Singapore is globally recognized as a premier financial center, renowned for its robust financial system and dynamic business environment. Its diverse banking sector attracts major banks from around the world, bolstering international trade between Singapore, Southeast Asia, and the rest of the world.

This convergence contributes to a formidable banking and financial system that supports international wealth management.

Many multinational corporations choose to open offshore accounts in Singapore for financial and fund management operations.

Ⅰ. Advantages of opening an offshore bank account in Singapore

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The above are the main advantages of Singapore Bank Opening Account,
The advantages are detailed below.

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.

With no geopolitical risks, choosing to open an account in Singapore ensures that account operations and fund management are not adversely affected by potential future policy changes. Singapore stands out as one of the most stable regions in the Asia-Pacific.

Singapore maintains diplomatic relations with numerous countries, making it a preferred choice for companies planning to invest in Southeast Asian nations. Opening a bank account in Singapore comes with various advantages, including favorable terms in foreign exchange. As a result, it is the top choice for many businesses and investors engaging in international commercial activities.

Opening a corporate account in Singapore is typically paperless, with transactions conducted online for convenience. Cross-border transfers are easily managed through secure internet banking platforms. Banks enhance security through dedicated online banking tokens or linking users' mobile phones for protective measures during fund transfers. Singapore's mature online banking system offers significant time and cost savings compared to traditional in-person transactions while maintaining a high level of security.

Singapore’s strategic geographic location makes it a preferred choice for many international companies to establish branches or headquarters. Opening an overseas bank account in Singapore facilitates smoother business transactions with other companies, supports business expansion in the Asian market, and leverages Singapore's international influence to connect with global enterprises, fostering commercial collaboration and growth.

Singaporean banks have strict confidentiality standards for client information and will only share information with client consent. Banks will only share information with the customer's permission. Unless there are legal requirements (such as money laundering prevention or legal claims), banks generally will not proactively disclose customer information. This provides customers with greater privacy protection.

For those without experience in opening a corporate account in Singapore, it is easy to face initial rejection from banks due to incomplete documentation. To avoid wasting the time and financial costs of business owners, it is advisable to seek assistance from experienced service providers who can offer the latest regulations and information regarding opening offshore accounts in Singapore, providing guidance and support throughout the process.

Ⅱ. Which banks in Singapore can open corporate accounts?

A Singapore business bank account, often simply referred to as a company account, is recommended from an accounting perspective to minimize legal liabilities. It is advisable to operate business activities through a company account rather than a personal account, as there may be conflicts between bank user terms and account users. If a bank identifies inappropriate behavior by the user, they have the right to suspend services at any time.

You may have many options when it comes to opening a business account in Singapore, and most banks in Singapore offer attractive incentives such as credit cards, freedom to transfer funds across countries, online banking, multi-currency accounts, trade finance, and more.

Before confirming your bank, you should consider the following factors:

  • What is the expected bank transaction volume?
  • Minimum Initial Deposit: As part of the account opening process, some banks may require an initial deposit to activate the account.
  • Additional Financial Services Needed by the Business: What other financial services might the company require?
  • Minimum Account Balance Requirement: Some bank accounts may have a monthly minimum balance requirement. If the account balance falls below this requirement, the account may incur maintenance fees.
  • Currency Types for Transactions: Singapore banks typically offer various currency accounts, with some having a broader range of currency options.
  • Online Banking: Online banking has kept pace with the development of most banks in Singapore. Language is not a barrier as English is one of Singapore’s official languages, and banking apps and online platforms are user-friendly.
  • Information Provision: As part of the account opening process, the bank authorities may require certain information, such as identification documents and address proof for company owners and directors, as well as documentation for entity owners, ultimate beneficial owners, and supporting documents for parent company transactions.
  • Account Opening Methods: Relevant personnel may need to prepare for an in-person visit to Singapore for a bank interview, or some banks may arrange online video conferencing interviews.
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Local Major Banks
(OCBC / DBS / UOB)

America Global Finance magazine’s “Ranking of the Safest Banks in the World and Region” shows that the three largest banks in Singapore occupy the top three safest banks in Asia, among which DBS Bank Ranked first for 9 consecutive years, OCBC Bank and UOB Bank ranked second and third respectively.

