As a leading global financial center, Singapore has become the preferred destination for high net worth individuals and corporations to set up bank accounts due to its political stability, safe and orderly business environment and sophisticated banking system. With over 120 local and foreign banks, Singapore offers a diverse range of private banking services and wealth management solutions.
🌟 Advantages of a Private Bank Account in Singapore
✅ No foreign exchange control, free transfer of funds
✅ Multi-currency options, flexible currency conversion, low exchange rate conversion costs
✅ Easy to operate account, supports internet banking and international transfers
✅ Comprehensive wealth management services such as family offices, trusts, asset allocation, etc. can be combined
🌟 Common banking institutions
Major banks to choose from for private banking in Singapore include:
Local Banks in Singapore::
DBS Bank
United Overseas Bank (UOB)
Overseas Chinese Bank (OCBC)
International and Foreign Private Banks::
Bank of Singapore (OCBC private banking subsidiary)
HSBC Singapore (HSBC)
Standard Chartered Bank (SCB)
Julius Baer, Switzerland
🌟 Type of account opening
✅ Individual accounts / Joint accounts
✅ Company (corporate and offshore company) accounts
🌟 Main information required to open an account
Individual/joint accounts
Passport and ID
Proof of address (utility bill, bank statement, etc. within the last 3 months)
Proof of assets and source of funds
personal resume
Other bank statements, gold flow certificates
company account
Business License and Articles of Association
Copy of ID card and passport of director and shareholder of the company
Proof of address of authorized signatory (within the last 3 months)
Biographical information on authorized signatories
Description of the company's business and sources of funding
🌟 Account opening process
1️⃣ Submit account opening application and preliminary information
2️⃣ Banks conduct KYC (due diligence) and data supplementation
3️⃣ Issuance of account details, internet banking and ATM card after bank approval
4️⃣ Deposit startup funds and activate account
👉 Account opening can be done either in person in Singapore or by arranging for an executive/director to witness the remote account opening at some banks (subject to bank policy).
🌟 Services we can assist with
As a firm of professional secretaries and consultants, we can offer our clients:
🎯 Bank account opening program design and recommendation of suitable banks
🎯 Full documentation and submission guidance
🎯 Bank due diligence questionnaires and interview coaching
🎯 Post-opening account maintenance, wealth management matchmaking
🎯 Supporting company incorporation, family office, asset allocation programs
📌 Conclusion
Opening an account with a private bank in Singapore is not only an important starting point for fund management, but also a key step in globalizing asset layout and wealth inheritance. By choosing a professional team to assist you, you can enhance the efficiency of account opening and minimize unnecessary hurdles. For a detailed proposal or checklist, we can provide you with one-on-one counseling or an exclusive service manual.
