Singapore corporate bank accounts
Healy Consultants project manages all of the steps necessary for our Clients to open and operate a corporate bank account in Singapore. With our assistance, it may be possible to open a Singapore business bank account without needing to visit the country.
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
- Demand for corporate bank accounts in Singapore continues to grow due to and increased flow of capital from the West into Singapore. As governments endeavor 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;
- Singapore has strong security laws in regards to the banking industry, including on the disclosure of bank account information. Details of the Singapore banking laws can be found on the Monetary Authority of Singapore website;
- 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;
- 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;
- Multi-currency accounts and excellent internet banking are two advantages of Singapore corporate banking that help to facilitate global business. Furthermore, Singapore banks offer letter of credit (L/C) support for Singaporean companies involved in international trading.
Key facts on Singapore offshore banking
- Offshore Banking in Singapore benefits from a well-regulated banking system and an international reputation as a globally important and respected financial centre. The financial services industry in Singapore also 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 needs;
- Singapore non-resident banking strategies are efficient, thanks to i) 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;
- As a global private banking and wealth management hub, Singapore caters to the offshore banking service requirements of wealthy people in Asia and globally;
- Healy Consultants’ offshore banking services include assisting Clients with obtaining 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;
- Singapore offers a mature and competitive banking system, dominated by three Singaporean establishments, famous for their financial soundness and the excellence of their corporate banking services: i) DBS ii) UOB and iii) OCBC. However, several foreign banks have however managed to enter the Singapore banking market: i) HSBC ii) Standard Chartered and iii) Citibank (among others) also maintain a significant presence in the country.
Singapore corporate bank accounts options for foreign companies
Singapore corporate bank accounts options for foreign companies
- 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. Our fee for our Singapore corporate banking services is US$4,950.
Singapore corporate bank accounts options without travelling
- 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;
- It is a difficult task to obtain bank accounts approval when shareholders and directors and bank signatories reside overseas. However, when required, Healy Consultants will accompany our Client to bank meetings or attend a face to face interview with the relevant bank office on behalf of the Singapore company. Below is a sample of banking options we accompany our Clients to bank meetings:
Our Client can travel to Singapore for bank accounts approval
- If our Client travels to Singapore to incorporate a local company, there will be more 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;
- 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 and iv) activate the internet banking on your behalf;
- We guarantee corporate account approval or your money back. Our fee for this service is US$1,950. Below is a sample of banking options we accompany our Clients to bank meetings:
Singapore corporate bank accounts options for resident entities
- Healy Consultants will i) present you a detailed comparison table of banking options ii) draft a business plan iii) schedule meeting with the bank representatives at our head office and iv) activate e-banking services on your behalf;
- Our fee for this service ranges from US$1,950 to US$2,550, depending on whether the Client can travel or not.
Singapore offshore bank accounts
- For all foreign and non-resident companies, Healy Consultants guarantees Singapore bank account approval or your money back. Our fee for this service is US$4,950;
Singapore private banking
Singapore corporate financeOur 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 obtaining:
- Singapore corporate finance for acquisitions, buyouts and stock exchange listings;
- Asset based loans to improve cash flow, restructure capital, consolidate debt and provide working capital;
- Advice on management buy-outs and buy-ins;
- Private debt financing, export financing and private and public equity;
Additional corporate finance support
Additional support corporate finance services our firm offers includes obtaining:
- Redesigning and amending benefit plans;
- Negotiating underwriting agreements;
- Preparing and negotiating registrations of securities under equity-based plans;
- Providing share and business valuations as a precursor to a corporate finance transaction.
10 steps to opening Singapore corporate bank accounts
- 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. We require this information in order to be able to submit your application with a greater chance of approval;
- On receipt of aforementioned information, our experts prepare a detailed business plan to will highlight the company’s activities, financial projections and reasons for opening a Singapore bank account. We then send the business plan to our Client for their review and approval before sharing with banks;
- Healy Consultants Group PLC approaches the local banks in Singapore to obtain preliminary approval for bank account opening for our Client’s company;
- 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. Once the Client has signed the documents, they courier the originals to Healy Consultants’ Singapore office;
- On receipt of the signed bank forms, the banks will complete their “Know Your Client” (KYC) procedures to confirm that the capital inflows are legitimate and clean;
- Despite the banks’ strict requirements, our experts will assist our Client to fulfil all of the bank’s requests with minimal inconvenience;
- Within two weeks of submission of the account opening application, Healy Consultants will receive the approval from bank;
- 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$75,000 depending on the bank and type of account chosen;
- Within two weeks, Healy Consultants receives the Internet banking activation documents and activates online banking on our Client’s behalf;
- Following successful activation, we will dispatch a courier to our Client’s preferred mailing address containing bank documents and internet banking details.
