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FAQ of bank account opening in Singapore

Views:1601Time:2020-06-08

Singapore is the third largest international financial center after New York and London, and also one of the important service and shipping centers in Asia. More and more enterprises want to expand their overseas markets have registered in Singapore, and will be headquartered in and Singapore. The Singapore account is one of the standard configurations for Singapore companies. Here is a brief summary of the common problems of opening accounts in Singapore banks.

Singapore company registration

1. How long does it take to open an account in Singapore?

Each bank handles the account opening procedures at different times. Some banks can complete the account opening procedures on the same day, while others may take several weeks.

2. Conditions for opening bank account in Singapore

The first requirement for a Singapore bank account to be opened in the name of a company is that a Singapore company has been registered. The company can be a Hongkong company, or a British company, a Hongkong company, a BVI company, a Cayman Company Incorporation, etc. but Singapore does not accept the direct application of Chinese mainland enterprises for opening accounts, because the company law of the two places is quite different from each other and can not be reasonably controlled.

3. What are the requirements for the Bank of Singapore to open an account?

Generally, the bank account in Singapore is multi currency. If it is a Singapore dollar account, it needs to deposit 3000 Singapore dollars in one week after the account is opened. If it is a US dollar account, it needs to reach 8000 US dollars per day one week after the account is opened. If it is not, the bank will charge management fees.

4. Do you need to visit Singapore to open an account

For Bank of Singapore to open an account, shareholders can choose to sign in person in Singapore. Signing bank related documents requires the signature of the administrator designated by the account opening company. Generally, they are directors of the company, and at least two directors are designated. Of course, domestic face-to-face signing service is also available. Shareholders' directors can open accounts without signing in Singapore. This method is also relatively easy to operate, while the policy allows, you can apply quickly.

5. What should we pay attention to when registering for bank account maintenance in Singapore

① Bank accounts in Singapore remain active and have certain deposits;

② Do not collect money on behalf of others, and put an end to any capital transactions with illegal channels;

③ Avoid business with countries of the Republic of China, such as Congo, Iraq, Iran and other war-torn countries.

④ Avoid frequent lump sum deposits and withdrawals or transfers;

⑤ Actively cooperate with the bank to fill in the annual inspection and due diligence forms;

⑥ If there is any actual income, it is recommended to issue an audit report, so as to avoid the impact of the freezing of the account on the use of the audit report;

⑦ If the company fails to conduct the annual audit on time, it will be checked by the bank, the account will be frozen, and the account will be closed if it fails to conduct the annual audit on time.

6. Selection channel of bank account opening in Singapore

There are many bank options in Gabor. Before opening an account, you can consult with Hong Kong Investment Consultants. The Bank of deposit provided by Hong Kong Hong Kong includes Singapore Dahua bank, overseas Chinese Wing Hang Bank, Singapore DBS Bank and other channels. Hong Kong Fung will promote the best account opening plan according to the needs of customers and the actual situation.

7. How to open an account with Bank of Singapore

Singapore has a complicated account opening process, so it's better to choose a professional agency. Professional institutions will choose the best way to open an account according to the requirements of customers and the situation of the company. The relevant information can be submitted to the agency, which will pre audit in advance to improve the success rate of bank account opening.


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