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Our company also assists with opening personal bank accounts.
About the Bank
This bank is the largest financial institution in the combined Singapore-Malaysia market in terms of assets. Currently the bank has over SGD180 billion (USD125 billion) in assets.
The bank was established in 1912. It has a network of more than 480 branches and representative offices in 15 countries and territories including Singapore, Malaysia, Indonesia, Thailand, Vietnam, China, Hong Kong, Taiwan, Brunei, Myanmar, Japan, Korea, Australia, UK and USA.
Banking Secrecy and Tax Treaties
Government of Singapore cannot gather information on foreigners' bank accounts, bank-deposit interest and investment gains under domestic tax law. Therefore, the government is not able to provide any bank information to overseas authorities. Moreover, Singapore doesn't tax capital-gains and bank account interest.
Bank secrecy is a matter of national interest for Singapore, as one of the largest offshore financial centers. Anyone who expects to get information about a foreigner with a bank account here will be disappointed. Singapore stands set to defend bank secrecy now and in the future.
This policy attracts investors from around the world. Financial institutions in Singapore manage at least USD300 billion of foreign investments. According to estimations of wealth managers and private bankers this amount is expected to double in the next five years.
Singapore has 60 double tax treaties. There is no signed treaty with US. Those treaties does not include provisions, which require Singaporean authorities to collect and exchange information on foreign investors.
Required Corporate Documents
Our company prepares all required corporate documents in accordance with the bank requirements.
Required Personal Documents
The bank requires the following personal documents from each Beneficial Owner, Director and Signatory:
Passport copies and signatures of the account signatories must be certified by a bank officer.
Director is required to visit the bank's headquarter in Singapore or any international branch for signature and identity verification.
When a company has more than one director, only one director has to visit the bank or its branch. Other directors may provide notarized passport copies.
The bank opens accounts in the following currencies: SGD, USD, EUR, GBP, CAD, AUD, HKD, JPY, CHF and NZD.
Initial deposit and minimum balance required as follow:
The bank charges monthly service fee of $100, if monthly average balance falls below the required minimum balance.
The bank offers advanced online banking including:
Clients have access to their accounts 24/7.
Debit and Credit Cards
The bank offers Corporate Business Card. This card is a combination of ATM card and MasterCard debit card. The card is connected directly to the business account. Therefore, all payments are debited directly from the business account.
The card provides the following benefits:
The bank does not offer credit cards for offshore companies.
The bank usually opens a corporate account in 1 to 2 business days after receiving completed application forms, corporate and personal documents and verification of clients personal documents and business information. However, the bank always spends considerable time for verification, which may take 2 to 3 weeks. As a result, the bank processes each application in 3 to 4 weeks.
Bank Account Fees:
Corporate Business Card Fees:
Feedback of Our Clients
Our company introduces its clients to the bank and constantly monitors clients experience with the bank's services.
The bank's new client acceptance rate is around 85%. About 15% of applications are declined due to inability clients to provide required personal documents or describe and confirm their business activities.
Our clients, who use this bank have extremely high level of satisfaction with the bank's services, when accounts are opened. However, clients are not happy with the bank account opening procedure. The bank is quite slow in processing of account applications.
Our company recommends this bank, if you have business interests, customers, and/or suppliers in South Asia and have sufficient time to wait a decision of the bank on your application.