Notes on opening a bank account in Singapore
After registering a company in Singapore, opening a bank account is a crucial step for the company to conduct business, receive payments and file tax returns in a compliant manner. However, due to Singapore's strong focus on anti-money laundering and counter-terrorism financing, the bank account opening process is more stringent than ever. This article will provide you with a detailed introduction to the common requirements, processes and precautions for opening a bank account for a Singapore company, to help you successfully complete the account opening.
Common Account Bank Options
Major commercial banks in Singapore include:
✅ DBS Bank (DBS)
✅ OCBC Bank (OCBC)
✅ UOB Bank (United Overseas Bank)
✅ Maybank (Malayan Banking Corporation)
✅ CIMB (CIMB)
✅ Standard Chartered Bank
✅ HSBC
Banks vary slightly in terms of services, fees, international transfers, and degree of digitization, so you can choose the right bank for your company's needs.
Documents required to open an account (regular requirements)
Preparation information includes, but is not limited to:
📌 Company Registration Document (Bizfile or Certificate of Incorporation)
📌 Articles of Incorporation (Constitution)
📌 Company Director, Shareholder Identity Documents (Passport / Singapore Identity Card)
📌 Proof of company registered address
📌 Proof of address of directors and shareholders (e.g. utility bills, bank statements, within 3 months)
📌 Company Business Plan / Introduction
📌 Customer, supplier contracts or invoices (if business has been transacted)
Account Opening Process Overview
1️⃣ Submission of information for pre-qualification
The bank will initially review the company information and the nature of the business to determine whether to accept the account opening application.
2️⃣ Arrange an in-person interview
Directors are usually required to be physically present (some banks support video interviews, depending on the circumstances).
3️⃣ Due Diligence (KYC)
The bank will take a detailed look at the company's shareholding structure, sources of capital, business model, etc.
4️⃣ Approval and Account Opening
After approval, the bank will notify the account information, which usually takes 1-4 weeks to complete.
Account Opening Precautions
⚠ Clarity of true business purpose
Banks are particularly concerned about whether the company has real and reasonable business needs, and are advised to prepare detailed business plans, contracts or letters of intent to prove the authenticity of the business.
⚠ Stricter account opening for high-risk industries
Industries involved in virtual currencies, gaming, second-hand luxury goods, importing and exporting medium to high-risk goods, etc., banks may additionally require or outright refuse to open an account.
⚠ Directors' attendance requirements
Most banks require an in-person interview with at least one director (some banks supported remote interviews during the epidemic, but special applications were required).
⚠ Source of funds should be legally compliant
The initial injection of funds and the flow of funds for subsequent transactions need to be reasonable and clear, so as to avoid the risk of account freezing or closure by banks.
⚠ Choosing the right bank and account type
Different banks differ in account management fees, transfer fees, minimum deposit requirements, and international collection and payment capabilities, which should be chosen in conjunction with the company's business model.
END
Although the process of opening a bank account in Singapore is strict, as long as the business is real, complete and well-prepared, the vast majority of companies can successfully complete the account opening. It is recommended to plan a good account opening strategy before the registration of the company, if necessary, you can seek the assistance of a professional services team to improve the success rate and shorten the account opening cycle.If you have any need for Singapore company registration, bank account opening, tax planning, etc., please feel free to contact us for one-on-one guidance and full support.
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