The basics
Singapore is an independent sovereign country with social and political stability, a sound fiscal system and complete financial facilities.
After opening a Singapore bank account, companies are free to settle international trade payments. Remote account opening is available at some banks. Due to its well-developed banking industry, Singapore enjoys a higher reputation in the world.
No service provider can guarantee bank approval. Requirements and decisions rest with the bank.
Requirements
To open your bank account in Singapore, there are some general requirements.
Some accounts are only for Singapore Citizens or Permanent Residents, while other banks offer account opening services for foreigners who live temporarily (employment or education) in Singapore.
Documents
Opening a bank account in Singapore usually requires the following documents. In certain cases, you may be required to provide additional materials.
Additional materials may be required for your application to be approved.
How it works
Quick answer: the procedure runs in four steps, from the company to submitting the application. Select a step for detail.
Stage 1 of 4
A company registered in Singapore is preferred as the subject of the account opening application.
Stage 2 of 4
There are various banks to choose from. Consider security of online banking, the bank’s rating and reputation, your company’s business focus, and the convenience of account services.
Stage 3 of 4
Prepare your personal documents and your company documents.
Stage 4 of 4
Choose one of the following methods to open your Singapore bank account.
Approval and timing depend on the bank.
Maintenance
After successfully opening a bank account, the maintenance of the account is another important point. Otherwise the account may be canceled or frozen by the bank due to improper use.
Banks generally charge fees such as monthly service charges, counter transaction fees, overdraft fees, transfer charges, early closure fees, inactive account fees, corporate credit card issuance and replacement fees, and international transfer or wire fees.
Why Hongda
Prepare your application with one service team. The bank decides on approval.
Serving foreign companies in China since 2007, with client relationships that go back to 2008.
Company setup, banking, tax, payroll and work permits coordinated by one team.
English-language project management with a China-based team in seven locations.
We confirm the scope before work begins and say which decisions rest with authorities or banks.
Client voices
Travis Perkins
David Finch BA ACMA CMIIA CAMA
Director of Group Business Risk & Assurance, Travis Perkins PLC
With Hongda since 2008
Travis Perkins PLC (a leading builders merchant in the UK) has been using Hongda Business Services since 2008 for accounting and professional services. Throughout this time, we have found the team at Hongda to be very helpful and professional in their dealings with us. We look forward to working with the company in the future.
Sound United
Jack Peng
Vice President, Asia Pacific, Sound United
With Hongda since 2013
Sound United (a leading designer and manufacturer of consumer audio products in the US) has been using Hongda Business Services since 2013. Moving one’s operations to China is not a small task, but Hongda’s expert services helped us set up a company and deal with tax issues so we could get on with growing our business in no time at all, and that’s why we continue to use them today.
Tulip Pacific Ltd.
Erik de Waard
Director, Tulip Pacific Ltd.
With Hongda since 2012
Tulip Pacific Ltd. (Business planning and interim financial management services) has been using Hongda Business Services since 2012. Hongda has helped us set up legal entities in China/HK and takes care of our annual company audits. They are the most efficient business service provider I have worked with to-date, and their professional advice has helped me better advise my own clients and provide greater value to my overall business.
Your team
Meet the three chief consultants at Hongda, including founder Angel Ho and co-founder Bobby Lee.
Chief Consultant, CEO
Founder of Hongda in 2007. Holds Chinese Tax Agent, IPA (Australia) and IFA (UK) certificates. Provides one-stop services covering market access, company establishment, financial settlement, financial and tax consultation, and human resources management.
Chief Consultant
Co-founder of Hongda. Many years of corporate legal consultancy and involvement in managing client enterprises. Familiar with tax, personnel and project management work across Guangdong, Hong Kong and Macau. Excellent English communication skills.
Chief Consultant
24 years in enterprise management, business development, and financial and tax compliance. Has provided financial and tax advisory services for hundreds of companies. In-depth learning and practical experience in IFRS (International Financial Reporting Standards), Generally Accepted Auditing Standards and International Taxation.
FAQ
Practical answers about opening a Singapore corporate account.
Ask your questionThe time to open an account with a Singapore bank may vary depending on the bank’s policies and your specific circumstances. You should understand the bank’s account opening process before opening an account to ensure that you can complete all the steps on time.
Yes. A reliable service provider can assist you with the application. Approval depends on the bank.
Yes, some banks offer remote account opening services. However, some banks may require you to physically visit the bank for verification or to provide some additional documents and information.
This depends on the tax laws of the country where you live. Some countries may require you to pay taxes on your offshore banking income, while others may not. You should consult a tax advisor to understand your tax responsibilities.
Yes, it is possible to open a corporate bank account in Singapore for a foreign company. However, additional requirements and due diligence may be necessary, such as providing documents from the foreign jurisdiction, proof of business activities, and the appointment of a local representative.
Yes, you can have multiple bank accounts for your Singapore company. Having multiple accounts can provide operational flexibility, segregate funds, and facilitate different financial activities such as payroll, payments, and investments.
Contact our team
Share your plans, structure and timing. We confirm the scope with you before any work starts.
