Opening a bank account in Singapore
1. Select the bank that needs to open an account
There are three major banks in Singapore: DBS, UOB, and OCBC.
Chinese banks such as Bank of China, Industrial and Commercial Bank of China, Construction Bank, Agricultural Bank of China, Bank of Communications, China Merchants Bank, etc.
Foreign international banks such as Citibank, Standard Chartered Bank, HSBC, BNP Paribas, and others.
2 Singapore Company Information
This includes the Singapore company registration certificate, articles of association, official seal, and personal credit certificates of the company's directors and shareholders.
(1) Personal identification documents of directors and shareholders. Such as ID card, passport, proof of address issued within the past three months, etc.
(2) Personal bank statements of directors and shareholders.
(3) Personal work certificate of directors and shareholders. A complete labor contract and social security payment list need to be prepared.
(4) Two to three complete sets of business documents (purchase contract, sales contract/commercial invoice, bill of lading, corresponding bank payment proof for upstream and downstream documents)
(5) KYC form for account opening;
3. Provide information on affiliated companies
If the directors and shareholders have affiliated companies in other countries or regions, they also need to provide information on the affiliated companies.
4. Successfully opened an account and used normally
By obtaining an account and online banking, activating the account, you can conduct business normally.
5 Digital Banks
Due to the tightening of traditional bank account opening policies, facing the difficulty of opening accounts for small and medium-sized enterprises and new startups, the Singapore government is vigorously developing digital finance business in order to continue to have a world leading business environment, hoping to become a country that integrates traditional financial centers and emerging digital financial centers. The launch and development of digital banks provide Singaporean small and medium-sized business owners and newly established enterprises with more convenient, user-friendly, and lower maintenance cost company accounts than traditional banks.
(1) What is digital banking?
Singapore Digital Bank is a bank licensed by the Monetary Authority of Singapore to operate digital banking business in Singapore and provide financial services through digital channels such as the Internet and mobile applications. Digital banks do not have physical branches, and all business is conducted through the internet. They can provide digital banking services, including opening digital bank accounts, payments, loans, investments, insurance, and other financial services. In recent years, Singapore's financial regulatory authorities have begun authorizing the operation of digital banks, providing more convenient, efficient, and low-cost financial services for Singaporean businesses and individuals.
(2) What are the advantages of digital bank public accounts compared to traditional bank public accounts?
① Quick and convenient: Opening a digital bank account does not require the individual to log in to Singapore. Simply fill in the information online and complete KYC authentication to quickly open the account
② Low threshold: Opening a digital bank account does not require a large deposit, and many digital banks offer zero minimum deposit accounts;
③ Faster cycle: Opening a digital bank account usually takes 2-8 weeks to close, with a shorter cycle that can timely meet the transfer needs of enterprise business operations;
④ Simple process: The process of opening a digital bank account is relatively simple. Generally, only the application form needs to be filled out online, and basic materials and information of the company and directors need to be provided. After passing the review, the account can be activated and used;
⑤ 24-hour service: Digital banking provides 24/7 customer service for account opening, allowing users to check account information and conduct transactions at any time;
⑥ Payment linkage: Digital bank accounts can be connected to other digital payment platforms and applications, such as PayNow, GrabPay, etc;
⑦ Innovative services: Digital bank accounts can use big data analysis to help customers better manage their funds and predict future expenditures, providing personalized financial services.
