A quick guide to Singapore business bank account
Let’s start with the basics to make your Singapore banking experience easy-going.
- It takes around 4 weeks’ time to open a corporate bank account in Singapore after submitting all required documents.
- If the client is not able to fly to Singapore, we can provide remote account opening services so the client can stay in his / her home country for the whole process.
Time to set up your account in 4 simple steps
The waiting game is over. Here’s where you can get a Singapore bank account with flying colours.
Find which bank matches your business profile in 3 minutes with our brand new Bank Account Success Likelihood Test.
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Want to know if you are qualified for our No Win, No Fee Package? Check with our dependable consultants in Singapore and get a free consultation.
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We perform free pre-assessment on your submitted documents to match you with the most suitable banks and keep your business information confidential. Your results will be available within 2-7 working days.
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A physical or virtual meeting with your picked bank will be organised in accordance with the complete quotation that will be approved and signed by your end.
Discover the right bank for your business
All it takes is one test to find the perfect banking partner you need.
3-minute bank account success
With a centralised multi-currency corporate bank account, you can start bridging the financial gap and connecting your businesses worldwide.
Know your success rate and scout the finest bank service provider in Singapore with our 3-minute test to experience a convenient business account application while saving a lot of time, money, and energy.
Your 30-second guide to
opening a reliable bank account
How to successfully get a dependable bank account in Singapore for your business? Check out here for 30-second tips like how to secure your company a top-notch bank account in the Lion City and gain maximum growth through uninterrupted transactions.
Don’t let an uncertain application prevent you from reaching out to potential customers and suppliers throughout the globe. Take the first step now.
Why open a business bank account in Singapore?
Set your IT and software ventures in motion right at the centre of Asia’s Tech Hub.
Ensured Fiscal Safety
Singapore’s banking sector is globally renowned for its strict adherence to regulations, providing a secure haven for your business funds.
Securing Your Wealth
Place your finances in a location that offers steady economic growth, favourable political balance, and innovative tools to manage your assets.
Home to Int’l Banking
There are over 100 banks, multinational organisations, and financial institutions in Singapore, with no FOREX control making global transactions accessible.
Robust Fintech Network
The country actively supports digital banking platforms such as Aspire, Statrys, and Airwallex with superior convenience and flexibility.
A prime location for trade and financial companies in Asia is its significant proximity to China, free trade philosophy, and diversified economy.
Asia’s Tech Hub
Singapore is one of the most technologically advanced cities in the world housing numerous influential IT and software companies.
You can ask us anything
We know what’s stressing you out. Check out our most common inquiries.
01 | What are the benefits of a Singapore business bank account?
Singapore banks, like most financial institutions across the world, carefully comply with the Anti-Money Laundering Act and FATCA Regulations, which impose stricter requirements when opening a business bank account, especially for those who are not Singapore residents. This, however, enables the banks to precisely determine a client’s source of funds and global business activities, allowing them to take preemptive measures to guarantee that the accounts are secure. Therefore, holding a Singapore bank account lets you take advantage of :
- No Foreign Exchange Control – International entrepreneurs can send and receive multi-currency cross-border transactions. Plus, they are not required to place a large initial deposit.
- Unique Investment Opportunities – The more than 200 financial institutions in Singapore create various options for growing funds and assets with wealth management services, secure trading platforms, and more.
- Modern Banking System – As Asia’s Tech Hub, Singapore banks offer easy-to-use online platforms for their clients to access and manage the transaction accounts at any time and from any location.
02 | Does Singapore allow foreigners to open a business bank account?
Definitely! Singapore’s foreign-friendly policies encourage global business owners to grow their funds and assets in the country. Opening a Singapore bank account lets you diversify your risk portfolio and minimise political risk in case of sudden turmoil where your finances are currently stored.
A reliable local service provider can assist you in opening a Singapore business bank account without worries. The AsiaBC regional office in Singapore provides a complimentary pre-assessment of your company profile to see whether you meet our bank partners’ client preferences and proactively sets up custom-fit solutions to strengthen your application for a guaranteed Singapore bank account.
03 | What documents do I need to submit for a guaranteed bank account?
