In this article, we’ll share how to open a business bank account in Singapore. This will include account opening for entities registered in Singapore, foreign jurisdictions, and offshore.
That said, business bank options in Singapore depend on the operations of your business, where your business is registered, where it operates from, and several other key factors.
In this article, we’re going to help you navigate each of these factors and start the process of opening a Singapore bank account for your business.
This article is part of our free series on how to set up a bank account in Singapore, which you can access by clicking here right now.
Feel free to use the table of contents to jump ahead to the sections most relevant to you.
Table of Contents
- How to Open a Business Bank Account in Singapore
- Can a Foreigner Open a Corporate Bank Account in Singapore?
- Benefits of Opening a Business Bank Account in Singapore
- Frequently Asked Questions
- Ready to Open an Offshore Bank Account?
How to Open a Business Bank Account in Singapore
Opening a business bank account in Singapore requires making a qualified six-figure deposit, investing in banking activities, submitting supporting documents, and overcoming an intense account opening process.
Naturally, if you do not prepare, ignore the account activation conditions and banking requirements, or choose the wrong bank, your chances of opening a business bank account in Singapore are zero.
Each banking firm and Singapore bank has its own account opening procedures, document requirements, and deposit requirements that each business will need to meet.
It’s important to note that the opening procedures, deposits, interest charges, wire transfer fees, and other Singapore banking costs will vary depending on the type of company applying for an account.
Generally speaking, foreign companies need to be in operation to access international finance solutions with offshore banking in Singapore successfully. In other words, banks need to be able to generate income from corporate client accounts. This includes transaction fees, service fees, investing activities, and more.
Another key variable Singapore banks take into consideration is whether or not you’re able to make an initial deposit of at least six figures. Of course, if you are looking for a tailored banking service through private banking in Singapore, deposit balances can be higher.
Now, the documentation required for foreign businesses includes both business documentation and personal documentation.
Business documentation includes company financial statements, bank reference letters, proof of address, and active contracts.
Personal documentation typically includes government-issued identification for all owners and directors and in certain cases it may also include proof of address or residency.
In the following sections of the article, we’ll share how you can find acclaimed financial firms and the best banks in Singapore that actively accept foreign businesses and allow remote opening.
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Can a Foreigner Open a Corporate Bank Account in Singapore?
Yes, a foreigner, offshore corporations, and foreign companies can open a bank account in Singapore. However, most foreigners find it very difficult to meet the requirements for opening a Singapore personal bank account, let alone a corporate bank account.
In fact, with strict compliance rules, ever-changing banking laws, and new reporting requirements, opening accounts in Singapore can be a challenging task.
That said, bank selection is an important step to successfully opening a business bank account here. It’s also crucial to understand the account opening process, documentation requirements, and the qualifying deposit levels before approaching a bank.
This is especially true since not all top-tier banking firms, including the largest banks in Singapore, accept non-residents and foreign entities. So, knowing which bank, branch, and banker to approach is a critical factor in successfully opening a business bank account in Singapore. That said, depending on the type of business you have, there could be political risks, legal compliance concerns, and banking risks in Singapore you may need to consider, which you can learn more about by clicking here and accessing our free guide.
Importantly, most banks here require companies to demonstrate clear existing ties to Singapore before opening accounts. For example, “ties” can include commercial relationships with Singaporean suppliers, Singaporean customers or contractors, or Singapore-based employees. Another example of “ties” would be the requirement to have direct access to local cash or the currency of Singapore, Singapore dollars, to support your business. That said, Singapore ties do not guarantee account opening. Instead, it is just one supportive factor in the account opening process.
Let’s take a closer look at the types of clients who can unlock corporate accounts in Singapore.
Client Types That Can Open a Corporate Bank Account in Singapore
- Foreign companies with non-regulated activities
- Some Crypto business clients
- Offshore companies with local ties to Singapore
- Non-Singapore companies
Of course, it is worth noting again that each bank in Singapore will have its own onboarding process and specific entities and business activities that they accept. With this in mind, it’s important to confirm whether each bank’s requirements match your company before applying to open an account.
As you can see, bank selection is critical to successfully opening a business bank account in Singapore as a non-resident. This is especially true if you require an account to funnel cash or send money to Singapore since some banks may have restrictions on how money can be received.
Unfortunately, accessing this level of information is extremely difficult. In fact, even when contacting banks, many bankers are unaware of the compliance requirements and restrictions that applicants may face. It can also be a struggle to get bankers to respond to you in a timely manner.
Benefits of Opening a Business Bank Account in Singapore
The benefits of opening a business bank account in Singapore ultimately depend on your specific client profile, the corporate financing support needed, and the Singapore banking services your company requires. In other words, the industry you operate in, where your business is located, why you want to bank in Singapore, and the corporate banking services you require.
Of course, not all banks in Singapore offer the same corporate finance services and banking benefits. So, it’s important to consider the exact benefits you are looking for before applying for a Singapore corporate account.
You can do this by using the information available in the GlobalBanks IQ Database or by accessing bank-specific information from our advanced international banking reports.
Here is a look at some of the benefits that attract business owners to Singapore.
Benefits of a Company Bank Account in Singapore
- Highly respected offshore banking jurisdiction
- Politically and economically stable
- Well-capitalized banks
- Accepts foreign and offshore entities
- Deposit insurance up to SGD 75,000
- Strong rule of law and low corruption
- And more
Given that banking in Singapore is perceived as the holy grail of international business banking, opening accounts here can be extremely challenging. It’s important to have the right information, contacts, and strategies when opening a business bank account here.
Frequently Asked Questions
Below are a few of the most common questions we receive from people exploring how to open a business bank account in Singapore. If you have further questions you would like answered, don’t hesitate to get in touch with us directly.
Is It Easy to Open Business Bank Accounts in Singapore?
Whether or not it is easy to open a business bank account in Singapore ultimately boils down to the bank, branch, and banker you choose to open an account with. That said, the account opening process can vary depending on the type of business you have. However, with the right information, opening an account in Singapore can be relatively easy and even possible to do remotely.
How Much Does a Business Account in Singapore Cost?
The cost of opening a business account in Singapore can vary depending on the bank you choose. But also, on the banking services you tap into. That said, generally speaking, most foreign businesses are expected to make at least a six-figure deposit when opening a business bank account in Singapore.
How to Open a Business Bank Account in Singapore for Foreigners?
How to open a business bank account in Singapore for foreigners will depend on your business operations. But also, the location of the business, deposit level, and residency of shareholders. To open an account, foreign entities must meet specific account opening requirements including proof of identification, company financial statements, and a six-figure deposit.
Can I Open a Corporate Bank Account Online in Singapore?
Yes, you can open a corporate bank account online in Singapore. However, not all banks in Singapore offer online account opening. Of the banks that do, not all of them accept foreign businesses. It’s important to choose banks in Singapore that not only accept foreign entities but also cater to similar business types.
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.
