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Open a bank account in Singapore 2021

Features of opening a bank account in Singapore

2021-01-06
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Singapore's banking system is characterized by stability, reliability, a high level of asset protection and confidentiality. There are hundreds of banks owned by international companies with branches in different countries. Opening a bank account in Singapore allows customers to work in rapidly developing markets in Asia, Europe and America.

The advantages of the banking system of Singapore

  • Stability and minimum financial risk for customers.
  • High service.
  • Russian-speaking staff in many banks.
  • The ability to open accounts in different currencies.
  • Wide choice of financial services.
  • Fast processing of applications.
  • Deposits are insured by the state.
  • High confidentiality.
  • Developed Internet banking.

What is required to open an account

To open a legal account with a bank in Singapore, you need to provide the following:

  • passport;
  • сompany registration paper;
  • articles of Incorporation;
  • memorandum of association;
  • list of directors, shareholders, beneficiaries;
  • Good Standing certificate, if the company was registered more than 1 year ago;
  • documents that confirm the company's financial activity (bank statements, contracts), dated no later than 6 months.

The list is not complete, so banks may require other documents. All papers must be certified by a notary and translated into English. To open an account, you must be present in person or send a representative.

Top Banks in Singapore for account opening

Singapore has many TOP banks, many of which were once the best financial institutions in the world.

DBS Bank

To open an account with DBS Bank means trusting the best financiers in the world. In 2021 it was ranked 12th in the list of the most reliable banks in the world. DBS Bank works with different currencies, securities, asset management, and offers financial services. It has branches in many Asian countries, giving it access to the Asian market.

OCBC Bank

Opening an account with OCBC Bank is another good option. In 2021, it was ranked 14th on the list of the world's most trusted banks. It is one of the oldest banks in the jurisdiction, founded in 1932. It has offices in 18 countries. The bank offers a huge number of services, including opening an account for a non-resident.

UOB

Do not make a mistake if you decide to open an account with UOB which was founded in 1935. In 20116, it took 4th place in the list of the most reliable banks in Asia. It has branches in Europe, North America, Asia, and the Pacific. It offers a wide range of services, including international remittances, investments, treasury services and brokerage.

Maybank Singapore

Opening an account in Maybank Singapore means working with an institution that belongs to the leading banking group in Asia. It works since 1960. The bank is focused on working with small and medium-sized businesses and opening an account in different currencies. It has offices in many Asian countries as well as in the United States. The list of awards includes the best mobile banking in Asia.

CITIBANK Singapore

Planning to enter the U.S. market, we recommend opening an account with CITIBANK Singapore. This is a division of the American CITIGROUP, one of the largest financial institutions in the world. In 2012, the bank was named the best in Southeast Asia. CITIBANK Singapore works with legal entities and individuals, providing a variety of services, including multi-currency account opening.

How to open an account in Singapore

If you need to open an account in Singapore 2021, contact IT-OFFSHORE specialists and we'll find you a good deal.

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