Bank Account Opening
Many reputable organizations in the world have acknowledged Singapore as one of the leading financial hubs. With superior technology, low taxes and efficient transport and infrastructure, Singapore is the place to be for entrepreneurs dreaming to make it big and expand their business globally. As a matter of fact, Singapore has topped the World Bank’s list as the best country to do business for nine consecutive years now. Singapore is continuing to build a solid reputation as a financial centre and the government is continuously innovating its rules and regulations in a bid to attract more investors.
Major Local Banks in Singapore
Opening a corporate bank account in Singapore is not easy because the country has stringent laws and regulations that are aimed at preventing money laundering, terrorist financing, and tax evasion. For this reason, consultation with incorporation agencies like Enterprise Assurance PAC is advisable. We at EAPAC have developed strong ties with local bank officers. Our staff can easily assist you in the process of completing all the necessary paperwork. We can arrange a meeting with the bankers in our office or we can bring you to the bank in order for you to open a corporate account.
To assist you in choosing which bank you should open an account with, here are the top five banks in Singapore:
Oversea-Chinese Banking Corporation Limited (otherwise known as OCBC)
OCBC is one of the major local banks in Singapore. OCBC was formed following the merge of three local banks, Chinese Commercial Bank, Ho Hong Bank, and Oversea-Chinese Bank in 1932. OCBC is an established institution with corporate banking facilities. With OCBC, you can arrange for a meeting with your assigned Relationship Manager to get your documents done.
Bank of Singapore (part of OCBC)
The Bank of Singapore is a fully-owned subsidiary of OCBC Bank. It has offices in Hong Kong and Dubai and it has representative offices in Manila. The Bank of Singapore provides customised wealth management, investment and lending services, on top of general banking services provided by its parent bank, OCBC.
DBS Bank Limited (merged with POSB, known as DBS)
DBS (which merged with POSB Bank) is the most preferred bank by majority of Singapore visitors and expats. DBS has over 677 ATMs located all over Singapore with users able to use both DBS and POSB machines. DBS is famous for its online bank account application which they claim could take only 5 minutes. It also has expatriate banking package which allows account owners to transact between Singapore dollars and multiple currencies under the same account. DBS internet banking and money remittance are some of the well-known services the bank is offering.
United Overseas Bank (otherwise known as UOB)
The United Overseas Bank (UOB) has been praised by many of its clients because of its excellent online service. As one of the bigger banks in Singapore, UOB have received thumbs-up from many expats. Some of the main advantages of banking with UOB are prompt service and easy transfers between UOB account and any other foreign accounts. The UOB bank card comes with NETS facilities.
Far East Bank Limited
This banking subsidiary of United Overseas Bank Limited was incorporated in 1958. Far East Bank Limited offers a wide range of commercial banking and financial services including current and savings account, bank and non-bank loans, credit and debit cards, nominee services, trade financing and many more.
If your preferred bank isn’t listed here, you can check out the websites other leading banks in Singapore such as Standard Chartered, HSBC, CitiBank, Maybank and ANZ.
Documents Needed to Open a Singapore Bank Account
In order to set up a personal savings account, you will need the following:
Certified True Copy of the Certificate Confirming Incorporation of Company (“Certificate”)
Certified True Copy of the Official Company Register (known also as the Business Profile) to evidence the current directors and its shareholders
Certified True Copy of the Company’s Memorandum and Articles of Association
NRIC / Passport Copies of the proposed bank signatories
One Certified True Copy of the Company’s Business Profile from ACRA
Resolution by the Board of Directors approving the account opening and appointment of the signatories for the bank account.
The EAPAC Advantage
Fast Turn Around Time
We can incorporate your company within one to two days provided you have submitted complete requirements.
We will guide you in the company set up and you will receive expert advice should you have other business ideas or requirements. Our phone lines are always open if you have questions regarding the registration of your company in Singapore. We’ll also notify you if the incorporation process will take more time or if ACRA will require additional documents.
EAPAC understands that each individual has different needs and financial capability, that’s why we’re offering flexible payment schemes and tailored payment plans.