List of documents required for a corporate bank account opening
- Completed corporate bank account opening forms;
- Company certificate of incorporation and recent certificate of incumbency (or country equivalent);
- Certified true copy of company’s business profile from the Companies Registrar (Bizfile) or country equivalent;
- Certified true copies of passports of the UBO, shareholders, directors and bank signatories;
- Certified true copies of proof of address of the UBO, shareholders, directors and bank signatories;
- Certified true copy of the company’s M&AA;
- Board of Directors’ approval for the account opening and appointed bank signatories;
- Singapore banks may also require i) legalized copies of the above documents and/or ii) additional due diligence documents on a case by case basis.
Healy Consultants' banking feesHealy Consultants guarantees Singapore company bank accounts approval or your money back. Our fees for different banking services include:
Singapore banking task Our Client travels US$ Singapore bank account for a foreign company No 3,950 Singapore bank account for a foreign company Yes 2,950 Singapore bank account for an offshore company No 3,950 Singapore bank account for an offshore company Yes 2,950 Singapore bank account for a Singapore company No 2,550 Singapore bank account for a Singapore company Yes 1,950 Singapore personal bank account No 1,950 Singapore trade finance assistance No 1,500 Singapore corporate finance assistance No 1,500 Singapore international mortgages finance assistance No 1,500 Singapore private equity assistance No 8,950 Singapore government grants assistance No 1,500 Singapore investment banking assistance No 1,500 Singapore private banking assistance No 1,500
Other useful information
What is happening to Singapore banking?
Singapore’s banking sector is amongst the most well-regarded in the world. Consequently, Singapore’s corporate banking solutions are in excess demand, presenting our Clients with the following challenges and benefits:
- Top tier banks are increasingly focusing on larger, more profitable corporate Clients. These banks do not prefer SME Clients;
- All banks are choosy of the Clients they approve, accepting only some nationalities and industries perceived as low risk as customers;
- There is no longer a dedicated bank officer for each Client;
- The banks have the ultimate power of approval over 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 our Client’s approval;
- 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;
- Singapore is not on the OECD ‘blacklist’ of tax havens, nor the FATF blacklist.
Other Singapore banking information
- Healy Consultants recommends that our Clients use international banks such as HSBC, Standard Chartered and Citibank because they offer the best internet banking service and customer care service. Relationships with these banks also simplify the process of opening new accounts as your business grows worldwide;
- The Singaporean government imposes no foreign exchange controls. There is therefore a free flow of funds for remittances of profits, debt service, capital, capital gains, and returns on intellectual property or imported inputs;
- 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;
- Singapore banks offer accounts in multiple currencies including the Yen, RMB, Euro, US dollar, and other Asian currencies.
Asia banking options
Frequently asked questions
Do Singapore-based banks offer services for foreign SMEs?Yes. Foreign SMEs can use Singapore small business banking solutions without having to incorporate a resident corporate entity. Online banking is also available through these accounts, making it easy for our Clients to manage their funds from abroad. Healy Consultants will help our Client access this service for US$4,950.
Is Singapore business internet banking safe for corporate transactions?Yes. Healy Consultants works with some of the best international banks which guarantee the safety of our Client’s corporate account. Industry-standard AES 256-bit encryption is used universally. Two-factor authentication is another layer of protection employed by Singaporean banks for online banking.
I am an entrepreneur and would like to open a business account. Which Singaporean banks would you recommend?Healy Consultants works with international banks like HSBC, Standard Chartered and Citibank which enjoy a great international reputation. Consequently, our experts will assist you in choosing the optimum bank out of such respectable choices, depending on your needs and preferences.
Will internet banking for Singapore accounts be available 24/7?Yes. Internet banking services for corporate accounts can be accessed at any time using the Login ID and PIN. However, routine maintenance may sometimes disrupt access at non-peak times.
What will be the due diligence requirement for accessing Singapore business banking services?All foreign companies will be required to submit the details of all their shareholders, their company’s business plan and the company’s audited accounts. Healy Consultants will assist the Client in preparing and collating the requisite documents.
Are there any special restrictions put on foreigners accessing corporate banking services in Singapore?No. There are no special restrictions put on foreigners wishing to make use of Singapore’s corporate banking sector.