For the greater possibility of getting your request for a Singapore bank account approved, it is best to prepare and present the following documents to the banker :
- Board resolution indicating the company’s intention to open a corporate bank account.
- Copies of Certificates of Incorporation, Articles of Association, and Business Registration.
- Personal information of directors and shareholders holding more than 10% of the company.
- Website and business plan.
- Invoices, letter of intent, and other forms of business proof.
- The chances of approval vary from case to case, however to increase your success percentage, our experts will offer a pre-approval assessment for free. If the case fails in the end, you can take advantage of our No Win, No Fee Scheme to receive a refund.
04 | How much are the banking fees, initial deposit, minimum balance, etc.?
Some banks in Singapore require an initial deposit of US$30,000. In general, the collection of fees, payments and balances differs depending on the bank you are applying to but banks typically incur charges for :
- Monthly service charges.
- Counter transaction fees.
- Overdraft fees.
- Transfer charges.
- Early closure fees.
- Inactive account fees.
- Corporate credit card issuance and card replacement fees.
- International transfers / wire transfers.
05 | Can I open a bank account in Singapore without travelling?
Of course, opening a bank account in Singapore from afar is feasible. However, entrepreneurs must have a Hong Kong, Singapore, or United Kingdom company to achieve such (the chances of remote approval depend on case background). Banks may also require local substances in Singapore such as a local office, a local employee, and so on, for which some corporate service providers like AsiaBC can assist to ensure a seamless application without travel.
Combining our consultants’ in-depth knowledge of the account opening process, strong local leading bank network, and proactive suggestions to enhance the whole case further, AsiaBC is committed to providing our clients with a worry-free remote banking experience with specially tailored applications to meet the needs of the bank partners.
06 | What banks in Singapore allow remote bank account opening?
Singapore banks like OCBC, Maybank, and UOB allow foreign SME owners to secure their company a bank account with them remotely. Although there are no nationality limits on company directors and shareholders, it is important to note these banks have a specific requirement that the company should be established within Singapore, Hong Kong or the United Kingdom.
DBS also accepts remote bank account opening but requires the company to have a local substance in Singapore such as local office address, employees, etc.
Additionally, you can increase the likelihood that your application will be accepted by submitting a full set of your company’s incorporation documents and Business Registration Certificate along with the following items :
- KYC personal certificate.
- Bank references.
- Details of proposed business activity.
- Business plan.
- Company website.
- Proof of business like invoices, letters of intent, etc.
- Certified true copy of the passports of all directors, beneficial owners and shareholders who own 10% or above shares.
07 | Other than Singapore, where else can I open a business account without travel?
As banks gradually adopt the modern digital approach to opening business accounts, there are many fantastic alternative countries to choose from when opening an account remotely. AsiaBC’s top overseas banking options have included Malaysia, Switzerland, Mauritius, St. Kitts & Nevis, and more.
However, the approval rate for your application in these countries may still vary depending on the bank’s evaluation, making FinTech (Financial Technology) the ideal substitute while you wait for your official bank account because identity verification for a FinTech account can be completed entirely online and its application success rate is higher than that of a traditional bank account.
08 | What makes FinTech a great alternative to traditional corporate bank accounts?
FinTech is a digital banking platform that functions similarly to regular banks, offering the same features and benefits – global remittances, international payments, issuance of IBAN and swift codes, etc. The only difference that sets them apart is that FinTechs do not have physical branches that customers can visit. Nevertheless, most FinTechs give the same financial security as traditional banks do since the customers’ monetary assets are safeguarded by their licensed custodian bank partners.
- FinTech companies also hold a sanction list restricting specific businesses and nationalities from opening a business account.
- FinTech accounts are subject to incoming and outgoing fees for wire transfer services and subscriptions to keep business accounts active.
09 | Should I open my business bank account in Singapore or Hong Kong?
The four criteria that business owners should take into account when choosing their banking jurisdiction: safety, security, reliability, and accessibility — are all present in Singapore and Hong Kong.
