How to open a business bank account in Singapore?

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Many business-minded ex-pats and international companies are now drawn to Singapore thanks to its modern, financially stable, secure bank account and tax systems.

Open a business bank account in Singapore brings you more benefits than you have ever imagined. What are these? A business bank account in Singapore helps you:

  • Stay legally compliant and protected.
  • Provides benefits to your overseas customers, partners and employees as they now can have another option of payment.
  • Enjoy low tax rates that are paid only on income earned within the nation.

In this article, let’s Global Link Asia Consulting helps you understand the overall view on opening a corporate bank account in Singapore, the advantages of having such an account, the procedures for opening a corporate bank account, the documentary requirements, as well as the range of banking services available.

1. What are the requirements to open a bank account in Singapore?

To open a company bank account in Singapore, the account holder must meet these requirements:

  • The account holder must own a Singapore company. In addition, please be advised that the Singaporean banks do allow offshore companies (companies established in Hong Kong, BVI, Belize, Seychelles, etc) to open a company bank account in Singapore. However, the procedure to open a company bank account in Singapore for offshore companies is more difficult than that of Singapore companies.
  • The Company’s director (the business bank account holder) must be present in Singapore in the interview with the banking specialists to provide documents and sign the papers required by the Singapore banks.
  • The nominee director and secretary of the Singapore company will have to sign certain relevant papers (nominee director and company secretary are the two basic requirements for setting up a company in Singapore).
  • The initial deposit must be 1,000USD for the USD account and 3,000 SGD for the SGD account. The corresponding valid cheque sheet must be prepared and directly submitted at the meeting with the Singapore banking specialists. (If you are a foreigner and can not directly deposit to the Singaporean bank, Global Link Asia Consulting will issue the cheque to assist you in opening a business bank account in Singapore. In return, you can transfer money to our business bank account in USD, SGD, VND at a suitable exchange rate.).
  • The minimum account balance must be maintained at 1,000USD for the USD account and 3,000 SGD for the SGD account.
Documents for opening a business bank account in Singapore include:
  • Application form for opening a business bank account (provided by the Singapore bank) – Global Link Asia Consulting will support you during the filling process for accurate form filling. Valid documents of your Singapore or offshore company, such as:
    • Copy of the company’s business profile
    • Copy of the company’s certificate of incorporation
    • Copy of company’s Memorandum and Articles of Association (MAA)
    • Copies of passports or Singapore national identification cards of all the company directors
    • Proof of residential addresses of the directors and ultimate beneficial owners of the company
    • Cheque deposit (which can be prepared by Global Link Asia Consulting if necessary).

2. What are the benefits of having a business bank account in Singapore?

  • The modern banking system: Comparing with various Asian countries, Singapore is (remove - evaluated to be a part) one of the key economic regions and the leading financial-trading center with great political-financial stability in Asia. In addition to stable political and economic factors, the banking system plays a key role in asserting the worldwide, leading financial center position of Singapore. With the modern banking system guaranteeing the customer’s benefits and confidentiality, the risk of customer information leaking or banking collapse will never happen with Singapore banks.
  • Prompt international payment: One of the foreigners' popular concerns about international banking is the speed and the cost of each international transaction, since these factors may have considerable effects on their international business. Then opening a business bank account in Singapore will be the solution to all your concerns. Singapore business bank account allows foreign companies to carry out international transactions to almost all destinations, fast, secure, and at a reasonable cost. All happens via an etoken.
  • Foreign exchange reserves: In cases of financial and security-political instability in residing countries, it is advisable for the account holder to open a Singapore business bank account and reserve foreign exchange to avoid risks.
  • Multi-currency bank account: Instead of opening many accounts for each currency, business owners can open ONE & ONLY multi-currency bank account in Singapore. This Singapore multi-currency bank account allows business owner:
    • to hold and transact up multiple currencies at a time
    • to avoid foreign currency exchange fees.

3. Some notes when opening a business bank account in Singapore.

The account holder must pay attention to these points after possessing a corporate bank account in Singapore:

  • Transactions with sensitive countries (nations on the list of potential sponsors for terrorism or money laundering): For certain reasons related to the security and political situation, account holders, who carry out transactions with sensitive countries, may have their business bank accounts frozen permanently in accordance with Singaporean law (Normally, the banks will not disclose the reasons for closing the accounts.) On the other hand, acts of sponsoring weapons, terrorists or using virtual currency will prohibit the foreign company from opening a bank account in Singapore.
  • Money transfers from a Singapore business bank account to a personal bank account: It is not advisable to transfer a large sum of money from a Singapore business bank account to a personal bank account despite being the profit of your Singapore company. Meanwhile, it is possible to transfer a large sum of money overseas if:
    • This sum of money is for your business partnership; and
    • This sum of money has its valid invoices and documents.
  • Limits on money transfer: The maximum limit for transferring money per day or per month depends on the policies and regulations of each Singapore bank. You are advised to investigate the regulations to ensure your payment complies with the bank’s policy.

For better served our clients, we also work with other payment solutions service providers: PayPal - Stripe - Payoneer and other online payment solutions, etc.

4. Frequently asked questions when opening a business bank account in Singapore.

4.1 What are the document required to open a company bank account in Singapore?

Documents for opening a business bank account in Singapore include:
  • Application form for opening a business bank account (provided by the Singapore bank) – Global Link Asia Consulting will support you during the filling process for accurate form filling. Valid documents of your Singapore or offshore company, such as:
    • Copy of the company’s business profile
    • Copy of the company’s certificate of incorporation
    • Copy of company’s Memorandum and Articles of Association (MAA)
    • Copies of passports or Singapore national identification cards of all the company directors
    • Proof of residential addresses of the directors and ultimate beneficial owners of the company
    • Cheque deposit (which can be prepared by Global Link Asia Consulting if necessary).

4.2 Which banks should I choose to open a company bank account in Singapore?

As a long-term partner of many international banks in Singapore (UOB, OCBC, DBS, etc.), Global Link Asia Consulting will assist you in choosing a bank that best matches the banking needs of your company. Choosing a bank for opening a business account may depend on your business focus. 

For example: If your commercial focus is international trade, cash management, international payment, an international commercial bank may be a good match for your business goals.

4.3 How long does it take to open a company bank account in Singapore?

  • For Singapore companies: Opening a company bank account in Singapore normally takes 1 - 2 working weeks.
  • For offshore companies (companies set up in Hong Kong, BVI, Belize, Seychelles): Opening a company bank account in Singapore normally takes longer than expected, maybe more than 3 - 4 working weeks.

Global Links Asia Consulting Company - a consulting firm specializing in offering ONE-STOP solutions for every business in every level of your business development - is ready to support your business with the following services:

With our one-stop solutions, we pride ourselves on being a trustworthy partner - working directly with major notable banks such as OCBC, DBS, UOB, Standard Charter Bank, ANZ, etc and international payment gateways such as PayPal and many other partners. With many years of experience working in this industry and having supported many companies, Global Link Asia Consulting are confident to bring the best quality of our services to all clients.

Contact us now:

  • Vietnamese Hotline(+84) 0938 531 588 (Call/ Skype)
  • Singaporean Hotline: (+65) 3163 4102 (Call)
  • Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

This article was written by Global Link Asia Consulting Pte. Ltd., and was first published on https://www.globallinkconsulting.sg/ on 16th July, 2021. Its copyright belongs to Global Link Asia Consulting Pte. Ltd.. All rights reserved. You may not, except with our express written permission, copy, modify, commercially distribute or exploit the content.

Last modified on Friday, 27 August 2021 00:14
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