Want to enjoy fast Singapore bank account opening services with success guaranteed? You can always trust Hongda and its professional and experienced team! We help you open an account for seamless access to your finances and make your management of money worldwide easy. Get more information from this “Complete Singapore Bank Account Opening Guide” and contact us today!
According to the 2018 Global Financial Centers Index (GFCI) report, Singapore is now the fourth largest international financial center in the world after New York, London, and Hong Kong. Singapore has an unrivaled geographic advantage, making it the logistics hub and pipeline for global trade. In the "2014 Logistics Performance Index" report released by the World Bank, Singapore was rated as the best logistics center in Asia. Singapore is also an ideal location for large-scale logistics companies. 20 out of the top 25 logistics companies in the world have operations in Singapore. Singapore is also Asia's premier financial center with more than 1,000 financial institutions operating there. Singapore's banking and financial sector employs 190,000 people and accounts for 12% of its gross GDP.
Considering its advantages, Singapore can be one of the best opinions you can make to run your business. Keep reading and see what you can enjoy with a Singapore bank account.
To open your bank account in Singapore, there are some general requirements:
Step 1: Register Singapore Company (Optional)
To open a bank account in Singapore, the company registered in Singapore is preferred as the subject of the account opening application. The company doesn't need to operate in Singapore because both the Singapore government and banks accept the company's offshore operations. By registering a Singapore company, you can easily apply for opening an account in a Singapore bank.
If you want to know more about registering a Singapore company, you are welcome to read our Singapore company registration page or book a meeting with Hongda to discuss your business plan.
Step 2: Choose Your Ideal Bank
There are various banks for you to choose from. The main factors that you should consider include:
Typically the following banks are widely chosen by our clients:
Step 3: Document Preparation
Opening a bank account in Singapore usually requires the following documents. In certain cases, you may be required to provide additional materials for your application to be approved:
You are also required to provide documents about your company, including:
Step 4: Submitting Application
For your application to be approved, you can choose one of the following methods to open your Singapore bank account:
After successfully opening a bank account in Singapore, another important point is the maintenance of the bank account. Otherwise, the loss outweighs the gain if it is canceled or frozen by the bank due to improper use.
We (can) advise you on the best solution for your business model and send you our comprehensive proposal.
After reviewing the proposal, we sign the service contract and receive your payment.
We send you an application form as well as the list of documents we need from your side.
Sit back, relax and let us take care of everything from here on out.
The time to open an account with a Singapore bank may vary depending on the bank's policies and your specific circumstances. Generally, this process can take from a few days to a few weeks. You should understand the bank's account opening process before opening an account to ensure that you can complete all the steps on time.
Definitely yes. Singapore's foreign-friendly policies encourage global business owners to grow their funds and assets in the country. Opening a Singapore bank account lets you diversify your risk portfolio and minimize political risk in case of sudden turmoil where your finances are currently stored.
A reliable service provider can assist you in opening a Singapore business bank account without worries. That’s why Hongda can be your ideal partner to open your Singapore bank account with. simply book a meeting and let Hongda takes care of the rest for a guaranteed Singapore bank account opening.
Yes, some banks offer remote account opening services. However, you should also be aware that some banks may require you to physically visit the bank for verification or to provide some additional documents and information.
Have some inquiries or question, and want to have a discussion with Hongda about your requirements? No problem! Simply book a free meeting and we will contact you and offer help!
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