Global Economy News

Contact Us



TEL:+86 21-6090-4391

TEL:+86 755-83176807

Bank Account In Singapore

Bank Account In Singapore

Singapore has a sound economy and strong growth potential. It is recognized as the premier financial center and provides a strong banking financial system to support international wealth management. It has always been one of the best offshore financial centers in the world, with a complete and stable banking system, as well as complete financial and commercial regulations. All major international banks are based in Singapore. Attracting many multinational companies to open offshore company accounts in Singapore for financial/fund scheduling operations.

  1. Singapore has a superior international image and a prestigious jurisdiction. It has a standardized and secure banking system and complete functions, such as multi- currency accounts, online banking, credit cards, trade financing, transfer fund between countries, etc., makes Singapore’s banking industry an excellent long-term solution for international entrepreneurs. 
  2. Singapore’s account opening, and operations are needless to worry about the impact of future policy changes, which is more stable than Hong Kong. 
  3. Singapore has diplomatic relations with many countries, so companies planning to invest in Southeast Asian countries will have priority to open an account in Singapore. Because Singapore banks enjoy more preferential foreign exchange, many investment merchants engaged in international business activities will choose Singapore to open an account. 
  4. If you have no experience in opening an account in Singapore, it is easy to be rejected at the initial review, which can easily cause investors to waste time and money. Inter Area can provide the latest regulations and information on account opening in Singapore and provide professional guidance and assistance. 
  5. Generally, there is no passbook for opening a company account in Singapore. Most banking transactions can be done in online banking. Online banking can be used for cross-border remittances. The bank will provide a Token or link to the user’s mobile app as a transaction remittance. The protection mechanism of Singapore’s online banking is very common and mature compared with the traditional counter-handling of banking transactions, online banking saves the time and cost of running the bank, and it also has a high degree of security.

Ⅱ. Top banks in Singapore

  • Major local banks
  • Local foreign banks

Ⅲ. Documents required for opening an account in Singapore

The account opening bank will request the following basic documents, in addition to other documents depending on the individual case. 

  • Certificate of Incorporation. 
  • Full copy of Constitution/Memorandum and the Articles of Association(M&A). 
  • Certificate of Incumbency(note the validity period of issuance). 
  • The certified proof of passports and address certificates of directors, signatories and authorized persons. 
  • Proof of company business. 
  • Customer and supplier information. 
  • Proof of relevant bank flow or financial resources.

Ⅳ. Notes for Opening Bank Account in Singapore

After opening an account in a Singapore bank, the operation of funds is flexible. The bank in Singapore has strict requirements for opening an account.Generally, directors are required to have Identity Verification in person. However, some banks can still arrange directors to the nearest regional branch or use video according to customer requirements. Different banks have different account opening conditions and basic deposits. If you plan to open a Singapore bank account, you should first confirm the threshold of the local bank in Singapore and the required information.

  1. Avoid dealing with high-risk or sanctioned countries and regions. 
  2. When opening a corporate bank account with a Singapore bank, pay attention to whether the registered company name contains sensitive words. For example, finance, coal, oil… etc. Companies with such words are more sensitive when opening bank accounts. 
  3. If the company’s directors and shareholders have bad records in any branch of Singapore Bank, the Bank will not accept the company to open bank accounts. 
  4. The company’s shareholder structure should be as simple as possible to avoid an overly complex shareholding structure and increase the difficulty of bank approval.

Ⅴ. Singapore opening bank Account Q&A | INTER AREA

A:There are many banks in Singapore. You could open a Singapore account in some Singapore local or international banks such as DBS, Standard Chartered, OCBC … etc.

A:Each bank has different account opening requirements. Basically, if an overseas company opens an account, it will need the business certificate of the operating company as supporting evidence, so that the bank could understand the customer’s operating status through this information.

A:Regardless of any bank, the authorized signatory of the bank account is required to go to Singapore to open the account in person. First, the bank can conduct KYC with customers, and second, to protect the company’s rights and interests and prevent others from stealing information.

A:The time for each bank to process the account opening procedure is different. Generally, the bank account opening operation time is about 4-6 weeks.

A:The time for each bank to process the account opening procedure is different. Generally, the bank account opening operation time is about 4-6 weeks.

A:No. A company can only open a bank account after obtaining the company’s complete information after the company is registered. When the Singapore company is incorporated, it will prepare the documents required for bank account opening and Inter Area will assist in opening the account according to the bank of your choice.

A:There is no foreign exchange control in Singapore. Under normal business operations, you can freely transfer funds.

Ⅵ. Overseas Bank Account

Overseas Bank Account Introduction

Overseas Bank Account Introduction

Opening an Overseas Bank Account refers to a bank account opened with a bank outside Taiwan...More...

Hong Kong Bank Account

Hong Kong Bank
Open An Account

Opening an account with an overseas bank means a bank account opened by a bank other than the country.

OBU Account

Taiwan Bank
Open OBU Account

Taiwan OBU (OFFSHORE BANKING UNIT) is the abbreviation of International Financial Business Branch.