Open an account in the Singapore - COREDO

Opening a bank account in Singapore

Singapore is called one of the main financial centers of the world, this city-state is one of the most developed in the Asia-Pacific region. Singapore ranks second in the World Bank’s 2021 Ease of Doing Business rank and has a favorable business climate, therefore investors and entrepreneurs from different countries are willing to do business in this country. The presence of a transparent and strict regulatory framework, which guarantees the security of finances also contributes to this.

The banking system of Singapore is actively developing, there are more than 120 banks, the largest of which are DBS Bank, Oversea-Chinese Banking, United Overseas Bank. The central bank and sole banking regulator of the country is the Monetary Authority of Singapore (MAS). Since 2016, the “Smart Nation” initiative has been implemented here, which allows calling Singapore a center of digital technologies.

Singapore is positioned as a modern, progressive financial center; reputation issues are taken very seriously here. In the last few years, due to the tightening of international and internal measures against money laundering and terrorist financing, the process of opening an account for non-residents in Singapore has become more complicated and verification of the depositor’s identity may take longer.

Benefits of opening a bank account in Singapore

Due to the economic and political stability in Singapore, opening a local bank account provides business owners with a number of advantages:

  • many Singaporean banks offer comprehensive services, including a large package of banking products, asset management, investment services, etc.;
  • local banks have an international reputation as highly reliable financial institutions that provide a high level of protection for clients’ assets;
  • high level of customer service;
  • English is one of the official languages in the country, which makes communication easier;
  • the ability to conduct business using Singapore dollars and other world currencies;
  • absence of restrictions on the withdrawal and deposit of assets;
  • possibility to open an account remotely;
  • possibility of remote asset management, thanks to modern digital banking.

Documents required to open an account in Singapore

Typically, banks require the following list of documents for opening a corporate account in Singapore:

  • corporate documents of the company (charter, registration certificate, other certificates, etc.);
  • documents proving the identity of the director and the owner of the business (copies of passports) and a specimen signature;
  • description of the business profile of the enterprise;
  • existing company accounts statements for the last three months;
  • application.

Some banks require non-residents to confirm that they have a local address, but this requirement is not mandatory in all financial institutions. The successful opening of an account in a Singapore bank will be facilitated by the presence of counterparties and business connections within the country, the provision of documents confirming the legality of the business activity, as well as the accounts statements and recommendations from the banks in which accounts are already opened. Bank employees may ask the applicant for additional documents or require a personal visit to the bank office if necessary.

To open a personal account in Singapore, an applicant is supposed to write an appropriate application, provide a passport copy, residence permit and proof of address within the country. Applicants usually have to expect a preliminary response from the bank from 10 days or more, the term for opening an account is from 15 business days.

COREDO specialists will be happy to help with all the formalities regarding opening an account in Singapore, as well as consult on any other legal issues.


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