With their extensive variety of prestigious banks, multi-currency accounts, and online services for a better banking experience, both Singapore and Hong Kong provide an adaptable, secure, and well-protected economic environment for global enterprises. They also strictly comply with KYC procedures to accurately establish their clients’ financial activities and implement the ‘No Foreign Exchange Controls’ policy for convenient cross-border transactions. However, when it comes to account opening, banks in Hong Kong still prefer face-to-face appointments with their clients, giving Singapore an advantage because the country openly accepts remote applications.
10 | How does AsiaBC’s No Win, No Fee Scheme work?
The ‘No Win, No Fee’ arrangement at AsiaBC aims to provide our clients with a quick and affordable solution for finding their company the right banking partner.
To recommend the best bank for your company profile, our qualified experts will thoroughly evaluate your business documents and create applications that are tailored to your nationality and preferences. After we receive the pre-approval indication from the bank, you will be given the choice of continuing or stopping your application. 90% of the service fees will be returned if we are ultimately unable to open a bank account for you. To understand more, you can chat with our advisors on WhatsApp right here.
- Rejected applications during the pre-assessment period will incur no charges.
- After the pre-assessment period, bank costs during the application will be subtracted from the total service amount for any refund case.
Why choose AsiaBC to open a corporate bank account?
We find you the most suitable banking partner with custom-fit services made just for you.
1Top Multi-Bank Choices
Thanks to AsiaBC’s strong partnership with Singapore’s prime banking platforms, we stay up to speed on the banks’ most recent KYC procedures and client preferences.
We make things easier. Send us your documents online and we will assess your profile to prepare a befitting application that suits our banking partners’ requirements.
3Time & Money Saver
Save yourself the trouble and unnecessary costs. We submit your customised application to our partnered banks and scout the finest platform that will cater to your demands.
4Under One Umbrella
All you need to keep your business up and running in Singapore starts here – incorporation, registered address, accounting, audit and low tax arrangement.
We combine our 13+ years of experience, solid local and overseas partnership, and bank account expertise to serve our clients better. View our Trustpilot ratings here.
6No Hidden Fees
You can get the most out of our services. AsiaBC’s pricing system is fair and square to guarantee that our patrons will receive high-quality solutions at a reasonable price.
Other services we excel at
Keep your business going and growing with our premium value-added services.
SG Remote Company Formation
+ FinTech Digital Account
Take your business to greater heights without leaving your home country. Incorporate your Singapore company online and open a business banking account for quick and straightforward global transactions. Plus, a local company secretary and resident director will be provided to handle all essential statutory requirements.
Unveil the economic benefits the Lion City has to offer and thrive in one of the world’s most technologically advanced metropolises.
Master bank account opening with our insider blogs
Delve into our blazing hot blog posts to explore the latest trends in the Singapore community.
3 Benefits of a Singapore Bank Account for HK & Offshore Companies3 min readShow more
International entrepreneurs are worried about the safety of the Hong Kong banking industry and the security of their capital assets placed in Hong Kong financial institutions due to the new rules introduced.
Hong Kong account holders are now creating a backup plan to protect their business and personal finances by diversifying their money globally through remote offshore bank account openings.
Here are three reasons why setting up a bank account in Singapore is the best option to consider :
Minimise Political Risk — Certain Hong Kong business owners believe that the recent regulatory changes pose some uncertainties to Hong Kong’s banking industry.
Singapore has emerged as an alternative jurisdiction to set up an offshore bank account because it is one of the world’s safest banking jurisdictions and allows for convenient access to your accounts whenever you need it.
Diversify Your Risk Portfolio — Singapore is one of the key global financial hubs that support international businesses with an excellent banking system. The city’s ‘no capital control’ policy lets entrepreneurs freely exchange currencies and transact in and out of the area.
The city’s offshore bank accounts provide a convenient platform for global enterprises to store their foreign business assets safely. Plus, it allows them to send and receive funds worldwide.
While Singapore Dollar (SGD) is not the required base currency, acquiring a multi-currency bank account can help reduce your wealth’s market volatility.
Ready to Take Quick Action — It’s better to be early than a minute late. Diversifying your financial assets overseas before the authority starts imposing capital controls or collecting tax on bank accounts is one of the ideal ways to secure your savings.
