Opening of Singapore Corporate Bank Accounts for Local & Offshore Companies
Rikvin can assist you with the opening of a Singapore or Hong Kong bank account. In Singapore, your bank account will either be DBS, HSBC or Citibank or any bank of your choice.
Bank Account Opening for Singapore Companies
Due to ever increasing compliance and regulatory requirements, most of the banks in Singapore require your personal presence of the authorized signatories and company officers in order to open a company bank account.
With exceptions, some banks do allow you to open a bank account without your physical presence as long as the necessary signatures are witnessed by a notary public overseas.
The minimum balance requirements for a company bank account in Singapore vary from bank to bank. The minimum average balance requirement at OCBC, DBS, UOB and Standard Chartered is $10,000 per month. A monthly service charge ranging from $15-50 will apply if the minimum balance requirement is not met.
Bank Account Opening for Offshore Companies
The accounting opening procedure and the requirements are the same as for Singapore companies except that more extensive “KYC” (Know your Client) due diligence process is required before opening of a bank account.
Among other common questions the bank would ask on case to case basis are
- intended business activities, customers,
- where the source of funds will be coming from
- the anticipated annual turnover,
- the size of transactions,
- detailed background of the beneficiaries,
- bank reference letters,
- proof of beneficial ownership, etc.
- Some banks may also require you to provide Certificate of Incumbency and Certificate of Good Standing for your offshore company.
The approval for offshore accounts is done on a case-by-case basis. Due to our excellent banking relationships with most of the international & local banks based in Singapore, Rikvin can assist you in setting up a corporate bank account quickly and easily.
- Singapore Banking Sites
- Citibank Singapore
- HSBC Bank
- Standard Chartered Bank
- UOB Bank
- DBS Bank