Singapore corporate bank account

Singapore corporate bank accounts

Corporate banking services in SingaporeHealy Consultants assist our Clients by project managing all processes involved with Singapore corporate banking. It may be possible to open a Singapore business bank account without needing to visit Singapore. Healy Consultants’ experienced international banking team will prepare the required documentation and attend a bank interview on your behalf. We are one of the few global professional firms providing Singapore corporate banking services.

Advantages of Singapore corporate banking

  1. Demand for Singapore corporate banking services continues to grow due to increased flow of capital from the West into Singapore. As governments endeavour to clamp down on tax evasion, bank accounts located in tax havens are under increased scrutiny. Singapore is a reputable jurisdiction with a regulated and secure banking system, making banking in Singapore an excellent long-term solution for international entrepreneurs;
  2. Singapore has strong security laws in regards to the banking industry, including the disclosure of bank account information. Details of the Singapore banking laws can be found on the Monetary Authority of Singapore website;
  3. Singapore has seen significant growth in private banking services and is expected to be a leader in this field over the next 5 years. As a global private banking and wealth management hub, Singapore is positioned to cater the needs of high net worth individuals within Asia and globally;
  4. Singapore is a globally important and respected business centre. Singapore’s financial centre is a secure, reliable and well-regulated banking system;
  5. Singapore is one of the A grade offshore centers not signed up to the European Union Saving Tax Directives. The Client confidentiality laws in Singapore are a contributor to Singapore banking security;
  6. Singapore corporate banking security is aided by the clear and fair investment laws. Foreign and domestic businesses are treated equally with 100% foreign ownership an option in most sectors;
  7. Foreign individuals can apply for Singapore permanent residency if they hold at least S$5 million (US$4.08 million) with a financial institution regulated by the Monetary Authority of Singapore;
  8. Multi-currency accounts and excellent internet banking are two advantages of Singapore corporate banking which facilitates global business. Furthermore, Singapore banks offer letters of credit (L/C) support for Singapore companies involved in international trading.

Key facts on Singapore offshore banking

  1. Offshore Banking in Singapore benefits from a well-regulated banking system and an international reputation as a globally important and respected financial centre. For several reasons, demand for Singapore as a domicile for an offshore company is growing. Hence, the financial services industry in Singapore continues to grow to meet the needs of the high net worth individuals and entrepreneurs investing in Singapore and looking for Singapore corporate banking options adequate to their business neeeds;
  2. Singapore offshore banking strategies are efficient, thanks to i) the Healy Consultants’ vast experience in opening Singapore offshore bank accounts for Clients and ii) improving customer service in Singapore banks. That said, opening a Singapore company bank account remains a challenge due to increased due diligence requirements;
  3. As a global private banking and wealth management hub, Singapore caters to the offshore banking service requirements of wealthy people in Asia and globally;
  4. International entrepreneurs using offshore banking in Singapore will benefit from multi-currency accounts and excellent Internet banking, which facilitates global business. Furthermore, Singapore banks offer letters of credit (L/C) support to Singapore companies engaging in international trading. Healy Consultants will assist Clients obtain L/Cs and related trading tools;
  5. Healy Consultants offshore banking services include assisting Clients obtain highly competitive mortgages from Singapore banks for their properties in Asia and around the world. With significantly lower interest rates and simple procedures, Singapore mortgages are a viable, cost-effective and convenient alternative to rival mortgages in locations such as Australia, Canada, the US and Europe;
  6. Singapore offers a mature and competitive banking system, dominated by three Singaporean establishments, famous for their soundness and the excellence of their corporate banking services: i) DBS ii) UOB and iii) OCBC. Foreign banks have however managed to enter successfully the Singapore corporate market: i) HSBC ii) Standard Chartered and iii) Citibank (among others) also currently maintains a significant presence in the country.

