In this article, we’re exploring whether a foreign company can open a bank account in Singapore. We’ll share details on opening commercial deposit accounts and Singapore business bank accounts as a foreign company and we’ll also answer common questions we receive from people exploring this topic.
This article is part of our free series on business bank accounts in Singapore. You can access this series right now by using the link above.
In addition to detailed account opening guides, this free series on Singapore banking also discusses the largest banks in Singapore, Singapore’s opening requirements, the costs of banking in Singapore, and much more. Use the link above to start exploring all of your free Singapore banking content right now.
Alternatively, use the table of contents to continue exploring more information on whether a foreign company can open a bank account in Singapore.
Table of Contents
- Can a Foreign Company Open a Bank Account in Singapore?
- Frequently Asked Singapore Banking Questions
- Do You Want to Open a Singapore Bank Account?
Can a Foreign Company Open a Bank Account in Singapore?
Yes, a foreign company can open a bank account in Singapore as long as it submits relevant corporate documents, makes a qualifying deposit, and in most cases, provides proof of local ties to Singapore.
The company profiles who can open a business bank account in Singapore find account opening a challenging process if they don’t know which banks, branches, and bankers to approach. Each bank has different account opening procedures and requires different supporting documents.
Some banks in Singapore need to see some connection to the region, whether it’s proof of suppliers, customers, or employees based in Singapore. Other banks, while they don’t require proof of local ties, they do require higher deposit amounts.
Before applying to open an account in Singapore, it’s important to understand the requirements, documents, and deposit amount your company is required to meet. It’s also important to understand whether or not your company is valuable to the bank.
Is My Foreign Company Valuable to Singaporean Bank?
Here are three variables foreign companies need to consider to determine whether or not they are valuable to a Singaporean bank.
- Can you deposit at least six figures into a bank account?
- Will you invest any of that money once it’s in the account?
- Can the bank generate fees from your banking activities?
Foreign companies that answer “yes” to these three questions have a better chance of opening a bank account in Singapore.
Successfully opening an account also requires knowing how and where to open a bank account in Singapore. Learn more about the requirements you need to meet when opening a business bank account by visiting our comprehensive guide on business banking in Singapore, available in the link above.
Alternatively, if you would like to explore all of your offshore banking options, download our free guide and compare Singapore to some of the top banking jurisdictions available.
Do You Want to Explore All Your Offshore Banking Options?
Frequently Asked Singapore Banking Questions
Below are a few of the most common questions we receive from people exploring whether a foreign company can open a bank account in Singapore. If you have further questions you would like answered, don’t hesitate to get in touch with us directly.
How to Open a Corporate Bank Account in Singapore?
How to open a corporate bank account in Singapore depends on your business operations, the location of the business, the deposit level, and the residency of shareholders. That said, it is common for foreign entities to meet specific account opening requirements including proof of identification, company financial statements, and six-figure deposits.
Can a US Citizen Open a Singapore Bank Account?
Yes, a US Citizen can open a Singapore bank account as long as they choose the right bank and have a suitable client profile. Bank selection is an important factor to consider since not all banks in Singapore accept US citizens. US citizens, just like other non-residents of Singapore, must meet account opening requirements and provide the proper supporting documents.
Can Foreigners Open Bank Accounts in Singapore DBS?
Yes, foreigners can open bank accounts in Singapore with DBS. Some foreigners can even open bank accounts with DBS 100% remotely. DBS may be a suitable banking option for individuals looking for private banking solutions. That said, DBS also offers non-resident bank accounts and corporate bank accounts.
Do You Want to Open a Singapore Bank Account?
If so, you can access GlobalBanks IQ and start the process of applying in Singapore in a few clicks.
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+ Plus, get YOUR most pressing bank account opening questions answered by our team!
And “yes!” GlobalBanks IQ helps foreigners and non-resident individuals open bank accounts.
In fact, GlobalBanks IQ even helps non-resident, foreign & offshore entities open bank accounts.
To learn more about opening accounts with GlobalBanks IQ, use the link in the top menu. Or, contact us directly with any questions!
