Global Business Service Agency: legal services for business

Singapore banking system is considered to be one of the most modern, resistant to external factors and reliable in terms of protecting the interests of clients all over the world. This is confirmed by the victory of Singapore DBS Bank in the Global Finance rating "Best Bank of the world" in 2018. To open an account with the bank in Singapore is a better solution for entrepreneurs and private individuals who want to accumulate capital, invest or multiply finances on deposits without unnecessary publicity.

It is important to identify a few important points for legal entities and individuals for whom you want to open a bank account in Singapore:

1. What type of account to open?
2. Is it available to travel abroad for personal presence in the bank?
3. What is the currency of the account?
4. Whether it is necessary to execute crediting?
5. What is the maximum amount of deposit/credit required?
6. Are credit cards and chequebooks needed?
7. Whether business/funds insurance is required?
8. Whether the confidentiality of the owner and transaction data is important.

Account in Singapore: list of reliable banks

Singapore banks and sort code are represented in 80% by international foreign entities and 20% by local public and private institutions. Depending on the tasks that are faced by a foreign resident who seeks to open an account, one can distinguish the following leading banks of jurisdiction:

1. STANDARD CHARTERED BANK. The optimal account type is calculated. Opens in 5-7 weeks.
2. UOB, UNITED OVERSEAS BANK LIMITED. The optimal account type is calculated. Opens in 5-7 weeks.
3. OCBC. The optimal account type is calculated. Opens in 4-7 weeks.
4. DBS BANK. The optimal account type is calculated. Opens in 4-7 weeks.
5. BANK OF SINGAPORE. The optimal account type is investment. Opens in 2-3 weeks.

General package of documents for opening a corporate account:

• Passport of the beneficiary;
• KYC documents;
• Memorandum and charter;
• Register of founders and the board of directors;
• Notarized financial reports and documents proving the solvency of a physical/legal person for a period not exceeding 6 months;
• Certificate of Good Standing (for companies that operate in the market for more than a year).

Depending on the banking authority and the type of account, the cost of opening with the services of the company GBS Agency will be $1 000-3 000. Our specialists will comprehensively approach to the choice of account and Bank of registration depending on individual tasks of business or private investor. Taking into account the long experience in the sphere of financial services of companies, we guarantee confidentiality, efficiency and quality of works at a reasonable price!

Get detailed advice on opening private and corporate bank accounts in Singapore right now with our financial expert!