Are You Looking to Open a Bank Account in Singapore?

Are You Looking to Open a Bank Account in Singapore?

Whether youre a foreigner or an expatriate who is moving to Singapore, opening a bank account in Singapore is a fairly straightforward course of action. Net-banking has made it easy for people from different backgrounds to open a bank account in Singapore.

The processes for opening savings, trading, corporate, or investment account differ from each other, as Singaporean edges offer plenty of options for aspiring applicants. Most edges offer comprehensive features such as online banking, multi-money accounts, trade financing, and more. If you are looking for information about how to open a bank account in Singapore read on-

Procedure to Open a Bank Account in Singapore

Here are some easy steps to open a bank account in Singapore –

Decide the kind of account you wish to open (savings account, recurring account, investment account, etc.)
Check the banks website for online application details.
Visit the bank to meet one of their officers.
Fill up the account opening form.
If possible, provide references from existing account holders in that bank.
Submit the form with the necessary documents
An officer will conduct a verification course of action. You will be notified when he/she clears your account opening proposal form.
place an initial amount in your new bank account!

General Document Requirements

Here are the general requirements that most edges require their applicants to fulfill –
Proof of Singaporean Residence – You can use your passport, proof of employment (issued by the local Ministry of Manpower), or a proof of residence (electricity bill, past bank statements) Justification for your Bank Account Requirement – Once you can prove that you do have a long-lasting or permanent residence permit in Singapore, youll have to justify the reasons behind your application. This justification can be it the form of a work permit, letter of offer/employment, or a letter from your educational institute (official letter certified by the local Ministry of Education).

Some edges do offer applicants the option to carry out these processes over the internet. Theres no requirement for you to be physically present at the bank to complete the application course of action.

Bank Account Online Application

The most noticeable edges in Singapore are the Development Bank of Singapore (DBS), United Overseas Bank (UOB), and the Overseas Chinese Banking Corporation (OCBC). These edges have made it easy for applicants to complete the account opening course of action over the internet. You have to visit the website of your chosen bank and –

Complete their online application form
Upload the basic documents
The bank will take at the minimum three working days to course of action your request.
Once approved, the bank will mail your account details along with a debit card to your official address.
Activate your debit card to start using your account.

How to open a Business/Corporate Bank Account in Singapore

the time of action of opening a business/corporate bank account in Singapore is more complicated than opening a personal or savings account. Most edges necessitate the physical presence of the account signatories or business directors. The paperwork signing course of action in most top Singaporean edges is demanding.

All the major corporate heads should be physically present at the time of opening the corporate bank account. However, in some situations, the edges may sanction the identifying characteristics of the documents either at an overseas branch of the bank or in the presence of a Notary Public. The edges need the account signatories to provide these documents –

Original and copies of the signatories passports (or Singapore IC).
Also required is the residential address proof of the signatories and beneficiary owners. Carry the original copies, and the bank employees themselves will make and collect the Xerox copies.
Certified copy of the business memorandum and the Articles of Association. These copies need to be attested by either the secretary of the company or one of the business directors.
Attested copy of the businesss company profile from the Company Registrar. This copy, too, needs to be attested by either the secretary of the company or one of the business directors.
Certificate of Incorporation.
Certificate of Resolution authorizing the account opening request. This resolution must include authorizations from the signatories of the account. Each bank has its rare format of these certificates. The signatories need to sign the certificate.
Board of Directors Resolution sanctioning the opening of the account. This document needs to contain all the names of the signatories to the account. A company secretary will be able to prepare this document.
Complete the Corporate/Business Account Opening Forms provided by the bank of your choice. These forms must be signed by all the signatories.
Additional documents/certifications may be needed by the bank officials on a case by case basis. Each bank has a rare set of requirements regarding Minimum Initial place, Minimum Balance, and Account Fees.

After assessing the forms and these documents, the Bank Officials will inform the applicants about their future steps.

Online Application for Corporate/Personal Bank Account

For locals, the time of action of opening a corporate bank account is very straightforward. Foreigners can submit an online application. Once approved, the Bank Officer will assist the applicants regarding the account opening course of action. However, a confront to confront meeting between the bank officials and at the minimum two directors is compulsory.
Additionally, as Singapore has many foreign edges with banking licenses for complete banking sets, you have the option of opening an account there. As a foreigner in Singapore, if you have a bank account in the same bank in your home country, you can always look at the criteria for opening a new account in the local Singapore branch. It is best to look at the value additional sets, interest rates and the obtainable ATM sets before you open a new account in any bank.

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