Singapore corporate bank accounts
Healy Consultants Group PLC project manages all the steps necessary for our Client’s foreign company to open and operate a corporate bank account in Singapore.
Healy Consultants Group PLC’s 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 bank account opening services.
Advantages of Singapore corporate banking
- Demand for corporate bank accounts in Singapore continues to grow due to an 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 its 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;
- Singapore banks offer excellent corporate banking services and variety of related products, such as loans, LCs, treasury, hedging and advisory services.
Key facts on offshore company bank accounts in Singapore
- An offshore company bank account 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 Group PLC’s vast experience in opening offshore company bank accounts in Singapore for our 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 Group PLC’s offshore banking services also includes 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 managed to enter the Singapore banking sector: i) HSBC, ii) Standard Chartered and iii) Citibank (among others) and maintain a significant presence in the country;
- Malaysian banks are suitable options for foreign investors looking to utilize Islamic banking. Such banks include: i) Maybank and ii) RHB bank;
- The local banks welcome e-commerce businesses of international Clients and account opening takes less than 3 weeks;
- Banks and Government authorities are willing to provide our clients with various i) Merchant, ii) Api and iii) FinTech solutions;
- Clients need to prepare initial deposit of at least US$2,000 for local banks prior bank account numbers are released;
- Our Clients must provide supporting documents for the Singapore corporate account opening process even if the business is a start-up, including i) contracts or letters of engagement with prospective clients or email correspondence evidence ii) contracts with suppliers iii) director’s resume to prove experience in the business and iv) reference letter from potential client or lawyer (supported with email correspondence);
- Most banks in Singapore do not charge an account opening fee. However, the account must be funded immediately after opening and the Client should ensure the account remains active to avoid summary closure. The minimum balance required varies with banks between US$2,000 to US$10,000 and should be maintained. Monthly service fee of between US$10 to US$20 per month will be charged for balances below the required minimum;
- To comply with AML regulations, Singapore banks will conduct a compliance procedure referred to as a business account review. Our Clients will be required to provide information with supporting certified documents on the nature of their business, ownership data, the jurisdiction of their operations, source of funding and the purpose of the account. Clients who fail to provide required information before the deadline may have their accounts suspended and subsequently closed. If required, Healy consultants will assist our Client to complete the annual business account review process. Our fee for this service is US$950;
- Tier 1 banks are less welcoming of international entrepreneurs because i) Tier 1 banks increasingly prefer to onboard medium to large-sized Clients and ii) they prefer to onboard companies incorporated in the country where the bank operates. Where Tier 1 banks are not an option for our Clients, Healy Consultants offer Tier 2 bank solutions around the world.
Singapore corporate bank account options for foreign companies
- Without the need for a local entity, foreign companies can open a corporate bank account in Singapore . For example, a German company can open a Singapore business bank account to serve its 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 Group PLC guarantees the corporate bank account approval. Our fee for the corporate account opening service is US$4,950 for unregulated industries. For financial companies and other business entities involved in regulated industries, our standard fees are US$7,950 per a bank account;
- It is a difficult task to obtain a bank account approval when shareholders, directors and bank signatories reside overseas. However, when required, Healy Consultants Group PLC 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 Group PLC 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. Our fee for this service is US$4,000. Below is a sample of banking options we accompany our Clients to bank meetings:
Singapore corporate bank accounts options for resident entities
- Healy Consultants Group PLC will i) present you with 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$4,000 to US$4,950, depending on whether the Client can travel or not.
Singapore offshore bank accounts
- For all foreign and non-resident companies, Healy Consultants Group PLC guarantees an offshore company bank account approval in Singapore. Our fee for this service is US$4,950;
Singapore private banking
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 offered by our firm 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 services
Additional support corporate finance support services that our firm offers includes:
- 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.
11 steps to opening Singapore corporate bank accounts
- Prior to submitting the bank account application, Healy Consultants Group PLC 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;
- Upon receipt of the aforementioned information, our experts prepare a detailed business plan highlighting 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 the receipt of a the preliminary approval, Healy Consultants Group PLC prepares bank account opening forms for our Client’s signature in front of the 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;
- Depending on our Client’s business and nationality, there is a 20% probability the banks will request a bank signatory to travel for a one-hour bank interview. Healy Consultants Group PLC will try its best to negotiate with the bank for a travel exemption. If our Client must travel for the corporate bank account opening, Healy Consultants Group PLC will refund our Client US$950;
- Within two weeks of submission of the account opening application, Healy Consultants Group PLC 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$500,000 depending on the bank and type of account chosen;
- Within two weeks, Healy Consultants Group PLC receives the Internet banking activation documents and activates online banking on our Client’s behalf;
- Following successful activation, we will dispatch a courier to our Client’s preferred mailing address containing bank documents and internet banking details.
List of documents required for a corporate bank account opening
- Completed corporate bank account opening forms;
- Company certificate of incorporation and recent certificate of incumbency (or country equivalent);
- Certified true copy of company’s business profile from the Companies Registrar (Bizfile) or country equivalent;
- Certified true copies of passports of the UBO, shareholders, directors and bank signatories;
- Certified true copies of proof of address of the UBO, shareholders, directors and bank signatories.
- Certified true copy of the company’s M&AA;
- Board of Directors’ approval for the account opening and appointed bank signatories;
- Singapore banks may also require i) legalized copies of the above documents and/or ii) additional due diligence documents on a case by case basis.
Healy Consultants Group PLC’s banking fees
Healy Consultants Group PLC guarantees Singapore company bank accounts approval. Our fees for different banking services include:
Singapore banking task Our Client travels US$ Singapore bank account for a foreign company No 4,950 Singapore bank account for a foreign company Yes 4,000 Singapore bank account for an offshore company No 4,950 Singapore bank account for an offshore company Yes 4,000 Singapore bank account for a Singapore company No 4,950 Singapore bank account for a Singapore company Yes 4,000 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’s banking sector?
The corporate banking sector in Singapore 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;
- In a usual case, bank will not assign a designated relationship manager to the Client. Instead, Client will have various online communication tools and channels with a bank;
- The banks have the ultimate power of approval over account applications. Consequently, guaranteed success is outside of Healy Consultants Group PLC’s 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 bank account opening procedures with their internal compliance departments completing a more thorough due diligence of Clients. Consequently, our Clients should expect the bank account approval to take up to a period of 6 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 neither on the OECD ‘blacklist’ of tax havens, nor on the FATF blacklist.
Other information regarding corporate banking in Singapore
- Healy Consultants Group PLC 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. Therefore, there is 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;
- Corporate banking in Singapore is subject to 17% tax.
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.