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Opening of a corporate bank account in Singapore
From 500 $
Russian version
Opening of a corporate bank account in Singapore
From 500 $
Singapore is one of the largest financial centers in the world. There are more than 200 banks, including 111 commercial banks providing a wide range of banking services.
RSBS provides a full range of services for opening a corporate bank account in Singapore
Reasons for Singapore's popularity as a financial center:
Banking confidentiality and privacy
Lack of exchange controls
The ability to quickly and easily send and receive foreign payments
The ability to manage your account remotely from any country in the world
The ability to link widely used international payment systems (Stripe, PayPal, etc.)
Stable currency
All Singapore dollar current and deposit accounts are insured for at least SGD 75,000 under the deposit insurance scheme.
Singapore is a reliable jurisdiction with an excellent international reputation
Consultation on the selection of a suitable bank
What is included in the service:
1000 $
Standard service package
Preliminary negotiations with the selected banks about the possibility of a bank account opening
Consultation on the package of necessary documents, according to the requirements of the selected bank
Assistance in document preparation and verification for the bank
Consultation on the effective cooperation with the bank
Arrangement and support of an interview with the selected bank in case of preliminary approval of the application by the bank
Control of the issuance of bank tokens and receipt of bank cards for account management
Bank account in Singapore
Cost:
1000 $
Comparative table of the top banks in Singapore
Number of offices in the world
Bank assets (SGD)
Bank profit (SGD)
Number of employees
646 billion
14.6 billion
Over 29,000
Over 30
Year Established:
1968 (Singapore)
S&P credit rating:
AA-
The Banker: 5th place in Asia (not including China and Japan), 56th place in the world
Positions in the ratings:
521,4 billions
10,1 billions
Over 30 000
More than 480 offices in 19 countries and regions
Year Established:
1932 (Singapore)
S&P credit rating:
AA-
The Banker: 11th in Asia (not including China and Japan), 74th in the world
Positions in the ratings:
423 billions
9,2 billions
Over 25 000
More than 500 offices in 19 countries and regions
Year Established:
1935 (Singapore)
S&P credit rating:
AA-
The Banker: 10th place in Asia (not including China and Japan), 68th place in the world
Positions in the ratings:
4938 billions
114.9 billions
Over 300 000
Offices in 29 countries and regions
Year Established:
1936 (Singapore office), 1912 (China)
S&P credit rating:
A
The Banker - 4th in the world. S&P Global - 4th in the world
Positions in the ratings:
3118 billions
15 billions
Over 210 000
Offices in 98 countries and regions
Year Established:
1902 (Singapore Office), 1812 (USA)
S&P credit rating:
A+
The Banker - 8th in the world. S&P Global - 13th in the world
Positions in the ratings:
Количество офисов в мире
Кредитный рейтинг S&P:
Активы банка (SGD)
Более 30
AA-
646 миллиардов
Позиции в рейтингах:
Отчет банка за 2020 год
The Banker: 5 место в Азии (не вкл. Китай и Японию), 56 место в мире
Год основания:
Более 29 000
14,6 миллиардов
1968 (Сингапур)
AA-
Количество офисов в мире
Кредитный рейтинг S&P:
Активы банка (SGD)
Более 480 отделений в 19 странах и регионах
AA-
646 миллиардов
423 миллиардов
AA-
Более 500 отделений в 19 странах и регионах
Активы банка (SGD)
Кредитный рейтинг S&P:
Количество офисов в мире
Количество офисов в мире
Кредитный рейтинг S&P:
Активы банка (SGD)
Отделения в 29 странах и регионах
A
4938 миллиардов
3118 миллиардов
A+
Отделения в 98 странах и регионах
Активы банка (SGD)
Кредитный рейтинг S&P:
Количество офисов в мире
Completed account opening form
Fill out the form at the link
Confirmation of address of director(s) and shareholder(s)
Any official document in English that lists the name and address (bank statement, utility bill, etc.) can be used as proof of address.
Company Bizfile *
For RSBU customers RSBU is provided
Letters of recommendation from banks
Recommendation letter from the bank where the director/shareholder has a personal account. Preference to Singapore banks or foreign banks represented in Singapore.
Copies of passports of director(s) and shareholder(s)
Scanned color copies of the main page of the passport
Summary of director(s) and shareholder(s)
Summary in English, describing education and activities for at least 10 years.
Company Constitution *
RSBU is provided for RSBU customers.
Company presentation
Company presentation is an information document, which qualitatively describes the intended activity of the company.
RSBU provides services for the creation of presentation materials.
Invoices / contracts / partnership agreements / letters of intent from clients
RSBU supports the search for potential partners, clients in the Asian region.
Company website
A company's website must reflect information about the company's activities. Our subsidiary Rabit Pte Ltd provides website design services for RSBU customers.
A brief business plan
The business plan should reflect the company's plans for at least one year.
Long stay visa to Singapore
Directors, or shareholders with long-term visas to Singapore.
Invoices / contracts / partnership agreements / letters of intent from suppliers.
RSBU supports the search for potential suppliers in the Asian region.
Office/Apartment Rental Agreement in Singapore
For Singapore banks, one of the most significant triggers for a positive decision to open an account is proof that the company plans to operate directly in Singapore.
Confirmation of asset ownership
Real estate, private bank accounts, and other assets by company shareholders.
Any documents confirming the experience and reputation of directors and shareholders in the business.
Registration documents of your businesses in other jurisdictions, translated into English; letters of reference from the place of employment; financial statements of your other companies; other relevant documents and information.
Reasons for refusal to open an account
Banks never reveal their reasons for refusing to open an account. But our years of experience tell us that the most common reasons for refusing to open an account are:
Important!
Do you need help?
If you have any additional questions, we will be happy to answer them!
We have dealt with this topic in more detail in our videos:
Why us?
We speak your language
Since 2013
On the Singapore market
Full range of business services in Singapore
Customers
Data for a group of companies
Testimonials from our customers
RASA Pte Ltd
Tatiana Meshkova
RASA expresses its sincere gratitude to RSBU. Our cooperation began in 2019 with the incorporation of the company and continues to the present day.
Director & Co-Founder, Ecoway Technologies Pte.Ltd.
Dmitry Malakhovsky
We have been cooperating with RSBS since the creation of our company, namely since 2017. This is a team of professionals who can be trusted with tasks of various complexity, from company registration to assistance in some aspects of business. I am grateful and glad for our partnership!
Prima Music Pte Ltd
Anastasia Oleinik
I used the services of RSBU in order to open my own company in Singapore. Good service. The consultants are proactive in answering questions and respond quickly if problems arise.

