open a bank account in Singapore

1. Required Materials

For Individual Accounts:

Passport copy: Valid passport, and if you're a foreigner, a visa or residence permit (if applicable).

Proof of address: Utility bills or a lease agreement (issued in the last 3 months).

Proof of employment or income: This could include:

Recent payslips.

Bank statements from your home country.

Contact information: Email and phone number.

open a bank account in Singapore

Signature specimen (for account signatories).

For Corporate Accounts:

Business registration documents:

Business profile from the Accounting and Corporate Regulatory Authority (ACRA).

Certificate of Incorporation (COI).

Memorandum and Articles of Association (MOA).

Company's business license (if required).

Shareholder details: Passport copies of shareholders and ultimate beneficial owners (UBOs).

Directors' details: Passport copies of company directors.

Proof of company address: Recent utility bill or rental agreement.

Financial statements: Bank references and financial reports (if available).

Corporate tax returns or audit reports (if applicable).

2. Costs Involved

Account opening fees: Typically SGD 200 to SGD 1,000 for non-residents.

Minimum balance requirements:

Personal accounts: Around SGD 500 to SGD 3,000 depending on the bank.

Corporate accounts: Starting from SGD 1,000 to SGD 10,000 for basic accounts, and higher for premium accounts.

Monthly maintenance fees: Some banks charge fees (approximately SGD 10 to SGD 50) for low balances.

3. Processing Time

Personal accounts: Typically 3 to 5 business days, assuming all documents are in order.

Corporate accounts: Can take 1 to 3 weeks or longer, depending on the complexity of your business and verification processes.

4. Do You Need to Visit Singapore?

Personal accounts: You generally need to be physically present to open a personal account in Singapore, although some banks may offer the option to open accounts remotely with notarized documents.

Corporate accounts: You typically need to visit the bank in person, especially if the business is new or if you're a foreigner. However, some banks may allow a representative or an authorized person to handle the process on your behalf if the necessary documents are available.

5. Recommended Banks in Singapore

For Personal Accounts:

DBS Bank: Offers both local and international accounts, good for expatriates.

OCBC Bank: One of the largest banks in Singapore with an easy online account opening process.

UOB (United Overseas Bank): Popular with both locals and expatriates.

Standard Chartered: Great for international clients and non-residents.

For Corporate Accounts:

DBS Bank: Well-suited for small businesses and startups.

OCBC Bank: Offers tailored solutions for SMEs and global businesses.

UOB: Known for its wide range of business banking services.

HSBC Singapore: Ideal for large corporations or those with international operations.

6. Remote Account Opening

For both individual and corporate accounts, remote account opening is more difficult for non-residents, but some banks allow it with proper documentation. Banks like HSBC, Standard Chartered, and CitiBank are more likely to offer remote services, especially for business accounts, but physical presence is usually required for verification.