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Singapore Bank Account Opening

Want to enjoy fast Singapore bank account opening services with success guaranteed? You can always trust Hongda and its professional and experienced team! We help you open an account for seamless access to your finances and make your management of money worldwide easy. Get more information from this “Complete Singapore Bank Account Opening Guide” and contact us today!

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According to the 2018 Global Financial Centers Index (GFCI) report, Singapore is now the fourth largest international financial center in the world after New York, London, and Hong Kong. Singapore has an unrivaled geographic advantage, making it the logistics hub and pipeline for global trade. In the "2014 Logistics Performance Index" report released by the World Bank, Singapore was rated as the best logistics center in Asia. Singapore is also an ideal location for large-scale logistics companies. 20 out of the top 25 logistics companies in the world have operations in Singapore. Singapore is also Asia's premier financial center with more than 1,000 financial institutions operating there. Singapore's banking and financial sector employs 190,000 people and accounts for 12% of its gross GDP.

Considering its advantages, Singapore can be one of the best opinions you can make to run your business. Keep reading and see what you can enjoy with a Singapore bank account.


The Advantages of Opening a Singapore Bank Account

  1. Singapore is an independent sovereign country with social and political stability, sound fiscal system and complete financial facilities;
  2. Singapore is the fourth largest foreign exchange trading center in the world. It is not subject to foreign exchange control and currency can be freely exchanged and funds can be transferred freely, with one of the lowest tax rates in the world;
  3. Banks in Singapore attach great importance to the privacy of customers;
  4. After opening a Singapore bank account, companies are free to settle international trade payments;
  5. Opening an account is simple and has a high success rate. Remote account opening is available. 
  6. Due to its well-developed banking industry, Singapore enjoys a higher reputation in the world. It is more secure to realize the internationalization of assets, it is more convenient for financing and deposits and loans, and it is easier to obtain international capital support;
  7. Singapore is an open financial center, especially for blockchain and digital currency, making it the most suitable place for digital currency investors to open an account;

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.

What Are the Requirements for Opening a Singapore Bank Account?

To open your bank account in Singapore, there are some general requirements:

  1. Residence status: Some accounts are only for Singapore Citizens/Permanent Residents (PR), while other banks offer account opening services for foreigners who live temporarily (employment/education) in Singapore;
  2. Age: General current accounts require the holder to be aging over 18 years old while opening deposit accounts sets an age limit of 15 or 16 years
  3. Initial deposit: A certain amount needs to be deposited when opening an account;
  4. Minimum account balance: A certain account balance needs to be maintained, otherwise the bank may charge a low-balance service fee;



What Is the Procedure for Opening a Singapore Bank Account?


Step 1: Register Singapore Company (Optional)

To open a bank account in Singapore, the company registered in Singapore is preferred as the subject of the account opening application. The company doesn't need to operate in Singapore because both the Singapore government and banks accept the company's offshore operations. By registering a Singapore company, you can easily apply for opening an account in a Singapore bank.

If you want to know more about registering a Singapore company, you are welcome to read our Singapore company registration page or book a meeting with Hongda to discuss your business plan.


Step 2: Choose Your Ideal Bank

There are various banks for you to choose from. The main factors that you should consider include: 

  • Security of online banking: companies need to check that the online banking facility is equipped with online security features to prevent any unauthorized access. Some banks provide security features in addition to user IDs and passwords used to log into accounts. Other banks require an online bank provisioning receipt to be signed before the virtual account process begins.
  • Bank's Rating and Reputation: it is always safer to choose a bank with outstanding reputation and confidentiality standards, a long history, reliable service, and a sizable global reach. Even if many banks appear credible on file, it is always helpful to get reviews of specific banks from existing businesses in Singapore.
  • The Company’s Business Focus: assuming companies prefer to receive personalized advice and services on wealth and asset management, private banks can be a better option. In contrast, clients who are trade-focused and prefer access to financing, cash management, international trade, and payments can choose global commercial banks.
  • The convenience of Account Services: before choosing a bank, it is best to consider whether the bank offers joint investment and savings accounts, foreign exchange accounts, and real-time consolidated bank statements. Also, it's wise to check business credit or debit cards, ATM networks, local and global branch coverage, and daily transaction limits. After all, these services vary from bank to bank.

