Singapore is one of the leading financial hubs in the world. With its advanced technology, low taxes and efficient transport and infrastructure, Singapore is the place to be for entrepreneurs who wish to expand their business globally.
Singapore has topped the World Bank’s list as the best country to do business for nine consecutive years and has a solid reputation as a financial centre.
Major Local Banks in Singapore
Opening a corporate bank account in Singapore is not easy because the country has stringent laws and regulations to prevent money laundering, terrorist financing, and tax evasion.
Therefore, consultation with incorporation agencies like Enterprise Assurance PAC is advisable. We at EAPAC have developed strong ties with local bank officers. Our staff can assist you in the process of completing all the necessary paperwork and arrange a meeting with the bankers in our office or accompany you to the bank to open a corporate account.
To assist you in choosing which bank you should open an account with, here are the top four banks in Singapore:
Oversea-Chinese Banking Corporation Limited
DBS Bank Limited
United Overseas Bank
Far East Bank Limited
To set up a personal savings account, you will need the following:
- Application Form
- Certified True Copy of the Certificate Confirming Incorporation of Company (“Certificate”)
- Certified True Copy of the Official Company Register (known also as the Business Profile) to evidence the current directors and its shareholders
- Certified True Copy of the Company’s Memorandum and Articles of Association
- NRIC / Passport Copies of the proposed bank signatories
- One Certified True Copy of the Company’s Business Profile from ACRA
- Resolution by the Board of Directors approving the account opening and appointment of the signatories for the bank account.
- Minimum Deposit
Please contact us. We are here to answer your questions 24/7