and well-documented reasons. Transferring significant amounts of foreign currency should be accompanied by clear invoices and documentation indicating business-related transactions.
You should know well the maximum transfer limits established by the bank when opening the account. It's important to avoid exceeding these limits to maintain compliance and avoid complications.
4. How can we help you open your Singapore corporate bank account with success?
As a recognized partner of Singaporean banks, our expertise lies in simplifying the process of opening Singapore bank accounts. We ensure a smooth, prompt, and thorough experience for our clients, prioritizing professionalism throughout the entire procedure.
- Choose a reputable bank (top 10 in Singapore) for peace of mind and meeting individual needs;
- Support you in opening a reliable, trusted digital bank account or traditional bank account;
- Prepare necessary documents for account opening;
- Schedule an appointment with a Singapore bank representative;
- Monitor and assist in opening personal bank accounts (physical and digital) for clients in Singapore.
Global Link Asia Consulting, as your trusted one-stop corporate service provider helping hundreds of business owners start their businesses overseas and manage their companies with success, can help you
- Register a company in Singapore;
- Open a corporate bank account in Singapore with a 99% success rate;
- Choose the right company types for tax optimization in Singapore;
- Apply for Singapore business licenses;
- Get an affordable, professional registered office address for business;
- Support to open, authenticate, and manage Stripe Paypal Business in Singapore, Hong Kong, and the U.S;
- Handle all your tax accounting needs, timely annual filings, auditing, and more.
5. FAQs for Singapore company bank account opening?
You can find detailed information and instructions for the account opening process on this page Opening a bank account in Singapore.
While physical presence is typically required for interviews, you can opt for online interviews with Singapore physical banks or choose fully digital e-banking options. Contact us today for more information
Opening a business account in Singapore can take several months to complete. This extended duration stems from challenges within the Singapore government's information system, which faces difficulties in promptly obtaining data on foreign individuals.
Consequently, Singaporean banks invest considerable time in requesting and authenticating detailed information. Collecting and verifying this data requires substantial resources and time to process and execute the account opening procedure.
As a result, many international companies opt to engage in professional consulting and support services like Global Link Asia Consulting. Our expertise and detailed guidance provide invaluable assistance, enhancing the potential for successfully and promptly opening accounts.
A digital bank, also known as an online bank or neobank, operates entirely online without physical branches. It provides banking services and financial transactions through digital platforms, offering convenience, accessibility, and often innovative features compared to traditional brick-and-mortar banks.
With over a decade of experience serving as a trusted partner to more than 750 business owners seeking professional development and breakthroughs in the international market, we are an expert strategic corporate service provider helping you incorporate and operate successfully in 10 different countries
Our areas of expertise include:
- Strategic Consulting and Company formation in over 10 different countries worldwide such as Singapore, Hong Kong, the U.S., Australia, Thailand, Malaysia, and offshore destinations like BVI, Belize, Seychelles, and more.
- Account opening for personal and corporate bank accounts, as well as setting up PayPal and Stripe gateqays in countries like Singapore, Hong Kong, and the U.S..
- Tax Consulting and Preparation for SFRS IFRS financial reports, corporate income tax returns, VAT/GST (Value Added Tax/Goods and Services Tax), and more.
- Opreation support:
- Registered adress;
- Foreign consular legalization;
- Trademark and patent protection registration in Singapore and the US;
- Employment Pass application in Singapore and Hong Kong;
- Website design, international SIM number provision;
- DUNS registration.
With over 10 years of experience and a team of experts with 5 to 25 years of experience (international standard certifications) as well as direct partnerships with institutions such as OCBC, UOB, DBS, PayPal, and Stripe, we are proud to offer professional, legal, transparent, sustainable services with no hidden costs.
Global Link Asia Consulting Pte. Ltd. is pleased to announce the publication of the above insightful and informative article on our official website, Global Link Asia Consulting on 16th July 2021. The copyright for this article is exclusively held by Global Link Asia Consulting Pte. Ltd. Any unauthorized reproduction or distribution of this content without our express written permission is strictly prohibited. We value the protection of our intellectual property and appreciate your cooperation in adhering to these guidelines. Thank you for your continued support of Global Link Asia Consulting Pte. Ltd.
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