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 sector. Singapore 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.
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.
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.
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.
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.