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Open a Singapore Bank Account

Introduction

Singapore has been independent since 1965. It is one of the most economically and socially developed countries in the world. Also called, “The Switzerland of Asia” because of its high quality of life, Singapore has experienced exceptional growth thanks to its particularly advantageous maritime position, which has allowed it to become a real financial and trade hub between the Pacific and Europe.The economy of Singapore is primarily based on banking and financial services, the electronics industry, the Creative Technology, and the maritime sector; its port is ranked in the premier class in the world in terms of exports and oil.In spite of past socio-economic challenges, Singapore’s political system has been remarkably stable since independence. It is a republic with a parliamentary regime, and the city-state practices economic liberalism.Currency: Singapore dollar.
Bank Account Key details
Currencies: SGD, USD, AUD, CAD, CNH, HKD, NZD, GBP, EUR, NOK, SEK, CHF,JPY
Minimum deposit to open Bank Account: SGD 10,000
Good For: Transactional Banking, Credit Card Processing, trade Finance, Multicurrency Accounts, CNY/CNH Accounts, Crypto Business, Brokerage Accounts
Eligibility: Offshore companies, Resident companies, Non resident companies
Personal Visit: Required
Money back guarantee if unsuccesfull bank account opening
We will assist with up to 3 different banks
Personal Bank Account fee: $414
Corporate Bank Account Fee: $826

Documents Required to open your Bank Account

Company documentation
  • Certificate of incorporation
  • Memorandum and articles of association.
  • Share certificates.
  • Certificate of incumbency, or certificate of good standing if the company is more than 12 months old.
  • Corporate structure identifying the ultimate beneficial owners.
  • Business license (if applicable for some industry like Financial Services).
  • Power of attorney (if applicable).
  • Declaration of trust (if applicable).
Personal documents of each director, shareholder, appointed secretary, authorized signatory and ultimate beneficial owner.
  • Proof of identity: copy of valid passport (The passport must have the passport holder’s signature and it must match the signature in the application form, certification required however we can support you on this).
  • Proof of residential address: original or certified copy of utility bill/bank statement dated within previous 3 months.
  • Proof of banking history: original or notarized copy of bank reference letter, dated within the previous 3 months, or 6 months’ statements (depending on the chosen bank).

     *Certification can be done by a bank, a attorney at law, a notary or public officer however we can assist you on this.

Business evidence (upon bank request)
  • Invoices, contracts, agreements of your existing company.
  • Service Provider Certification with your prosperous partners/ suppliers.
  • Any documents proving your qualifications in the business scope.

Country General Information

Banking
Singapore is a main financial jurisdiction, which offers confidentiality and a secured banking system. The attractive regulations, along with its strategic location, make Singapore a proper banking hub. More than 200 banks operate in Singapore. SFM maintains business ties to top tier banks in the region and can offer its clients support in setting up their corporate offshore bank account in Singapore.
History
On 3 June 1959, the 1.6 million people in Singapore awoke to a new beginning – as people of a fully internal self-governing city state under the British Crown. The majority of the population were immigrants from many lands and had no deep-rooted ties to Singapore. The new government thus needed to encourage them to establish roots in Singapore, and to foster a sense of pride, loyalty and national identity.Following independence in 1965, the PAP Government inherited the full panoply of laws, institutions, structures and processes in place for governance established by the British Colonial Administration which had ruled Singapore for well over 140 years, with a brief interregnum only under the command of the Japanese Imperial Army in the 1940s. One area of importance was the management of the media environment.In the 60s and 70s, a “Clean and Green Singapore” was meant to distinguish the city state from other Third World countries. A Clean and Green Singapore would enhance the quality of life, attract tourists and encourage and sustain foreign investments.Today’s Singapore is a nation carved from the ideals and motivation of the first generation of migrants who chose to make this island their home. Every August, many hang the Singapore flag outside their homes and display unabashed enthusiam and passion during the National Day celebrations. These, along with the pink Singapore identity card and red passport which citizens proudly carry, bear testimony to the success of the nation building efforts.
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