Singapore corporate bank accounts options for foreign companies

  1. Without the need for a local entity, foreign companies can open a company bank account in Singapore. For example, a German company can open a Singapore business bank account to serve Asian customers and suppliers, without the burden of incorporating a local company. Healy Consultants guarantees bank account approval or your money back. Our fee for our Singapore corporate banking services is US $3,950;
  2. As you can appreciate, it is a difficult task to obtain bank account approval for a foreign company when shareholders and directors and bank signatories reside overseas. It is a time consuming task, Healy Consultants will shelter our Client from the administrative challenges. A sample of Singapore corporate banking options follows:

Singapore banking for foreign companies

Singapore corporate bank accounts options without travelling

  1. To save our Client’s time and cost of travelling, Healy Consultants guarantees corporate account approval or your money back. Our fee for the corporate account opening service, if the Client incorporates a local entity as well, is US $2,550;
  2. As you can appreciate, it is a difficult task to obtain bank accounts approval when shareholders and directors and bank signatories reside overseas. Below is a sample of banking options we accompany our Clients to bank meetings:

Singapore banking setup without travel

Our Client can travel to Singapore for bank accounts approval

  1. If our Client travels to Singapore to incorporate a local company, there will be different bank options available. It is still difficult to obtain timely corporate account approval from Singapore banks because they enjoy excess demand, thus they are very choosy about what Clients they will engage;
  2. During your visit, Healy Consultants will i) provide you a detailed table of banking options evaluating each bank thoroughly ii) prepare a detailed business plan for the bank iii) request the banker to visit our office premises for the meeting iv) activate the internet banking on your behalf;
  3. We guarantee corporate account approval or your money back. Our fee for this service is US $1950. Below is a sample of banking options we accompany our Clients to bank meetings:

Singapore bank accounts approval

Singapore corporate bank accounts options for resident entities

  1. Healy Consultants will i) present you a detailed table of banking options evaluating each bank thoroughly ii) prepare a detailed business plan iii) request the banker to visit our office premises for the meeting iv) activate the internet banking on your behalf;
  2. We guarantee corporate account approval or your money back. Our fee for this service ranges from US $1,950 to US $2,550, depending on whether the Client can travel or not.

10 steps to opening Singapore corporate bank accounts

  1. Prior to submitting the bank account application, Healy Consultants requires detailed information on i) company’s activities (including proof of business like contracts and invoices etc.), ii) company’s customers and suppliers iii) details of the management team and iv) the company’s financial projections;
  2. Singapore business services

  3. On receipt of aforementioned information, our experts prepare a detailed business plan, which will highlight the reasons for opening a Singapore bank account, the company’s activities and financial projections. The business plan will then be sent to the Client for review and approval;
  4. Healy Consultants approaches the local banks in Singapore to obtain preliminary approval for bank account opening for our Client’s company;
  5. Following receipt of the preliminary approval, Healy Consultants prepares bank account opening forms for our Client’s signature in front of notary public or local bank branch officer and courier return the originals to Healy Consultants Singapore office;
  6. On receipt of the original signed bank forms, the banks will implement strict ‘know your Client’ procedures for Clients undertaking Singapore business banking to ensure the capital inflows are legitimate and clean;
  7. Despite strict guidelines, our experts will assist our Client with all corporate banking requirements with minimal inconvenience, assuming the bank receives sufficient information about our Client’s company activities, beneficial owners and bank signatories;
  8. Within two weeks following submission of the account opening application, Healy Consultants will receive the approval from bank;
  9. Our Client will be required to fund the bank account within one week. The minimum initial deposit for a business bank account in Singapore can range from US $1,000 to US $75,000 depending on the bank chosen;
  10. Within two weeks, Healy Consultants opens the bank account mails and activates the internet banking on our Client’s behalf;
  11. Following successful activation, we will dispatch a courier to our Client’s preferred mailing address containing bank documents and internet banking details.

What is happening to Singapore banking?

