1. Complete the registration process of the Singapore company

When opening an account with a Singapore bank, companies registered in Singapore are given priority.

Operations do not necessarily have to be conducted in Singapore; the Singapore government and banks permit offshore operations. Therefore, to make the process of opening an account with a Singapore bank easier, Chinese entrepreneurs will only need to find a professional Singapore corporate service provider to register a Singapore company.

In addition to companies registered in Singapore, the Bank of Singapore also permits companies from many countries/regions under the common law system to open accounts, such as British companies, Hong Kong companies, BVI companies, Cayman Islands companies, etc.

Kindly note that Singapore local banks do not permit Mainland Chinese enterprises to directly apply for account opening, because the corporate legal systems of Mainland China and Singapore are vastly different.

2. Choosing a bank

The top 3 local banks in Singapore are: OCBC (Overseas-Chinese Bank Corporation), UOB (United Overseas Bank) and DBS Bank.

Being more comprehensive, local bank services provide many advantages. Apart from a smooth user experience, local bank services also help to handle further financial services, rebates, loans, etc.

For companies with corporate backgrounds in Mainland China, they can also choose the branches of Chinese-funded banks in Singapore, such as the Singapore branches of the Bank of China and the Agricultural Bank of China, as well as some others. In particular, enterprises from the Chinese Mainland may have already established long-term cooperation with certain banks in China, which can shorten the time needed for review and approval.

The selection of other banking institutions should be determined according to the latest requirements of the bank and the current, specific needs of the enterprise.

3. The company secretary books an appointment to open an account with the bank

4. The company secretary compiles the required documentation:

-The identity documents of the directors and shareholders of the enterprise. Generally, these are passports; Singaporeans can submit identity cards.

-Proof of address. Utility bills and phone bills can serve as proof of address.

Official information about the enterprise, including the registration certificate, articles of association, the latest annual audit document, and documentation of any company-wide changes must be submitted as well. For island companies (e.g. BVI, Cayman), a certificate of incumbency must be provided.

Key documentation to be provided:

-Documents certifying the scope of business and business dealings including sales and purchase contracts signed or intending to be signed

-Information on major suppliers and customers

-Expected annual revenue, expected monthly account inflow and outflow, etc.

-Information on major suppliers and customers

-Expected annual revenue, expected monthly account inflow and outflow, etc.

5.Submit company registration documents to the bank for preliminary review

Important note: All materials provided, including proof of business scope and dealings, must not be falsified.

Due diligence checks conducted by banks are becoming more stringent. Once fraud is involved or the bank has ascertained identifiable risk, the bank will freeze or close the account, which will pose unnecessary problems to the enterprise. This will also negatively impact the personal credit of directors and shareholders themselves.

6.Arrange a meeting with the bank and witness the signing

All originals can be witnessed by:

-Bank colleagues

-Company secretary

-Registered lawyer

-Registered accountant

7.After the documentation is signed, it takes 2-4 weeks for the account to be approved.

After the account is opened successfully, the authorized signatory receives an email notification and can activate online banking. The check book will be delivered 1-2 weeks after that.

After the account is opened, the minimum deposit must be placed in the account within 3 working days. Otherwise, the bank has the right to close the company's