There is a misconception that only the rich can open a Singapore bank account but let’s set the record straight. Anyone can acquire a business account in Asia’s Lion City in 2 to 3 weeks, provided that you can present the following :
- A minimum deposit of US$30,000 (or another currency in equivalent value).
- Company owner(s) personal information and identity documents.
- Business proof including but not limited to signed contracts and agreements, existing bank statements, invoices, receipts, etc.
Company owners or shareholders who are Singapore citizens or residents can acquire a Singapore business bank account more easily (an experienced agency can help in this part if you are a foreigner). Plus, there are Singapore banks that allow remote bank account opening, so you can secure your corporate account from anywhere you are.
The Bottomline — Despite the fact that Hong Kong has been ranked as one of the world’s most business-friendly environments, its status as a major financial centre is evolving. People’s concern about how they can protect their capital investments in the city have grown in response to this trend.
As with any Hong Kong bank, the only requirements for a typical business to create an offshore bank account in Singapore are the relevant paperwork and a minimal deposit amount.
Work with AsiaBC as your Singapore and offshore service provider and take the pre-approval assessment free of charge. Our team will ensure that you can open your corporate account online with a reputable bank in Singapore without having to physically visit the city.
Introduction to Business Entity Types in Singapore for Hong Kong People3 min readShow more
Singapore’s unincorporated and incorporated bodies are the two types of business entities similar to Hong Kong’s business registration system, and incorporated companies usually outnumber the unincorporated ones. The Limited Liability Company is Singapore’s most common business structure, followed by the Limited Liability Partnership.
Why are entrepreneurs in high favour of the incorporated business framework? This is because the structure separates the owner from its legal entity allowing the company itself to perform business activities under its name. When individuals enter into contracts like buying and selling or signing employment agreements, they make arrangements with your company.
Business owners are protected from all liabilities when they separate their businesses from their assets. Any debts and legal risks are placed under your business name if your company gets into an unexpected situation. On the other hand, you will be held responsible for unlimited loss and legal risks if you are registered as an unincorporated body.
When you are solely liable for your company, there is a high risk of being sued by third parties to compensate for the losses incurred during business transactions. If the court rules against you and directs you to bear the damages, you are obligated to sell your assets to pay off your debts and might declare bankruptcy.
That said, registering and maintaining an unincorporated entity is easier and quicker but choosing the ideal company setup for your venture is only the first step. Writing a business plan and opening a business bank account are still a significant priority.
Let us outline the different types of Singapore companies available to foreign entrepreneurs. However, compared to other global business hubs like Hong Kong, the Singapore Government requires a high locality level for ventures incorporated in the region.
First, the company director must be a permanent resident or a citizen of Singapore as required by the Singapore Government.
Second, the company must appoint a local if the company director resides outside the region.
Last, you can complete your company formation in Singapore by hiring a local service provider to assist you in establishing your business in a time- and cost-efficient way.
Sole Proprietorship is a type of entity that is owned and managed by one person with no business partners. A Sole Proprietorship has complete control over how the company will run. Sole proprietors must be Singapore citizens or permanent residents.
A Partnership is formed when there are at least 2 to 20 members. It must be registered under the Companies Act once it exceeds the maximum number of partners.
The Limited Partnership consists of a general partner and a limited partner and is not a separate entity from them. The General Partner is personally responsible for the debts and liabilities of the company and is in charge of the business’s decision-making and activities. On the contrary, the Limited Partner is not held accountable for the same responsibilities above the agreed contribution since the partner is not fully involved in the company’s operation.
Limited Liability Partnership protects the business body by legally separating the business from its personal assets and provides flexibility to operate as a partnership. Such a partnership can therefore acquire a property, implement perpetual succession, or sue or be sued. However, the entity’s partners are not personally responsible for any financial obligations incurred by the company, but one particular partner may be held liable for losses incurred as a result of unlawful acts, while other partners are not.
A Local Company is almost similar to a Limited Liability Partnership – the rights to own a property, perpetual succession ruling, and can take legal actions in the course of business but is incorporated in Singapore. This type of structure has two different company types :
- Private Company Limited by Shares (LLC).
