What banks can I open a corporate account with in Singapore?
Singapore has an excellent choice of well-reputed local and international banks for opening corporate accounts including:
- HSBC (www.hsbc.com.sg)
- Standard Chartered (www.standardchartered.com.sg)
- Citibank (www.citibank.com.sg)
- DBS (www.dbs.com.sg)
- UOB (www.uob.com.sg)
Do I have to be present for the account opening procedure?
The specific requirements for opening a bank account vary from bank to bank. Most of the bank allows opening of a bank account without physical presence, however this decision is made by the banks on a case-by-case basis.
How long does it take to open a bank account?
Depending upon the bank and the level of due diligence done, the account opening process may take anywhere between 2 days to 2 weeks.
Can I open a multi-currency account?
Depending on the bank, you can either open a single multi-currency account or different accounts for different currencies.
Can the bank account be opened before company formation?
The bank account can only be opened after the company has been incorporated.
Can I freely move funds between Singapore and overseas?
There are no restrictions in Singapore for moving funds in and out of Singapore for legitimate business purposes. There are no exchange controls in Singapore.
Is the bank account opening guaranteed for my Singapore company?
The bank is the decision making authority on opening the bank account. Usually the bank will conduct their due diligence (often called "Know Your Client" due diligence) on the proposed activities of the company as well as the background of the principals involved. Under normal circumstances, there should not be any problem with opening a corporate bank account for a Singapore company.
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