Singapore is a popular destination for businesses due to its strategic location, stable economic and political environment, and its status as a financial hub in the Asia Pacific region. One important consideration for any business operating in Singapore is having a corporate bank account. In this blog, we will take a look at the banks that operate in Singapore and how to open a corporate bank account.
Banks in Singapore
Singapore is home to many global and regional banks that offer a wide range of financial products and services. Some of the major banks that operate in Singapore include:
- DBS Bank
- OCBC Bank
- UOB Bank
- Citibank
- HSBC
- Standard Chartered Bank
- Maybank
- Bank of China
Apart from these traditional banks, Singapore is also home to several digital banks such as:
Digital banks in Singapore are relatively new but have already gained popularity for their user-friendly interfaces, lower fees, and higher interest rates compared to traditional banks.
Requirements to Open a Corporate Bank Account
To open a corporate bank account in Singapore, you will be required to meet certain requirements. They include:
- Company Registration: Your company must be registered with the Accounting and Corporate Regulatory Authority (ACRA).
- Company Director Information: You must provide information on all the directors, such as their personal and professional details, educational qualifications, and their residential addresses.
- Business Activities and Purpose: You must clearly state the nature of your business and the purpose of the corporate account. Examples of business activities include trading, import-export, manufacturing, and service-based businesses.
- Compliance Documents: You will be required to submit compliance documents such as the company’s Memorandum and Articles of Association (MAA), register of shareholders and directors, and a business plan.
- Minimum Deposit: Most banks in Singapore require a minimum deposit to open a corporate account. The amount varies from bank to bank.
With many traditional and digital banks to choose from and having met the requirements, it’s possible to find a banking partner that suits your business needs.