- An Exempt Private Company.
- Public Company Limited by Shares.
- Public Company Limited by Guarantee.
A Foreign Company is a type of business entity incorporated outside Singapore’s jurisdiction. They can operate within the region by registering as a local corporation or declaring it a foreign branch through the Companies Act. A registered business name, one local authorised representative, and a local registered office address in Singapore are the three basic prerequisites for establishing a business in the Lion City.
The Leading Hubs for Doing Business in Asia – Hong Kong vs. Singapore4 min readShow more
Where exactly should an entrepreneur begin when they are starting their business? Which part of the world has the most incredible opportunities for your company’s growth and development?
Your company’s future depends on a number of variables, including market, suppliers, accessibility, convenience, and more. These are the same factors that a business owner must take into account when deciding where to incorporate their company.
Together with South Korea and Taiwan, Hong Kong and Singapore are part of the 4 Asian Tigers and continue to stake the claim to be Asia’s most business-friendly cities. The unbeatable qualities are what make these 2 cities the top choices for global entrepreneurs, and they should also be on your list.
In the Heart of Asia — Hong Kong and Singapore have a lot to offer, including their strategic geographical position allowing international entrepreneurs to connect to different countries and their bordering Asian regions.
With easy access to Shanghai, Beijing, and other cities, Hong Kong is the ideal location to work with mainland China. On the contrary, Singapore is renowned for its trading activity with the city’s top-notch harbours and biggest airport.
Tax-Friendly Framework — Hong Kong’s two-tiered tax system entices entrepreneurs to register their businesses in the region. The city imposes a super low profits tax of 8.25% on the first HK$2 million in net profits, a standard income tax of 15%, and a property tax of 15%.
In comparison, Singapore has a single-tier tax structure with a profits tax of 17%, a non-resident wage tax of 15%, and a property tax collection depending on the annual value of the property.
Dynamic Workforce — Hong Kong and Singapore provide a quality workforce that is highly motivated, skilled, adaptable, and English-speaking, each with its field of expertise.
Hong Kong is known as Asia’s Financial Hub, mainly focusing on the business and finance field. Meanwhile, Singapore is proud of its IT and software development companies giving them recognition as Asia’s Tech Hub.
Stable Economy — Hong Kong and Singapore are the most sought cities to start a business because of their strong economies, advanced telecommunications, and competitive infrastructures.
Hong Kong has earned its title as World’s Freest Economy because of its free trade, free enterprise, and free-market regulation. On the other hand, Singapore’s dynamic exporting, particularly in electronics, machinery, and equipment, has made it easier for entrepreneurs to find buyers.
Bank Account Opening — Hong Kong and Singapore strongly support international businesses’ banking needs. Still, the cities’ list of influential banks and leading FinTechs strictly adhere to the Know-Your-Client (KYC) procedure to comprehensively evaluate the application, verify the applicant’s source of funds, and determine the monetary activity they should expect from their accounts. Therefore, hiring a professional advisor to conduct a thorough pre-assessment of your company profile and business documents is vital to determine the probability of acquiring a corporate bank account in Hong Kong vs. Singapore after incorporating your venture.
It is a given fact that traditional banks have a time-consuming procedure, making business owners opt to open a FinTech (Financial Technology) account as their backup plan. This platform is a substitute while waiting for their regular bank accounts to be approved and to continue carrying out global transactions without delay.
Easy Company Formation — It only takes 1 day for foreign entrepreneurs to form their business in Hong Kong, provided that their company has one sole director, who can be a non-HK resident, and one HK resident company secretary, who can be provided by a local agency. Plus, the city has no nationality restriction, making it easier for international business owners to set up their ventures in the area. Quite the opposite, Singapore requires a company to have one sole director and one company secretary, both residents of Singapore.
Choosing the location for a company is part of your business strategy, and finding the ‘best’ or ‘perfect’ site to launch your venture can be too overrated. Hong Kong and Singapore are no exceptions to the factors you need to consider when establishing your enterprise since these are the things that can make or break your business. The qualities these cities have could help or harm your business growth. Deciding where to position your business needs extensive research, analysis, and networking efforts.
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