In this article, we’re exploring who can open a business bank account in Singapore. We’ll share details on how to choose where to access the best corporate services and where to open a Singapore business bank account. 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 who can open a business bank account in Singapore.
Table of Contents
- Who Can Open a Business Bank Account in Singapore?
- How Do I Choose Where to Open a Business Account in Singapore?
- Frequently Asked Singapore Banking Questions
- Do You Want to Open a Singapore Bank Account?
Who Can Open a Business Bank Account in Singapore?
Determining who can open a business bank account in Singapore requires the applicant to consider their client profile, perceived risk, their reasoning for banking in Singapore, and their ability to meet banking requirements imposed by banks in Singapore.
Foreign entities, local companies, and offshore businesses are eligible to open business bank accounts in Singapore. This includes entities with existing ties to Singapore, planned future ties to Singapore, and no ties to Singapore whatsoever.
Bank selection, however, is a very important factor to consider since not all banks in Singapore accept foreign entities. Some banks have strict onboarding procedures and require proof of local operations to open a bank account. Other banks, while they don’t require proof of local ties, they do require a significant deposit.
Needless to say, knowing which bank, branch, and banker to approach is a critical factor in successfully selecting the top corporate financial services and the best business bank account in Singapore.
How Do I Choose Where to Open a Business Account in Singapore?
Whether or not an offshore company or a foreign company can open a bank account in Singapore depends on various factors, including the type of business they have, where their business operates, the citizenship and residency of the owners and shareholders, and several other factors.
Each bank in Singapore has its unique onboarding process and clients they accept. Before applying, it’s important to confirm whether the bank accepts similar businesses, matches your banking needs, and has requirements you can realistically meet.
If you are interested in learning more about banking in Singapore, don’t forget to visit our comprehensive guide on 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 who can 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.
Can a Foreign Open a Business Bank Account in Singapore?
Yes, a foreign can open a business bank account in Singapore as long as they submit relevant corporate documents, meet opening requirements, make a qualifying deposit, and have a suitable client profile. It’s important to note that not all banks in Singapore accept foreign businesses, so bank selection will be an important factor to consider when choosing where to apply for a business account.
Can an American Open a Bank Account in Singapore?
Yes, an American can open a bank account in Singapore. It’s important to search for banks that comply with FATCA reporting requirements and are registered with the US Securities and Exchange Commission (SEC).
Can a Foreigner Not Working in Singapore Open a Bank Account?
Yes, a foreigner not working in Singapore can open a bank account. The banks available to them depend on their citizenship, residency, banking needs, and reason for wanting to bank in Singapore. Bank selection is an important factor to consider since not all banks in Singapore accept foreigners.
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!
