99% opening success rate, KYC and expert consultation on success rate from the start.5-star service with no hidden costs.10 years of collaboration with esteemed banks such as OCBC, UOB, DBS, Standard Chartered, and Citibank.
As one of the world’s premier financial centers, Singapore offers a wide range of top-notch banking services tailored to corporate clients with a Singapore company.
Discover the latest insights and guidelines for opening a corporate bank account in Singapore with our comprehensive article.
In collaboration with our partner banks in Singapore, TKS strives to provide a seamless and successful experience for your banking needs, with our fast-track procedures, excellent consultation and support.
Whether you are a Singapore residents or non-resdients, there are universial elements to choose your suitable account:
Expected trading volumeEvaluate the anticipated frequency and scale of your financing activities to ensure that the chosen bank can adequately meet your company’s needs.
Additional financial servicesIdentify specific financial services your business may require, such as multi-currency trading, financial management, loans, and Letters of Credit. Choose a bank that offers these services.
Minimum balanceTake note of the minimum balance requirements set by the bank for the selected account to avoid unnecessary fees or penalties.
Currency tradingIf your company deals with multiple currencies, ensure that the bank supports the currencies involved in your Singapore company’s trading activities.
Banking feesCheck the bank’s transaction fees and opt for a bank with favorable fee structures. We, as a bank partner with an extensive network, provide advice on banks with the best fees that align with the business needs of the enterprise.
ConvenienceAssess the ease of conducting transactions with the bank, considering factors such as the availability of online banking platforms, mobile apps, and responsive customer support. Choose a bank that offers convenient and accessible transaction options.
Why it is so hard to open a Singapore bank account for foreigners?Opening a corporate bank account in Singapore, especially with traditional banks, can be a time-consuming process for foreign shareholders, often taking between 6 months to 1 year. The process involves:
For foreign entities and foreigners, bank account opening is stringent due to the limited availability for verification. Consequently, banks impose more stringent procedures and demand more detailed information from foreign customers.
It’s crucial to recognize that banks are obligated to conduct thorough customer due diligence checks to comply with regulations preventing money laundering and terrorist financing. This necessitates collecting comprehensive information in advance to distinguish legitimate businesses from illegitimate ones.
Compliance officers at banks scrutinize company activities, particularly in the case of startups with no established business history. Therefore, detailed information and supporting documents are crucial for banks to evaluate a company’s operations and risk profile.
Offer you assistance in selecting banks with the most favorable fees that align with your specific business needs of the enterprise.
Establish a digitalized robust KYC (Know Your Client) process that guarantees to offer you an accurate opening success rate and guidance on the most suitable bank type for clients even before contractual agreements are finalized.
While the conventional approach of establishing a corporate bank account with traditional Singapore banks such as OCBC, DBS, HSBC, Standard Chartered has been the primary choice for both local and foreign businesses, digital banking is gaining significant traction in recent times. Nowadays, many business choose digital banks (like Wise) which operate exclusively online with no physical branches: You can conveniently manage your finances using smartphones and computers.
Digital banks, like Wise (formerly TransferWise), operate exclusively online without physical branches, allowing customers to manage their finances conveniently through smartphones and computers.
Digital banking presents several advantages for businesses, including swift and streamlined account opening processes, minimal initial deposit requirements, competitive fees, efficient and cost-effective international transfers, simplified management of multiple currencies, and more. In many situations, it can be a viable and advantageous option.
Open a bank account in Singapore with a traditional bank
Open a bank account in Singapore with a digital bank
The bank will require the following information and documents from foreign entrepreneurs and companies who own a company in Singapore:
1Proof of Singapore company including business profile, certificate of incorporation, and so forth.
2Proof of identification of directors, shareholders, ultimate beneficial owners.
3Company information (company types, business model).
4A website and sales brochure. A professional website clearly demonstrates business activities. This is the minimum requirement to open a bank account for a Singapore company. If you do not have a website, we help you design a professional website with international standards for customers opening bank accounts with TKS.
5Invoices, contracts.
Reputable brands. Safe and stable.
Requirement for an offline bank interview. Long opening time. Sringent requirement to open. Easy to open. Cost-efficient solution. Fast customer support. No need to deposit. Unfamiliar for most entrereneurs. No support for direct ATM withdrawal, L/C.Not only we help you open a Singapore corporate bank account for your Singapore company and offshore ones, we help you open your own personal bank account at top banks in Singapore.
Understanding your requirements and assessing the likelihood of success, we then consult you on the most suitable types of banks.
Upon determining the services needed, we confirm the details and provide instructions for preparing the required documents.
We meticulously review the documents, ensuring they are in optimal condition, and submit the best-prepared version to the bank.
We facilitate the process by scheduling an interview with the bank, providing support throughout the interview process.
We maintain ongoing communication with the bank to ensure a smooth process until your acountng opening success. In cases where the initial attempt is unsuccessful, we extend support for applications with other suitable banks.
A trusted long-term relationship with our banking partners.
Developted KYC system that offers you guidance on the most suitable type of bank with the highest success rate.
Dedicated support team that answers your questions and guide you through every step of the way.
5-star customer service.
Technology-driven bank account opening process that is fast-track and streamlined.
Lucas Duong […] The banking team is really enthusiastic and experienced; they answered all myquerries and helped me during the interview and get my bank account approved. Highly recommend!
Linda […] They guaranteed to help me open at least a bank account anh they did. Their commitment to support has helped my company have an extremely good backup plan.
We partner with top major banks in Singapore, from famous domestic to esteemed international ones. We can help you open a company bank account in Singapore in a quick and professional manner.
Opening a Singapore bank account for legitimate businesses with valid reasons is a straightforward and easy process. By following the defined steps and submitting the required documents (with clear, trusted information), both foreigners and Singaporeans can easily open a bank account without any complications.
Some banks offers better terms for some business sectors. In general, the best bank for small businesses in Singapore are:1. OCBC Bank; 2. DBS Bank;3. UOB.
(+84) 901 332 693
+84 901 332 693