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Singapore Bank Account Opening

Complete Guidance on how to open your Singapore Bank Account.

Open Your Singapore Bank Account

According to the 2018 Global Financial Centres Index (GFCI) report, Singapore, known as one of the “Four Asian Tigers”, is now the fourth largest international financial centre in the world after New York, London, and Hong Kong.

Apparently, Singapore's banking&financial system is powerful in the international arena, and its comprehensive strength is stronger than most developed countries in the west.

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7 benefits of opening an account in Singapore

A Now that there are many foreign banks worldwide, everyone has a wide range of options. But why should you open an account in Singapore instead of other developed countries? Because opening an account in Singapore can bring you the following 7 benefits:

  1. Singapore has no foreign exchange controls, free exchange between different currencies.
  2. Accounts opening witness can even be done in China. If the applicant chooses Hongda as the agency, he/she doesn’t necessarily visit the issuing bank in person. Plus, Hongda can help the the corporate bank account applicant to open a personal bank account for free.

  3. The information required for opening an account is simple and easy to prepare. Besides, the rate of successfully opening an account is high, and the account opening process takes less time to complete.
  4. Singaporean banks do not require large initial deposits.
  5. Bank accounts are easy to manage and you can handle your banking matters online.
  6. Singapore has more than 200 banking institutions, covering up a wide range of services to meet the needs of the account holders.
  7. Companies registered in offshore islands such as BVI and Cayman can also open accounts in Singaporean banks.

Singapore has clear business rules that attract regional and global companies and banks to set up operations centers. More importantly, Singapore has a sound banking system that can provide good capital support for companies of all sizes.

Materials for Bank of Singapore Account Opening

  1. Account opening materials that local companies in Singapore need to prepare:

    a) Comprehensive company registration information
    b) Personal Identity Information of the directors and account signatory
    c) Proof of the account signatory’s residence address (issuance date must be within 3 months).

  2. The account opening information that overseas companies need to provide:

    a) Hong Kong company

         i. Company registration information.
         ii. Copy of the passport of all directors, shareholders and the account signatory.
         iii. Proof of residence address of the signatory of the account (issuance date must be within 3 months).

    b) Tax-exempt island company

        i. Company registration certificate.
        ii. Company structure certificate.
        iii. Charter (M&A).
        iv. Copy of the passport of the directors, shareholders and account signatory.
        v. Proof of address of the signatory of the account (issuance date must be within 3 months).

    c) British company

         i. Company registration certificate.
         ii. Companies House Certification.
         iii. Charter (M&A).
         iv. Copy of the passport of all the directors, shareholders and the account signatory.
         v. Proof of the address of the signatory of the account (issuance date must be within 3 months).

  3. Additional supporting document for the bank account opening: for all companies

    a) Details of the company structure, including shareholders of the company, share distribution.
    b) Details of the company structure, including the directors of the company and their related personal information.
    c) Director's job resume.
    d) Provide detailed information about three sellers and three buyers who have been doing business with the company, including the name of the buyers and sellers and the country in which they are located.
    e) Provide the company website. If the company is newly established and has not set up a corporate website, the applicant needs to provide the website of an affiliate company for assessment. f) Provide invoice documents, business contracts, bills of lading, and existing bank account statements for the last three months (If the company is newly established and not able to provide such information, then the company needs to hand in information about its affiliates as a reference to the bank) g) Complete and submit the bank survey.

The account opening process:

  • The bank will ask the account applicant to fill out the information collection form and will access the possibility of opening an account based on the information provided by the account holder.
  •  The bank signs a contract with the account applicant and starts the account opening preparation.
  • The account applicant needs to confirm the time of opening an account with the bank and then wait for the result of the account opening application.
  • After the account is opened successfully, the account holder needs to transfer money to the account for account activation.





Doing business with HONGDA is getting a share in our know-how, expertise and dedication. Our determination leaves our customers with peace in mind, as they know our passion and strive for perfection in all that we do.

To ensure that we keep pushing the boundaries of what our market can expect, we relentlessly strive for increased benefits of doing business with HONGDA. To declare our efforts, our daily work is based on 4 tangible, practical promises to our customers - and just as much to ourselves.



Consultation & Proposal

We (can) advise you on the best solution for your business model and send you our comprehensive proposal.


Signing & Payment

After reviewing the proposal, we sign the service contract and receive your payment.


Preparing Documents

We send you an application form as well as the list of documents we need from your side.


Take a Break

Sit back, relax and let us take care of everything from here on out.


Sound United

Jack Peng
Sound United Vice President > Asia Pacific

Sound United la leading desianer and manufacturer of consumer audio products in the us) has been usina Honada Business Services since2013 Moving one's operations to China is not a small task, but Hongda's expertservices helped us set up a company and deal with tax issues so we could get on with qrowing our business inno time at a!l, and that's whywe continue to use them today.

Business service Guid

Hongda Business Services helps foreign businesses looking to establish in the PRD (Pearl River Delta, Guangdong), Shanghai and Hong Kong take advantage of everything that China has to offer. We typically work with companies in Shenzhen, Guangzhou, Zhuhai, Zhongshan, Shanghai, and Hong Kong.


How do I set up a company in Shenzhen or the PRD?

Prepare the shareholder certificate, letter of good standing from the bank. Find an office in China. Make the application (of course better find a professional agent in China to help you).

Do I need to have a foreign company to start a company in China?

No, you could also use your personal name to start the company in China.

What are the drawbacks of a WFOE / rep office / JV?

Rep.Office:High tax, could not hire Chinese employees directly.

WFOE/JV: Slow registration time.

The benefit of all is that if you aim to run a business in China, any will allow you to do so. 

Do I need to personally go to China to set up the company?

No, you dont. Hongda Business Services
can help you to do this while you are abroad.

Do I need an actual office space to register a WFOE / rep office / JV?

Luckily now, you dont. Hongda Business Services can provide the office address for registration. 

Which documentation do I need for a WFOE / Rep Office / JV?

Oversea investor's certificate, bank reference letter and office in China are the key documents for each company type. 


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