Singapore Bank Account Opening

Opening a corporate bank account in Singapore

Opening a bank account in Singapore is straightforward, thanks to its top-notch banks and financial institutions. They ensure trustworthiness by conducting thorough checks, following strict Anti-Money Laundering and Counter-Financing of Terrorism (AML/CFT) rules. Singapore’s adherence to FATF’s guidelines is impeccable, with no lapses in compliance. Thus, every Singapore bank requires a detailed Know Your Customer assessment before accepting new customers.

The bank’s customer due diligence (CDD) process

This is effective management of banking regulations. It includes verifying the identities and backgrounds of key company personnel, funding sources, company legal structures, and the nature of company operations. Onboarding involves checks on (PEPs) and assessment of adverse media risks. If the CDD process triggers any alerts, banks may request additional clarification or refuse account opening.

Singapore’s MAS utilizes data analytics as a key regulatory tool, involving collecting and analyzing financial data to detect suspicious activities. Banks also verify the legitimacy of companies set up in Singapore.

The Impact Of Successfully Opening A Bank Account On Any New Business Operation

One of the main purposes of the existence of any commercial bank is to assist enterprises in operating and managing their financial transactions. Therefore, banks are engaged in the business of opening bank accounts. In light of the new account opening regulations, you should be aware of the following:

Suitable for economic and commercial reasons

Although the rules for foreigners are strict, as long as you set up your company for appropriate economic and business reasons. Make sure you are not from a sanctioned country and you have a simple and clear legal structure for your company.

You can open a bank account for your company in Singapore. The key is to understand the bank, which needs to know you and your business. By law, banks are required to conduct due diligence on their customers to comply with regulations designed to combat money laundering and terrorist financing. Banks must identify a handful of bad apples from the vast majority of real businesses. They have to figure out if a new client company could be the front line for money laundering; This is a difficult task, especially in the case of startups, as there is no business history or track record to refer to. Therefore, banks need detailed information and documents from companies to better understand their business and risk profile.

More and more banks are embracing video

If you are a foreigner, banks will take longer to complete their Customer Due Diligence (CDD). Fortunately, more and more banks are starting to accept video interviews instead of requiring face-to-face meetings in Singapore. This allows our clients to register and open a bank account without visiting Singapore.

Successful Account Opening Decision

When assessing an account opening application, the bank will conduct a comprehensive assessment of the client’s risk profile, including the complexity of the legal structure, the background of the company’s beneficiaries and directors, the nature and geography of business activities, representing clients and suppliers, and an overview of trading activities. Your ability to provide the necessary information to the bank will be key to a successful account opening decision.

Information Requested By The Bank

For locally owned Singapore companies

For Singaporean-owned companies, the information requirements are very simple. With our Fast Track program you can open an account online on the same day with our selected partner banks. Our CSP system will connect you directly with our online partner banks so you can open a bank account. If you have SingPass, no additional documents are required to open your company’s bank account.

ore’s adherence to FATF’s guidelines is impeccable, with no lapses in compliance. Thus, every Singapore bank requires a detailed Know Your Customer assessment before accepting new customers.

For foreign-owned Singapore companies

Because Singapore banks face challenges in accessing foreign national data from government systems, they must gather in-depth information from foreign clients about their identities, professional backgrounds, and business plans. This data collection, verification, and review process can be time consuming. Consequently, when a company is owned by a foreigner, opening a bank account may extend over several weeks.

Bank Account Opening Information And Documents

Certificate of incorporation of Singapore company.
Proof of identity and address of each shareholder, beneficial owner and director of the company.
The background of the ultimate beneficial owner. (This information can be provided in the form of a resume, website or biographical article)
Providing comprehensive company information is advantageous, including details about your proposed business activities and plans, potential clients and suppliers, and expected banking transactions.
Banks recently prefer to discuss this information directly with company representatives during video calls or face-to-face meetings.
When opening a new bank account, some banks may require information about your financial status and background to comply with anti-money laundering and counter-terrorism financing regulations, aiming to confirm the applicant’s identity.
In addition, it is recommended that you retain copies of all relevant documents for future use.

💡Please note that requirements can vary between countries and banks, so we provide expert guidance to assist with account opening.

We helps you open an account smoothly and prepare the required information:

Choose the right bank: Select a bank that offers financial services tailored to your business operations. By choosing a bank and account that align with your company, you can greatly reduce future banking-related issues. Typically, you should consider the following points:

Your expected bank transaction volume
You will deposit the initial capital into the bank.
The average minimum monthly balance you intend to maintain at the bank
Other financial services your business might require
Account minimum account balance requirements
Your customer service executive can provide more information.

Provide all information upfront: Remember, “more is better.” The more information you can provide to the bank about yourself and your company’s plans, the easier it will be for the bank to understand your business model.
Provide information about your business activities, your prior professional experience, potential clients, the nature of your banking transactions, links to your website, and any proposed business plans (if applicable).
To facilitate the account opening process, consider providing recommendation letters from previous commercial banking relationships. If there are any complexities in your background or shareholder structure, anticipate potential issues that may arise and get ahead of them by proactively providing clarifying information.

Honesty: This is the most important rule, so be honest and truthful in the information you provide. If the bank discovers any inaccuracies, it can affect your reputation and make it challenging to work with the bank. Avoid creating an impression of evasion, deception, or dishonesty at all costs.

Address the who, how, and to whom questions: The bank is interested in knowing who will be involved in the future, how transactions will occur, and c) to whom they will be directed as part of your business.

Just follow these simple steps:

Complete company registration
Choose a bank to open an account
Make an appointment with bank
Assist in submitting prepared account opening documents
Make an appointment to meet with the bank and witness the signature
Document signed
Approval will take approximately two to four weeks

💡Please be aware that different banks may have varying account opening procedures, so let us assist you more effectively in opening your account.