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Introduction to bank account opening in Singapore

Singapore is a multicultural immigrant country, and the economically developed people live a rich life. After decades of rapid development, Singapore has become a global metropolis of "Trade Center + financial center + headquarters economy + investment center". According to the wealth Watch report in London, Singapore is currently the fourth largest offshore wealth management center in the world. It is expected that Singapore will become the largest offshore wealth management center in the world by 2020.

Singapore VS Hong Kong / overseas Islands


At present, the monetary authority of Singapore still implements relatively loose policies, and the success rate of account opening is usually relatively high. However, the Bank of Singapore has a fast response speed and a reasonable degree of risk control.

Hong Kong / overseas Islands

In the past few years, Hong Kong banks were judged by foreign governments to be related to major tax related issues and imposed huge fines. At present, Hong Kong banks have strict risk control over new accounts and existing accounts, and the success rate of account opening is getting lower and lower.


Pay attention to deposit the first deposit on time, keep enough minimum deposit, do not deal with the funds in the risk areas, avoid the sudden large amount of funds in excess of the normal business amount, so as to maintain the normal use of the account and prevent it from being closed.

Hong Kong / overseas Islands

It not only includes the requirements of Singapore bank, but now more and more Hong Kong banks require that enterprises holding accounts should provide annual financial reports, audit reports (audit reports of Hong Kong companies), reply to investigation letters within a time limit, declare their tax status, etc. otherwise, the accounts will be directly frozen or forced to close.

Information required for Bank of Singapore company to open an account

Application conditions for company account opening

Provide basic documents of the company (registration certificate, articles of association, business registration certificate; bank flow of the company's account for nearly 6 months, etc.)
Provide basic documents of shareholders (passport, address certificate, resume, etc.)
Fill in the preliminary review form of the company

Advantages of company account opening

Facilitate the settlement of international trade accounts;
Various currencies are freely convertible
Simple daily operation of account
Online banking can be opened for transaction

Individual account opening of Bank of Singapore

Application conditions for individual account opening

Passport for account opening
Tax number (China ID card or third country tax number; third country tax number is recommended to match with long-term visa to support the rationality of tax number)
Address Certificate (valid address certificate within the past three months shall be provided, including water, electricity and gas bill with customer name and address issued by government department, or bill with customer name and address issued by bank, etc.)
Fill in KYC document

Advantages of personal account opening

High security, no foreign exchange control
Flexible transfer and secure privacy
Optional bank for bank account in Singapore
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