I recommend it!
RASA Pte Ltd
Tatiana Meshkova
RASA expresses its sincere gratitude to RSBU. Our cooperation began in 2019 with the incorporation of the company and continues to the present day.
Director & Co-Founder, Ecoway Technologies Pte.Ltd.
Dmitry Malakhovsky
We have been cooperating with RSBS since the creation of our company, namely since 2017. This is a team of professionals who can be trusted with tasks of various complexity, from company registration to assistance in some aspects of business. I am grateful and glad for our partnership!
Prima Music Pte Ltd
Anastasia Oleinik
I used the services of RSBU in order to open my own company in Singapore. Good service. The consultants are proactive in answering questions and respond quickly if problems arise.

I recommend it!
Spacefox Pte Ltd.
Vitaly Isayev
Working with RSBU leaves only positive impressions in the memory. The team stays in touch even during holidays and off hours. Our business is quite specific, requiring licensing, knowledge of legal intricacies and in all these matters we receive assistance from RSBU.
Seafood International Trade Pte. Ltd.
Olga
Seafood International Trade Pte Ltd would like to thank RSBU for their long-term and fruitful cooperation. We have been customers of RSBU since its incorporation and RSBU has established itself as a task-oriented and result-oriented company.
Wowlink Pte. Ltd.
Maxim R.
We registered a Private Limited Company in 2020 with RSBU. RSBU team worked perfectly, documents were prepared professionally, registration of the company and opening an account at the bank were successful.
Spacefox Pte Ltd.
Vitaly Isayev
Working with RSBU leaves only positive impressions in the memory. The team stays in touch even during holidays and off hours. Our business is quite specific, requiring licensing, knowledge of legal intricacies and in all these matters we receive assistance from RSBU.
Seafood International Trade Pte. Ltd.
Olga
Seafood International Trade Pte Ltd would like to thank RSBU for their long-term and fruitful cooperation. We have been customers of RSBU since its incorporation and RSBU has established itself as a task-oriented and result-oriented company.
Wowlink Pte. Ltd.
Maxim R.
We registered a Private Limited Company in 2020 with RSBU. RSBU team worked perfectly, documents were prepared professionally, registration of the company and opening an account at the bank were successful.
Frequently Asked Questions (FAQ)
How many banks are there in Singapore?
According to the Central Bank of Singapore (Monetary Authority of Singapore), there are now four local banks and more than 140 foreign banks in Singapore's banking industry. Of these, at least 34 are full-service banks offering various solutions for individuals and businesses. In addition, there are about 100 investment banks in Singapore, which are engaged in capital management of legal entities.