Typically the following banks are widely chosen by our clients: 

  • Singapore local banks:
  1. Development Bank of Singapore (DBS);
  2. Oversea-Chinese Banking Corporation (OCBC);
  3. United Overseas Bank (UOB);


  • International commercial banks:
  1. Standard Chartered Bank (SCB);
  2. The Hongkong and Shanghai Banking Corporation (HSBC);
  3. Citibank;


Step 3: Document Preparation 

Opening a bank account in Singapore usually requires the following documents. In certain cases, you may be required to provide additional materials for your application to be approved: 

  • A valid passport;
  • A valid visa (Employment Pass (EP), Student Pass, Dependent Pass (DP), or the In-Principle Approval Letter (IPA) from a related authority);
  • Proof of address within 3 months (telephone bill, bank statement, government letter); 

You are also required to provide documents about your company, including:

  • Board Resolution
  • Certificate of incorporation
  • Business Profile
  • Articles of Incorporation
  • Passport copies of directors and shareholders
  • Proof of addresses of directors and shareholders within the last 3 months
  • Proof of your existing business (such as invoices, agreements, contracts, and any business correspondence)


Step 4: Submitting Application

For your application to be approved, you can choose one of the following methods to open your Singapore bank account: 

  • Online Video Conference: the most convenient method to open your bank account. The bank will make an appointment with you and you will need to present your passport during the video call. Your application is expected to be approved in a week;
  • Visiting Singapore: the quickest way for application approval. You need to travel to Singapore and visit the bank at the appointed time to present your documents and fill out a form. Your bank account can be opened on the same day;
  • Visit a branch bank in your country: this method can take a longer time for processing. However, you will not need to travel while having assistance from the branch bank;

The Maintenance Requirements After Opening Singapore Bank Account

After successfully opening a bank account in Singapore, another important point is the maintenance of the bank account. Otherwise, the loss outweighs the gain if it is canceled or frozen by the bank due to improper use. 

  • The long-term balance of the account should not be zero;
  • Accounts should not be inactive for a long time, such as half a year;
  • Keep in touch with the bank and inform the bank of changes in contact information in a timely manner;
  • Try not to use Singapore bank accounts to trade with high-risk countries;
  • Avoid debit account transfers and help others collect money;
  • Transferring non-trade items to overseas companies or overseas personal accounts ;






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.


Wait for the good news

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 Guidance

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 long does it take to open a Singapore bank account?

The time to open an account with a Singapore bank may vary depending on the bank's policies and your specific circumstances. Generally, this process can take from a few days to a few weeks. You should understand the bank's account opening process before opening an account to ensure that you can complete all the steps on time.

Does Singapore allow foreigners to open a business bank account?

Definitely yes. Singapore's foreign-friendly policies encourage global business owners to grow their funds and assets in the country. Opening a Singapore bank account lets you diversify your risk portfolio and minimize political risk in case of sudden turmoil where your finances are currently stored.

A reliable service provider can assist you in opening a Singapore business bank account without worries. That’s why Hongda can be your ideal partner to open your Singapore bank account with. simply book a meeting and let Hongda takes care of the rest for a guaranteed Singapore bank account opening.

What are the fees related to using my Singapore bank account?

Some banks in Singapore required an initial deposit of US S30.00. In general, the banks also charge the following fees to your bank account:
  • Monthly service charges;
  • Counter transaction fees;
  • Overdraft fees;
  • Transfer charges;
  • Early closure fees;
  • Inactive account fees;
  • Corporate credit card issuance and card replacement fees;
  • International transfers/wire transfer;

Can I open a Singapore bank account remotely?

Yes, some banks offer remote account opening services. However, you should also be aware that some banks may require you to physically visit the bank for verification or to provide some additional documents and information.

Do I need to pay taxes on offshore bank accounts?

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. You should also understand that while offshore banking can offer some tax advantages, you still need to abide by the laws of your country of residence, or you may face fines or other penalties.

What are the advantages of opening an account with an offshore bank?

There are many advantages to opening an account with an offshore bank, including:
  1. Privacy protection: Offshore banks usually offer a high degree of privacy protection, which can help you protect your financial information.
  2. Tax advantages: Some countries or regions where offshore banks are located may have lower tax rates, which can help you optimize your tax strategy.
  3. Multi-currency service: Many offshore banks offer multi-currency accounts, which allow you to conveniently handle foreign currency transactions.

Can I open a corporate bank account with a foreign company?

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.

Can I have multiple bank accounts for my Singapore company?

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.


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