  • OCBC Bank
    Oversea-Chinese Banking Corporation, commonly abbreviated as OCBC, is the second-largest bank in Singapore. Established in 1912, OCBC currently operates over 630 branches and representative offices in 18 countries or regions worldwide.
  • DBS Bank
    Originally established as the Development Bank of Singapore in 1968, underwent a name change on July 21, 2003, adopting its current name. Headquartered in Singapore, DBS is considered the largest bank in both Singapore and Southeast Asia based on asset valuation.
  • UOB Bank
    United Overseas Bank; abbreviation: UOB, is a multinational bank headquartered in Singapore, with branches all over Southeast Asian countries. Established in 1935, UOB is the third largest bank in Southeast Asia in terms of total asset value.
  • OCBC Bank

Oversea-Chinese Banking Corporation, commonly abbreviated as OCBC, is the second-largest bank in Singapore. Established in 1912, OCBC currently operates over 630 branches and representative offices in 18 countries or regions worldwide.

  • DBS Bank

Oversea-Chinese Banking Corporation, commonly abbreviated as OCBC, is the second-largest bank in Singapore. Established in 1912, OCBC currently operates over 630 branches and representative offices in 18 countries or regions worldwide.

  • UOB Bank

United Overseas Bank; abbreviation: UOB, is a multinational bank headquartered in Singapore, with branches all over Southeast Asian countries. Established in 1935, UOB is the third largest bank in Southeast Asia in terms of total asset value.

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Local Foreign Banks
(HSBC / SCB / Maybank / Citi)

Foreign banks are key players in Singapore’s financial market. They not only provide services to the domestic economy itself, but also help Singapore become the second-ranked international financial center in Asia (after Hong Kong). Today, there are as many as 117 foreign-funded banks. The main foreign-funded banks introduced are: HSBC, Standard Chartered, Maybank and Citi.

  • HSBC Bank
    In Singapore, The Hong Kong and Shanghai Banking Corporation Limited opened in 1877. HSBC is an Accredited Primary Dealer and an Accredited Bond Intermediary (ABI) in the Singapore Government Securities Market.
  • Standard Chartered
    Standard Chartered Bank’s business in Singapore began in 1859. It is the largest foreign institutional custodian bank in Singapore.
  • Maybank
    Maybank is currently one of the top five banks in ASEAN and is a qualified wholly-owned bank in Singapore.
  • Citibank
    Citibank was the first US bank to open a branch in Singapore in 1902. Citibank was one of the first four foreign banks to obtain a Qualified Bank (QFB) license in 1999.
  • HSBC Bank

In Singapore, The Hong Kong and Shanghai Banking Corporation Limited opened in 1877. HSBC is an Accredited Primary Dealer and an Accredited Bond Intermediary (ABI) in the Singapore Government Securities Market.

  • Standard Chartered

Standard Chartered Bank’s business in Singapore began in 1859. It is the largest foreign institutional custodian bank in Singapore.

  • Maybank

Maybank is currently one of the top five banks in ASEAN and is a qualified wholly-owned bank in Singapore.

  • Citibank

Citibank was the first US bank to open a branch in Singapore in 1902. Citibank was one of the first four foreign banks to obtain a Qualified Bank (QFB) license in 1999.

You need to first understand each bank to ensure that the features offered are in line with your company’s business plans and
needs and choosing a bank that will provide a suitable development for your business
operations can reduce future banking-related issues.

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.

For foreign-funded (offshore) companies to open a corporate bank account in Singapore, it is not easy to obtain relevant information verification. Therefore, banks must collect more detailed information in advance and implement stricter approval procedures than local accounts.

IV. Account Review Regulations

To successfully open a corporate bank account, banks must understand the client and their business operations (KYC).

In compliance with relevant laws, banks are required to perform due diligence on clients to adhere to regulations against terrorist financing and money laundering. This ensures that potential cases of illegal activities are filtered out from the vast majority of legitimate businesses. To achieve this, bank compliance officers must thoroughly assess the risks associated with a company and request detailed business information and supporting documents to gain a comprehensive understanding of the client’s business operations and potential risks.

With global banks imposing increasingly strict account review requirements, additional documents may be required beyond basic deposits or account review fees during the approval process. These reviews focus primarily on the following key aspects: whether the company has actual business activities, its capability for international business, whether it is a shell account or has money laundering concerns, whether its business falls under high-risk industries, whether it engages in transactions with high-risk countries, and the rationale and necessity for opening an overseas account.

Additionally, a bank’s comprehensive risk assessment of a client includes factors such as the complexity of the legal structure, the background of the company’s founders, the nature and geographic scope of its business, primary transaction clients and suppliers, and the profile of its transaction activities. Therefore, the key to successfully opening an account lies in the company’s ability to provide sufficient and necessary business information to assist the bank in completing its risk assessment.

