Opening a bank account in Singapore has never been easy. The country’s business-friendly atmosphere and welcoming policies make it an ideal place to do business. You can’t have a business without opening a business account in Singapore. We’ll help you get your business started by telling you what you need and giving a list of the banks that you can transact with.
Opening a bank account in Singapore requires two main things:
Most banks in Singapore require you to be present when submitting the necessary requirements and signing bank documents. Banks also require some of your majority directors to be with you as well.
Though some will let you open a bank account through an overseas branch they have near you. Or, you could also look for banks that allow you to open a bank account in front of a Notary Public.
Opening a business bank account or any bank account for that matter is a transaction between you and the bank. The bank needs to check if you are who you say you are. If you are trustworthy. If you’re a criminal or someone who’s not worth doing business with. In short, the banks need to see you for financial needs and security.
Opening a bank account in Singapore requires you to check the business bank account types that banks offer. Read their policies and guidelines before you do a business account opening. Choose which bank suits your preferences and needs, to help you decide we’ll give you some examples of Local and International banks present in Singapore.
The Development Bank of Singapore (DBS) DBS requires you to be present along with your signatories for a face to face interview, but they also offer online applications. You can submit the required documents online and if the bank allows you can skip the face to face interview and just do it online. Skype, Facetime or phone call interviews are upon the discretion of the bank. For enquiries about the services they offer visit their website DBS.com
Oversea-Chinese Banking Corporation (OCBC) OCBC does not allow online applications. You need to be physically present in opening a business bank account with them. There are instances when you can bypass the whole face to face interview, but again same with DBS this is up to the bank’s discretion. For enquiries about their account types and offers, you can visit their site OCBC.com
United Overseas Bank (UOB) Similar to OCBC and DBS, UOB would require you to be present when opening a bank account in Singapore. For more enquiries about their services you can visit their website UOB.com.sg.
Singapore also has international banks that offer a company bank account. If you already have an account with any of these banks, then you can set up a business bank account more efficiently.
Opening a bank account in Singapore is easy, so long as you have all the requirements and the time to personally go to your chosen bank. And the good news is, with Singapore you don’t have to worry about language barriers because all banks use English as their medium of communication.