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