    Singapore banking sector

  1. Singapore banking sector is amongst the most preferred in the world. Consequently, Singapore business banking solutions are in excess demand, presenting our Clients with the following challenges and benefits:
    • Top tier banks invite only medium to large companies as customers. These banks do not prefer SME Clients;
    • All banks are choosy of the Clients they approve, accepting only some nationalities and industries i.e. perceived low risk Clients;
    • Bank accounts approval often takes four weeks;
    • There is no longer a dedicated bank officer for each Client;
    • Corporate debit visa cards are available from most banks;

  2. The banks enjoy ultimate power of approval of corporate account applications. Consequently, guaranteed success is outside of Healy Consultants control. What is inside our control is the preparation and submission of a high quality bank application that maximizes the likelihood of approval. To date, we enjoy a 100% approval record;
  3. Global banks continue to tighten corporate account opening procedures with their internal compliance departments completing a more thorough due diligence of Clients. Consequently, our Clients should expect the bank accounts approval period to take up to 4 weeks. Furthermore, banks now require evidence of proof of business in the country where the company bank account will be, including sales contracts or lease agreement;
  4. G10 countries view Singapore as a tax haven because foreign income is not taxed in the country. Consequently, Singapore banks are cautious of the nationality and industry of their customers. However, Singapore is not on the OECD ‘blacklist’ of tax havens (nor the FATF blacklist).

Other Singapore banking information

  1. Healy Consultants recommends our Clients to avail services of international banks such as HSBC, Standard Chartered and Citibank because they offer the best internet banking service and customer care service;
  2. Singapore government imposes no foreign exchange controls. Hence, there is a free flow of funds for remittances of profits, debt service, capital, capital gains, and returns on intellectual property or imported inputs. Singapore’s currency is the Singapore dollar and the exchange rate is SG $1 = US $0.80;
  3. Banks in Singapore are highly reputable and provide full range of business facilities including multiple currencies, internet and telephone banking, checking and savings accounts, debit and credit cards, and wealth management services;
  4. Singapore banks offer multiple currency bank accounts, including the Yen, RMB, Euro, US dollar, and other Asian currencies;

Frequently asked questions

Asia banking options

Asia banking options

Singapore offshore bank accounts

  1. For all foreign and offshore companies, Healy Consultants guarantees Singapore bank account approval or your money back. Our fee for this service is US$3,950;
  2. As you can appreciate, it is a difficult task to obtain bank account approval for a foreign company when shareholders and directors and bank signatories reside overseas. It is a time consuming task, Healy Consultants will shelter our Client from the administrative challenges. A sample of banking options follows:

Singapore business bank account options

Singapore corporate finance

Our Singapore corporate finance team is a multi-skilled team of professionals who bring to bear their varied experience from diverse backgrounds. The corporate finance services our firm offers includes:

  1. Obtaining Singapore corporate finance for acquisitions, buyouts and stock exchange listings;
  2. Obtaining asset based loans to improve cash flow, restructure capital, consolidate debt and provide working capital;
  3. Obtaining letters of credit;
  4. Obtaining private debt financing, export financing and private and public equity;
  5. Redesigning and amending benefit plans;
  6. Negotiating underwriting agreements;
  7. Preparing and negotiating registrations of securities under equity-based plans;
  8. Advising on management buy-outs and buy-ins;
  9. Providing share and business valuations as a precursor to a corporate finance transaction.

Healy Consultants banking fees

Healy Consultants guarantees Singapore company bank accounts approval or your money back. Our fees for different banking services include:

Singapore banking task
Our Client travels
US$
Singapore bank account for a foreign companyNo3,950
Singapore bank account for a foreign companyYes2,950
Singapore bank account for an offshore companyNo3,950
Singapore bank account for an offshore companyYes2,950
Singapore bank account for a Singapore companyNo2,550
Singapore bank account for a Singapore companyYes1,950
Singapore personal bank accountNo1,550
Singapore trade finance assistanceNo1,500
Singapore corporate finance assistanceNo1,500
Singapore international mortgages finance assistanceNo1,500
Singapore private equity assistanceNo1,500
Singapore government grants assistanceNo1,500
Singapore investment banking assistanceNo1,500
Singapore private banking assistanceNo1,500

Asia corporate merchant accounts

Asia corporate brokerage accounts

Asia corporate visa debit cards

Asia deposits accounts

Asia trade finance

Asia corporate finance

Contact us

For additional information on our corporate banking services in Singapore, you can email us at email@healyconsultants.com or phone us at +65 6735 0120. Address: #15-01 Valley Point, 491B River Valley Road, Singapore 248373. Alternatively contact our in-house country expert whose details are below:
DBS OCBC sc ANZ citi hsbc icici bni