Singapore Bank Account Opening
Singapore is one of the few jurisdictions in the world without any foreign exchange control. According to the requirements of the country’s Anti-Money Laundering laws, most of the banks in Singapore require a meeting with all the directors and bank signatories
during the bank account opening meeting. Therefore, customers cannot simply appoint an attorney or proxy representing their company when opening a bank account in Singapore. This requirement is very similar to the practice in Hong
Kong, as this is the international standard now.
Before we begin the process of opening a bank account for our clients, we provide guidance to them on how to choose a bank most suitable for their needs. We will also help in the preparation and organisation of all the required documents, before arranging for a meeting with the respective bank managers. Our professional and experienced staff members provide top-notch services and will assist them in the bank account opening process, so as to expedite the processing time as much as possible.
Our director will provide a pre-meeting with the client, before he or she attends the bank meeting, and will personally accompany the customer to the bank meeting to ensure that the meeting will go smoothly. After the bank meeting, our professional team will follow-up with the bank, to facilitate the opening of the bank account in an efficient manner.
In recent years, bank account opening requirements are changing much more frequently than before. We strongly recommend each client to be more meticulous, and to properly consult with their service provider or company secretary before attempting to open a bank account. Otherwise, they would waste the time, effort and cost to set up a corporation.
Hong Kong businesses are allowed to open bank accounts in Singapore. Clients may consider setting up a company in Hong Kong, and maintaining a bank account in Singapore in order to be more cost-efficient, while enjoying the reliability and stability of the international bank in Singapore. Besides, some corporations opt to maintain bank accounts in a separate country for the purpose of risk diversification. For further details of such benefits, please contact us or the relevant professional bodies.
Please refer to the following list of our banking partners in Singapore:
- OCBC Bank
- United Overseas Bank Limited
- Standard Chartered Bank
- DBS Bank
We offer the following sourcing and consulting services to ensure that our clients find the right bank suitable for their business:
Singapore banks can offer accounts held in international currencies, including USD, EUR, GBP, SGD and others for businesses to participate in international trading more easily and effectively. At CORE, we can help you filter out the noise and find the banking solution that will best fit the needs of your company.
Internet Banking / Mobile Banking
Internet / Mobile Banking is growing rapidly, and security is a key factor in ensuring that your internet access is constantly secure. CORE can advise you on the latest developments in the market, and provide you with information updates, for you to review the easiest and most secure banking solutions.
International Debit & Credit Cards
Many banks offer currency exchange services and multiple currencies as a feature extended on their credit and debit cards. However, do not make the mistake of signing up for these options without a thorough understanding of their fine print, our expert explanations will ensure that our clients understand the pros and cons before engaging these services.
Letter of Credit/Trade Support
It is a necessity to provide a letter of credit when opening a bank account in Singapore. We can provide you with a letter of credit and also act as your reference so that opening an account will be an easy and stress-free process.
Funding and Investments
We have many years of experience in obtaining funding for our clients, as well as finding investment professionals that can work with you to grow your assets. Contact us today to learn more about these exclusive services.
We have established a close relationship with many reliable and user-friendly banks both locally and internationally. Different banks have different strengths, they perform best in specific niches, and are suitable for clients in respective fields. We will assist our clients to choose from the array of options on the market, so they can open bank accounts with a bank most suitable for their particular needs. Our close connection with a variety of banks ensures that you will get the best rates and services available - an invaluable asset for any new business.
Contact us today to learn more about opening a bank account in Singapore.