Opening corporate accounts in Singapore in 2023

Registration of a company in Singapore is always accompanied by the opening of a bank account. DBS Bank, OCBC Bank, Citibank and other institutions provide this opportunity. The only thing - the rules are tightened every year, so for quick and trouble-free opening a corporate account in Singapore in 2023 we recommend contacting IT-OFFSHORE.

Corporate account for foreign business: what you need to know

Singapore banks have strict rules set by the Central Bank to prevent money laundering and fraud. Therefore, there are particularly strict requirements for foreign businesses. To set up a bank account in Singapore in 2023, you need detailed information about the organization, including:

• Business plan;
• Financial statements;
• Incorporation documents;
• Information about the owners and directors.

Many institutions require the personal presence of the founders, as they carefully check them. First of all, they are interested in the legality of income. Nevertheless, there is an opportunity to become a client of a Singapore bank quickly and without problems by a power of attorney issued to our company.

How to open a corporate account

To register an account, you need to determine the bank that best suits your business. Then collect a package of documents, including:

• A certificate, which confirms the registration of the business;
• Articles of association;
• Copies of IDs of directors, shareholders and authorized persons;
• A copy of the business license (if necessary), etc.

Having prepared the documents, it is necessary to apply for an account, filled in and signed by the director of the company. When everything is in order, the bank will open an account.

Where to open a corporate account

Many banking structures of Singapore work with foreign companies, and each has its own peculiarities. Choosing an institution, one should consider its reputation, conditions and requirements for foreigners, availability of branches abroad, online banking, cost of services.

The best banks for foreigners are:

• DBS Bank - the largest in Southeast Asia, which has more than 20 branches and 40 branches in Singapore. Also it has branches in many countries around the world, including Hong Kong, China, Australia, USA, Thailand, Japan, UK, India, etc.
• OCBC Bank is the second largest. It has more than 80 branches and 200 ATMs in Singapore. It also has more than 500 branches in 17 countries around the world.
• UOB Bank is the third largest in the jurisdiction. It has more than 60 branches and more than 400 ATMs in Singapore and has branches in other countries.

How to quickly become a client of a Singapore bank

Contact IT-OFFSHORE to open a corporate account in Singapore in 2023.