Singapore's largest banks

According to Forbes' 2021 ranking, Singapore's largest banks by total assets are:

  • DBS BANK
  • OCBC
  • UOB
What international banks are represented in Singapore?
In addition to local banks, many international banks operate in the Singapore market. Among the largest international banks are:

  • HSBC
  • CITIBANK
  • STANDARD CHARTERED
  • MayBank
Banks from around the world are also represented in Singapore, including BANK OF CHINA, State Bank of India, the largest Japanese banks MUFG BANK and SUMITOMO MITSUI BANKING CORPORATION.
Reasons why Singapore is popular for opening bank accounts
  • Singapore is a reliable jurisdiction with an excellent international reputation
  • Stable political situation in the country
  • Stable exchange rate of Singapore dollar
  • No currency control
  • Multicurrency accounts
  • Fast ability to send and receive international payments
  • Moderate charges for annual maintenance of accounts (average from $50 to $1500 per year and includes opening an account in all major currencies)
  • Ability to obtain digital bank tokens, debit and credit cards, and checkbooks for account management
  • Remote account management from anywhere in the world
  • Possibility of binding of popular international payment systems (Stripe, Paypal, WISE etc.)
  • Banking secrecy and confidentiality
  • All current and deposit accounts in Singapore dollars are insured by the Deposit Insurance Program for a minimum amount of SGD 75,000.
Can I use my personal bank account for company settlements?
In contrast to the individual entrepreneur (Sole Proprietorship), the Company is a separate legal entity separate from its owner(s). The company must have its own current account in a bank or payment system in order to conduct its activities and to settle accounts for the company (accept payments and pay bills).
What are the requirements for opening corporate accounts in Singapore?
Each bank has its own list of requirements, including a list of required documents, mandatory deposit requirements when opening an account and other nuances.

At the same time, the following basic requirements for opening a current account for business can be highlighted:

  • Providing a complete set of documents (varies from bank to bank)
  • Initial deposit (varies from $1,000 to $100,000 depending on the bank)
  • Maintenance of minimum account balance (varies from $5,000 to $100,000)
  • Presence of directors and authorized signatories at account opening
Can foreigners open a corporate bank account in Singapore?
Foreigners can open a corporate bank account in Singapore for both companies registered in Singapore and foreign companies.

Keep in mind that foreign companies, as well as companies with foreign ownership, carry much higher risks for banks than local businesses, which can lead to huge fines and even revocation of the bank's license. Therefore, banks have higher requirements for companies with foreign directors or shareholders. Each bank has its own list of requirements for foreigners, as well as a list of countries for which it is possible to open an account.
Who should be present at the opening of a bank account?
The default requirement for all banks in Singapore is that all directors and shareholders must be present in person at the interview at the opening of the account.

If the company has many directors and shareholders, the minimum requirement is the presence of at least two directors of the company (of which at least one must be a local director, i.e. a Singapore citizen or a permanent resident), and at least one shareholder of the company.
Is it possible to open an account remotely?
The default requirement for all banks in Singapore is that all directors and shareholders must be present in person at the interview when opening an account. At the personal interview, bank representatives communicate with potential clients, learn about the nature of the business, its development plans and on this basis make a decision to open or refuse to open an account.

At the moment, remote opening of a bank account is possible only in a few banks and only for residents of Singapore (citizens and permanent residents).
How long does it take to open a bank account in Singapore?
Opening a corporate bank account under standard conditions with a personal visit to the bank can take from 2 weeks to 2 months depending on the bank chosen. But it is important to keep in mind that when using the remote opening option, the time frame can be considerably longer.

