Opening corporate accounts in Singapore in 2023

The opening of a bank account always accompanies registration of a company in Singapore. BS Bank, OCBC Bank, Citibank, and other institutions provide this opportunity. 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.

You need to know about corporate account for foreign business

Singapore banks have strict rules set by the Central Bank to prevent money laundering and fraud. Therefore, there are rigorous requirements for foreign businesses. To set up a bank account in Singapore in 2023, you need to provide 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 because they carefully check them. First of all, the officials 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 company's director. If everything is in order, the bank will open an account.

Where to open a corporate account

Many banking institutions in Singapore work with foreign companies, each with its peculiarities. Choosing a bank, one should consider its reputation, conditions, and requirements for foreigners, availability of branches abroad, online banking, and cost of services.

The best banks for foreigners are:

• DBS Bank - the largest bank in Southeast Asia with more than 20 branches and 40 branches abroad in Singapore. Also it has branches in many countries including Hong Kong, China, Australia, USA, Thailand, Japan, UK, India, etc.
• OCBC Bank is the second largest institution in the country. 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 over 400 ATMs in Singapore and 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.