Opening a corporate bank account in Singapore is one of the best ways to secure your company’s finances with a safe and well-run bank.
This is true whether you want to open an account for a local Singaporean company or if you want to open a Singapore offshore company bank account.
In fact, banks in Singapore are some of the safest in the world–on equal footing with the top banks from Switzerland, Liechtenstein, and Luxembourg.
KEY TAKEAWAYS
- Opening a corporate bank account in Singapore is possible
- Singapore banks are among the best in the world
- Banks here prefer profitable and low-risk clients
- Remote account opening is an option for many clients
- Opening here takes time and patience
Given Singapore’s reputation, it’s no surprise that banks here can pick and choose who they want as a client. And if you’re looking to open a corporate bank account, that can mean account opening hurdles.
In today’s article, we’re going to cover opening a corporate bank account in Singapore. This will include Singapore companies owned by non-resident individuals and offshore Singapore companies. We’ll also be covering opening corporate bank accounts for foreign and offshore-based companies as well.
But before getting started, don’t forget to download your free copy of the Business Banking Starter Guide. In it, you’ll uncover our process for determining which banks are best suited to meet your company’s banking objectives and more.
In past articles, we’ve detailed banking in Singapore for specific client groups, including non-residents and BVI companies. In all cases, we find that banks in Singapore (and the services they offer) tend to be excellent options for our members.
So, if you’re after a personal bank account in Singapore, you can find articles specifically catering to you by searching our Free Articles section. Similarly, if you’re looking to open a bank account for a BVI company we suggest reviewing our article BVI Company & Singapore Bank Accounts.
For everyone else, let’s start by taking a look at navigating the account opening process, remote opening options, bank selection, and how to find the best banks to approach.
Feel free to use the table of contents to jump ahead to the sections most relevant to you.
Table of Contents
- Can Non-Residents Open Corporate Bank Accounts in Singapore?
- How to Open a Business Bank Account in Singapore as a Foreign Company?
- Can I Open a Singapore Bank Account Remotely?
- How to Find the Best Bank in Singapore?
- Frequently Asked Questions
- Ready to Open an Offshore Bank Account?
Can Non-Residents Open Corporate Bank Accounts in Singapore?
Yes, non-residents can open corporate bank accounts in Singapore as long as they choose the right financial institution, meet the bank’s account opening requirements, and have a suitable client profile. Not all banks accept non-resident clients and foreign businesses. Bank selection is a key factor to consider when choosing where to open a corporate bank account in Singapore.
Your chances of opening a bank account in Singapore ultimately boil down to how much you’re willing to deposit, your business profile, and the shareholders and directors of the company.
In other words, it’s possible to open a corporate account in Singapore as long as the banks see you as a valuable, transparent client that’s worth dealing with and able to pass due diligence.
Of course, you’ll need to overcome some obstacles (see below). And it doesn’t hurt to have a direct introduction to a motivated, responsive banker that genuinely wants to bank your business.
Will Banks View Your Business as Profitable?
Corporate account opening is usually a profit center for banks. That’s because banks are able to generate income from clients in multiple ways. This includes fees on transactions, fees for specific services, investing the balance of a fixed deposit account, offering corporate services, and even charging higher fees for foreign-based clients (or clients from outside of Asia).
Obviously, local banks will not be as aggressive when it comes to offering services and charging fees for these services. However, if you are a foreign non-resident business owner, or you’re looking to open business accounts for a foreign company, you won’t be looking to open with these banks.
With this in mind, here are a few variables that can determine whether your business will be valuable to a Singaporean bank…
1, Are you ready to deposit at least six figures into an account?
2. Will you invest any of that money once it’s in the account? or
3. Will the bank be able to generate fees from your banking activities?
If you answered “yes” to these questions, then you’ll have a shot at opening a corporate account in Singapore with some of the best banks in the world. In fact, if you approach the right banks (and bankers), you might even be able to open a bank account remotely–but more on this below.
Is Your Business Profile Acceptable?
For a corporate bank account opening in Singapore, it’s important to consider the risks associated with your business.
Banks in Singapore are well-regulated, well-capitalized, and have strong balance sheets–and they don’t need to take on any unnecessary risk. So, when opening a bank account in Singapore, your business is going to be put under the microscope.
Keep in mind, that Singaporean bankers have seen it all. So, it’s no surprise that the due diligence process that your business will go through will uncover any discrepancies, risks, or unsavory activities. For these reasons, Singapore is best for businesses that don’t engage in any high-risk activities. Such activities include gambling, activities that involve tough regulations, online dating, and the other usual suspects.
If your business is involved in a high-risk industry, feel free to message our team to learn about your other options.
Considerations for Shareholders & Directors
One of the most important considerations when opening corporate accounts are the shareholders, directors, and beneficial owner(s) of the company.
These individuals will undergo the same detailed scrutiny that the business will be subjected to when opening corporate accounts in Singapore. Through this process, banks will assess your citizenship, residency, internal databases, and even open-source information.
Like all banking jurisdictions, Singapore is sensitive to individuals (and businesses) that are incorporated in, operating from, or transacting with countries that are either blacklisted, greylisted, on the EU list of non-cooperative jurisdictions, or considered high-risk.
How to Open a Business Bank Account in Singapore as a Foreign Company?
Opening corporate bank accounts in Singapore is possible for non-Singapore companies. In fact, if you’re the owner of a company from a foreign country or even an offshore jurisdiction, you can still open an account in Singapore.