It will also take another 2-3 weeks to issue and send bank tokens, a checkbook, a debit card and its password.
Reasons why banks do not open accounts
Banks never disclose the reasons for refusal to open an account. But our years of experience will allow us to make our top 10 reasons why foreigners are refused to open a bank account in Singapore:

  1. Wrong choice of bank (Singapore banks have their own "loyalty" ratings. By which I mean the list of countries and industries with which this bank works).
  2. You have not convinced the bank of the reality of your business. The bank is not interested in start-up companies with vague plans, incomprehensible business model and tiny (by banks' standards) turnovers.
  3. You have not convinced the bank of the need for a bank account in Singapore. A classic situation - the client said my counterparties in Russia, Kazakhstan and China, followed by a logical question - why do you need an account in Singapore and you need to be prepared for this issue in advance.
  4. Mistakes in the application, indicating unreliable or insufficient data, lack of site,
  5. Ignorance of bank compliance requirements. Every bank has a list of unfavorable countries, nationalities and types of activities that are considered high risk. This can lead to information that banks would consider to be high risk and this in turn can be a reason to refuse to open an account.
  6. Failure to provide a complete list of documents that can verify the seriousness of you and your company. (Write in the comments if you need a checklist and we will send it to you)
  7. Improper interview behavior, including disclosing information in the interview that will alert bank representatives rather than convince them of your trustworthiness.
  8. Directors or shareholders of companies appearing on international blacklists (down to a mere name match)
  9. The bank has suspicions of suspicious transactions, including money laundering, in which the CIS countries are suspected by default.
  10. A serial nominee director. If your nominee director has more than 12, maximum 15 companies, your chances of opening an account tend to zero.
How to improve your chances of opening a bank account in Singapore
There is no panacea that will give you a 100% guarantee of opening an account in Singapore. But here is a list of tips which factors can significantly improve your chances of opening a bank account in Singapore:

  • Availability of operating similar business in other countries,
  • Proven experience of directors and shareholders in the company's business,
  • A strong resume in business English of the company's directors and shareholders,
  • Strong website presence,
  • Existence of contracts/agreements of intent with prospective clients and partners,
  • Availability of invoices and proof of payment (for existing businesses in other countries)
  • A nominee director with a minimum number of companies (the less the better)
  • Giving the vetted nominee director at least limited access rights to the bank account
  • Having business clients/partners in Singapore
  • Work or long-term visa to Singapore
  • Availability of office and employees in Singapore
Can you help me open an account at any bank?
There is no barrier for us to open an account with any bank in Singapore, as long as:

  • Your preferred bank opens the type of accounts you need (if the bank does not have the necessary license and does not provide certain services in Singapore, it will not be possible to open an account)
  • You/your company meet the requirements of the bank
What are the alternatives to opening a bank account?
If you are a startup and do not qualify for a bank or for some other reason you cannot open a bank account in Singapore, in fact you have 3 main alternatives:

  • registration of a fully nominee company, with a nominee director and shareholder resident in Singapore
  • Account opening in another country
  • account opening in the payment system
The advantage of the first option is the speed with which you can open a bank account for the company and no need to personally fly to Singapore, but the cost of maintaining a fully nominal company is much higher.

Opening an account in another country or payment system gives you the ability to make settlements on behalf of the organization, but does not solve your problems if you need settlements within Singapore. If you don't really care about settling inside Singapore, you can use one of these options, build up connections and contracts with which you can later come to a Singapore bank. In this case, opening a bank account will be much easier for you.
What to choose: a bank account or a payment system account?
In cases where:

  • You are planning a large turnover (over 1 million dollars),
  • You will have large transactions (over $10,000)
  • You plan to obtain a work visa to Singapore
  • You plan to rent an office/open retail outlets and be active in Singapore,
In any of the above cases, we recommend that you open a bank account for your company, as the reliability and functionality of bank accounts is currently much higher than that of payment systems. It's more convenient for you and your clients, and the fees are lower on average than those of payment systems.

In case of difficulties with opening an account in a traditional bank (impossibility of flying to Singapore to open a bank account in person, refusal of the bank to open an account, etc.), we recommend you to consider a payment system as a temporary alternative to a bank account.
How do I connect Internet acquiring in Singapore?
As a rule, Internet-acquiring can be connected to a company's existing bank account. The ability to connect, as well as the fees and conditions for this service differ from bank to bank. With Internet acquiring, customers can pay you with credit cards and the money comes directly to the bank account. An alternative to bank acquiring can be an account in PayPal, Stripe and other popular international payment systems which will allow you to receive payments by credit or debit card, in this case money comes to an account in these payment systems and you can withdraw it to your desired bank account.