Banking in Singapore - account services for coporates

Banks in Singapore are focused in the CBD (Central Business District).
To open a bank account you need to consider, if it is a bank account for local, foreign or pure "offshore" company.



Opening an account for local incorporated company is easy. I would suggest following:
a) try to apply over internet webpages -> you might save some fees
b) try to pick up the branch that is close to you and it is not the biggest branch of the bank. You would feel more friendly and also service might be more customized
c) prepare M&AA, that are signed by director
d) bring a director with you (both of directors) or one director and agent
e) prepare up to two hours

Account opening is not initial even for local companies. You apply (best over net) and than you confirm all the points on the branch. Once done so, you might wait few days to get all confirmed. Security systems dont work the best way, so you need to carry to security calculators every time you use internet banking.

To get a personal relationship manager is not a standard. You might apply for him/her and it is a bank decision. By me it was told the initial deposit needs to be around 100.000 SGD, or the business needs to be interesting for bank.

Opening an account for "offshore company".
This is a real headache and you need to prepare tons of documents. If also depends how deep your structure goes and how sophisticated solution the bank needs to deal with. Be prepared for many documents and KYC procedures.

Good banks to start with:
OCBC ... local privately owned bank
DBS ... local bank opened to local business
UOB ... local bank
POSB.... local post bank

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