V. Singapore bank account opening registration process

Whether it is a Singapore company or an offshore company to open an offshore account, the account opening steps are as follows:

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  • Setp1: Confirm the bank

After understanding the bank account opening conditions and thresholds, choose the bank account that best meets your requirements.

  • Setp2: Submit documents for pre-review

Prepare relevant information required by the bank, such as company certification documents, business information, etc., and submit it for preliminary review.

  • Setp3: Form signature

Obtain the company account opening form and complete and sign it by the director’s authorized person.

  • Setp4: Bank guarantee

In principle, the bank requires account signatories and most directors to sign documents in person in Singapore when the account is opened. However, due to the impact of the Covid-19 outbreak, some banks may accept signing documents at one of their overseas branches or arranging online video conservatories.

  • Setp5: Account review

After reviewing your documents, the bank will approve the application and open the bank account.

  • Setp6: Get an account

Obtain bank account information, deposit the first basic deposit, and activate the online banking function at the same time.

  • Setp7: Get started

The account is now ready. You will be able to make deposits and withdrawals, as well as use any other functions associated with your account.

VI. 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.

I.Avoid dealing with high-risk or sanctioned countries and regions. 
II.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. 
III.If any of the company directors or shareholders have a negative record with any branch of a Singaporean bank, the Singaporean bank may not accept the company’s application to open a bank account.
IV.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.Singaporean banks have high due diligence standards for international clients, so it is recommended to prepare all required documents in advance.
VI.Different banks (such as DBS Bank, OCBC Bank, and UOB) may have slight variations in their document requirements, and Inter Area can provide comprehensive professional services.

VII. How do foreigners open a personal account in Singapore?

There are several different types of bank accounts for individuals in Singapore, including current accounts and savings accounts. A current account works in Singapore the same way it does in other countries, allowing you to manage your day-to-day banking. However, savings accounts also have many of the same features as current accounts. As a result, many Singaporeans choose to only use savings accounts instead of current accounts.

-Multicurrency Savings
Account-

Unlike regular savings accounts, multi-currency accounts allow you to hold multiple foreign currencies other than Singapore dollars in one account. This allows account holders to conduct overseas transactions directly from their bank account without incurring additional foreign exchange fees.
As a foreigner to open a bank account in Singapore, the required documents are slightly different from the bank requirements, basically you may need:

A.Proof of identity (passport or ID card).
B.Proof of address (utility bill, etc.).
C.Financial proof or local visa.
D.Some banks may even require letters of recommendation.

Singapore Opening Bank Account:
Frequently Asked Questions Q&A

Q1. Which banks in Singapore can I open a bank account for my Singapore company?

  • 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.

Q2. How many working days does it take to open an account?

  • The processing time for account opening varies among banks, typically taking around 4-8 weeks for the general banking procedures.

Q3. Can a multi-currency account be opened for a Singapore company?

  • There are no restrictions imposed by Singapore banks on this matter. It depends on the services provided by the bank. Therefore, you can choose an international bank, and the more extensive the range of currency services the bank offers, the more options you have. You can choose to open a single currency account or multiple currency accounts.

Q4. Can I transfer my funds freely between my country of residence and Singapore?

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

Q5. What is a Singapore offshore account?

  • A Singapore offshore account refers to an account opened in a Singaporean bank by non-resident individuals or businesses. It is primarily used for international transactions, fund management, and asset allocation. These accounts offer multi-currency support, low tax burdens, and a stable financial environment, making them ideal for cross-border business or asset management needs.

Q6. Is there a minimum deposit requirement to open a Singapore account?

  • Most Singaporean banks require companies to deposit a certain amount when opening an account, typically ranging from USD 10,000 to USD 100,000, depending on the bank’s policies.

Singapore Opening Bank Account:
Frequently Asked Questions Q&A

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: The processing time for account opening varies among banks, typically taking around 4-8 weeks for the general banking procedures.

A: There are no restrictions imposed by Singapore banks on this matter. It depends on the services provided by the bank. Therefore, you can choose an international bank, and the more extensive the range of currency services the bank offers, the more options you have. You can choose to open a single currency account or multiple currency accounts.

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

A: A Singapore offshore account refers to an account opened in a Singaporean bank by non-resident individuals or businesses. It is primarily used for international transactions, fund management, and asset allocation. These accounts offer multi-currency support, low tax burdens, and a stable financial environment, making them ideal for cross-border business or asset management needs.

A: Most Singaporean banks require companies to deposit a certain amount when opening an account, typically ranging from USD 10,000 to USD 100,000, depending on the bank’s policies.

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