Banking

1. Features of Singapore Banks

  • As a major financial hub in Asia, Singapore has easy access to various currencies and banking options.
  • There may be differences in initial deposit, average maintenance balance, and application criteria depending on the bank.

2. Available Banks

  • Bank accounts in Singapore may be opened for private limited, branch, and offshore companies

  • Local Bank
    • Most branches and ATMs Banks: OCBC, UOB, DBS
    • Most convenient and suitable for new companies:
      • United Overseas Bank (UOB), DBS Bank
      • Oversea-Chinese Banking Corporation (OCBC)
      • Bank of Singapore (part of OCBC)
      • Far Eastern Bank (part of UOB) etc

  • Korean Bank
    • Advantages of being able to communicate in Korean
    • Convenience of remittance through same system between other Korean banks  
      • KEB Hana Bank
      • Shinhan Bank
      • Woori Bank
      • Korea Development Bank of Singapore Branch

  • Overseas Bank
    • Higher standards for opening bank accounts, compared to local Singapore bank and Korean Banks 
    • Easy to open for companies that can maintain a high account balance
      • BNP Paribas
      • Citibank
      • HSBC
      • Standard Chartered Bank
      • Bank of China
      • Rabobank
      • Royal Bank of Scotland
      • ING Bank, Barclays Bank
      • Credit Suisse
      • Deutsche Bank
      • UBS AG etc

3. Required Documents

  • Biz File by ACRA
  • M&AA
  • Company Brochure & Website
  • Passport/IC Copy of Directors/Shareholders/Authorizer
  • Proof of Address of Directors/Shareholders/Authorizer
  • Contract & Clients/Suppliers Information

4. Pre/Post Support

  • Support provision of required documents: We provide and review the forms
  • Bank account opening service: We open a bank account for the client at our partner banks: OCBC, UOB, CITI Bank 
  • Interview support: We review and provide consulting services to sufficiently meet the bank’s examination standard 
  • Post support: We help the client with bank-related application(s) and make modifications