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Singapore banking system

Singapore is situated in the heart of Southeast Asia, making it possible for your business to access a market of 2.8 billion people within a few-hour flights. Singapore’s port is one of the busiest places in the world. Together with Hong Kong, Singapore is renowned as the key financial hub in the region and one of the world’s leading financial centres.

The Singapore Monetary Authority (MSA) performs its functions as a central bank. The country possesses a well-regulated and highly-developed banking industry. Singapore is home of nearly 200 licensed banks including representative offices of international financial institutions. Today, there are 29 full banks, 4 local banks, 99 wholesale and 25 merchant banks offering an extensive range from traditional to sophisticated banking services. All domestic banks, namely DBS Bank Ltd, Oversea-Chinese Banking Corporation Limited (OCBC), United Overseas Bank Limited (UBO), have a strong and stable financial capacity, and are ranked among top financial institutions in the world. Moreover, an increasing number of large reputable financial institutions choose Singapore for their regional headquarter in Asia.

A Singapore company are welcomed to open its bank account in any jurisdictions thanks to the country’s good reputation. We can also help you set up your company bank account in Singapore to take advantage of the country’s modern banking services as well as its sound and safe financial system.

Banking Options for Singapore Company

CountryBankOnline BankingPersonal VisitCredit CardDebit CardIntial Deposit
BelizeCaye International Bank Ltd.USD 1,000
Heritage BankUSD 3,000
British Virgin IslandFirst Caribbean International BankUSD 25,000
Hong KongBank of East AsiaContact us for details
DBSHKD 20,000
Fubon BankContact us for details
Hang Seng BankHKD 10,000
HSBCHKD 50,000
OCBC Wing HangHKD 25,000
Standard Charter BankContact us for details
MauritiusABC Banking CorporationUSD 5,000
Bank One LimitedUSD 10,000
Mauritius Commercial BankUSD 50,000
Investec BankUSD 50,000
Puerto RicoEuro Pacific BankUSD 500
SingaporeCiti BankUSD 300,000
DBSUSD 50,000
OCBC BankUSD 30,000
UOBUSD 100,000
SwitzerlandCIM BanqueUSD 20,000
UAERAK BankUSD 10,000

Required documents

The below list shows popular documents demanded by most banks in Singapore. Banks might require additional docs specific to your case, so we highly recommend you to contact us to get more details.

  • Account opening forms;
  • Bank statements of latest 6 months;
  • Bank reference letter dated less than 3 months;
  • Certified copies of valid passports and residency proofs within 3 months for all directors/ shareholders/ account signatories;
  • Business trading proofs;
  • Copies of Singapore corporate documents.