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Opening a Bank Account in Singapore

Updated on Sunday 29th January 2017

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Singapore is one of the most developed cities in Asia-Pacific and it is also a famous financial center. It hosts local and foreign financial institutions. Singapore has a pro-business legislation and a very modern legal framework regulating the banking sectorSingapore is home to the biggest Southeastern Asian banks DBS Bank, OCBC Bank and the United Overseas Bank. However, many important foreign banks have opened branches in Singapore

Our company formation experts in Singapore can offer information on the banking legislation applicable in this country.

What types of services do Singapore banks offer?

Singapore banks provide the usual personal banking services as all banks in the world do, but additionally there are certain specific services these banks offer. Among these services there are the Supplementary Retirement Scheme and the CPF Investment Scheme accounts for investors. Local banks in Singapore are interconnected thus providing a shared ATM system that enables clients of any of the banks to withdraw money without additional fees.

Many of the foreign banks with branches in Singapore are required to apply for a special license before providing their services. However, all banks are listed by the Monetary Authority in Singapore.

What are the available types of bank accounts in Singapore?

Foreign people can open a bank account in Singapore without being physically present by submitting an online application. Foreign citizens that do not live in Singapore may open saving bank accounts with certain banks, while foreign investors may be allowed to open trading or investment bank accounts in Singapore. Foreign citizens relocating to Singapore have the possibility to open a bank account before moving.

How to open a personal bank account in Singapore

Citizens, permanent residents and foreign citizens with employment visas can open current bank accounts in Singapore. The required documents to set up a Singapore bank account are an application form released by the bank, the passport, employment pass and an e-mail address. Individuals are advised to contact the bank before going to open the bank account and ask if any additional documents are required.

Banks in Singapore have specific requirements for opening bank accounts and charge different fees. Clients will usually receive a card with a PIN that can be used for online banking operations.

Opening a corporate bank account in Singapore

One of the first steps of company registration in Singapore is opening the corporate bank account where the share capital will be deposited. There are many banks a Singapore company can set up bank accounts with, however their charges and services differ. Our Singapore company formation consultants can assist foreign investors seeking to open corporate bank accounts with the banks they choose.

Most Singapore banks will require for the company director or other representative to open the account, which is one of the most important aspects to consider when opening a Singapore company. The following documents must be filed with the bank when setting up a corporate account in Singapore:

  • -       duly complete forms provided by the bank;
  • -       a resolution passed by the management of the company which will state the opening of the account as well as who will operate it;
  • -       a certified copy of the resolution mentioned above;
  • -       a certified copy of the company’s certificate of registration;
  • -       a certified copy of the company’s business profile;
  • -       a certified copy of the company’s statutory documents;
  • -       certified copies of the directors and shareholders.

Resident directors must also submit proof of their address in Singapore. Also, all documents must be prepared by one of the directors or by the company secretary. This is one of the main reasons our company formation representatives in Singapore offer nominee director and secretary services. Companies in the city-state can open bank accounts in Singapore dollars or other currencies.

Our specialists in company formation in Singapore can offer information about the banking services and can help investors in setting up corporate bank accounts for their companies. You can also contact us for detailed information about licenses for financial institutions in Singapore.

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