That said, not all Singaporean banks accept foreign companies.
So, you need to do your homework and know which specific banks to approach depending on where you and your company are from, and what your initial deposit and transaction activity will look like.
Likewise, if you have an offshore company, certain banks will require additional due diligence, have different requirements, or have different onboarding processes altogether.
With this in mind, the best way to ensure success when opening a bank account in Singapore for a foreign company is to choose a bank (and banker) that has opened for companies like yours before.
So, how do you do that? Well, If you’re a GlobalBanks Insider, message us, and we can share which banks are best for your company and country of origin. If not, continue reading for more account-opening suggestions.
Can I Open a Singapore Bank Account Remotely?
If you’re unable to travel or simply find yourself on the opposite side of the world, you’ll be happy to know that it’s possible to open corporate bank accounts in Singapore remotely. Applicants need to know which banks to approach, which specific account opening strategies to use, and which bankers to deal with when opening accounts.
What exactly is an account opening strategy? This is something we talk about a lot at GlobalBanks. Depending on the country and banks we’re referring to, it can mean a range of different things.
In the case of Singapore, our team has outlined proven strategies that allow opening corporate bank accounts in Singapore remotely. Of course, these include 100% legal methods to apply for bank accounts without visiting the country. In other words, you can save thousands of dollars in travel expenses and still open accounts and access the services you need.
Of course, we share these strategies in GlobalBanks IQ, our premium membership in our Banking in Singapore Report.
GlobalBanks IQ members & GlobalBanks Insider can access this report and the remote account opening strategies right now in the Reports Library.
How to Find the Best Bank in Singapore?
Like opening accounts in any jurisdiction, there is no “best bank” that is perfect for every person or business. Instead, your focus should be on finding banks that help you achieve your banking objectives.
Of course, the “best bank” for you also needs to offer your desired services, and fee structures, support your transaction requirements, and be willing to onboard you as a client.
For instance, the best bank for a Singaporean tech company is completely different than a BVI holding company. Likewise, the best Singapore bank for a Hong Kong trading company is completely different than a Greek shipping company.
That said, in certain instances, businesses may benefit from banking elsewhere in Asia, including a company bank account in Malaysia, Hong Kong, Labuan, and even Taiwan.
That said, a Singapore bank account offers an excellent balance of services and fees, regardless of the jurisdiction of incorporation or where your business is based.
With this in mind, take a closer look at the considerations we outlined above. Pay special attention to the perceived value of your business, your business profile, and the profiles of your shareholders and directors. Then, find a bank that accepts you and also provides the specific services you need.
Note: wherever you decide to open a bank account, it’s important to understand the jurisdiction’s banking regulations. For example, if you want to open an account in Thailand, the Bank of Thailand regulations impact all foreign non-residents that bank in the country and have specific requirements non-residents need to meet.
Frequently Asked Questions
If you’re looking to open with banks in Singapore, you may have specific questions related to corporate banking, how to apply, available services, and how to open a corporate bank account.
With this in mind, we wanted to share some of the most common questions we receive about opening a bank account here so you can better prepare before approaching banks.
How Can You Get the Services You Need When You Apply for a Business Account?
When applying for a business account, it’s important that you confirm the specific services that you’ll receive. This is especially true if you need local payment processing, foreign transactions, high-risk transactions, local treasury services, accounts other than local currency accounts (e.g. Singapore dollar account), and other local services.
Confirming the available services before opening bank accounts will ensure you don’t waste time with banks that are not a good fit for your business.
Do You Need Singapore Company Registration to Open a Singapore Bank Account?
If your business is registered in Singapore, you will have a much easier time opening a business account. That said, to open a bank account, Singapore company registration is not required. Of course, business bank account opening in Singapore is much easier for local companies, especially if the owners or directors can show up in person.
How Do Singaporean Banks Compare to a Digital Business Account?
We’ve discussed the pros and cons of opening a digital business account in past articles. So we won’t dive too deep into the topic here. But, in Singapore, you will be dealing with some of the best brick-and-mortar banks in the world, including technologically advanced options like a DBS business account. That said, there are use cases for both digital and traditional banking options, just make sure you consider the risks.
How Could Your Bank Account Impact Taxes?
As always, if you are looking to optimize your taxes, it’s important to speak with a qualified advisor to make sure you don’t end up doing more harm than good.
On the other hand, if you have a Singapore company and you’re trying to calculate exactly how much tax you might be liable for when opening a corporate bank account in Singapore (due to territorial taxation), you should use one of the many corporate tax calculator apps available. Of course, if you do not have a Singapore company, you won’t have to worry about taxes as a foreign and offshore-based company is not liable.
Ready to Open an Offshore Bank Account?
If so, you can access GlobalBanks Insider and start the process of applying for an offshore account in a few clicks.
GlobalBanks Insider is a dedicated account opening solution that involves direct support from our team and direct introductions to the banks of your choosing. It gives you instant access to the…
+ Direct support from a team of banking experts
+ Direct introductions to your desired banks
+ Answers to your most pressing questions and challenges
+ Expert insights on which banks to choose & why
+ Plus, FULL access to our entire suite of account opening tools and intelligence!
And “yes!” GlobalBanks Insider is designed to help foreign and non-resident individuals and companies open bank accounts.
Use this link to see how GlobalBanks Insider can help you successfully open accounts.
