Opening a Bank Account in Singapore

A bank account in Singapore may be opened as soon as a company has been officially incorporated.

The process is as follows:

  1. Eltoma receives your questionnaire with details required for the bank account opening process.
  2. Once we receive your payment, the process will begin immediately.
  3. Eltoma submits your initial applications to the relevant banks and wait for an invitation to arrange a meeting with the signatory. We coordinate a meeting time based on your availability.
  4. Eltoma conducts a briefing with you for the bank meeting to review any potential questions which may be asked of you by the bank.
  5. We organise and accompany you to the meeting with the bank, where all documentation is signed and all matters are discussed.
  6. Within three weeks, the bank will make a final decision on the approval of the account. Once approved, all funds may be transferred immediately.

Dependent upon the time of the documents' submission, the entire process takes from 3 to 8 weeks on average, however every case may differ depending on the complexity. Share capital of the company shall start from SGD $5000 in order to be accepted by the bank in Singapore and according to the OECD regulatory framework on international transparency, it is advisable to have a simple and clear shareholding structure. Please be advised that Singapore banks may require additional documentation from both Business Owners and signatories.

Price Information:

Package

Services

Fee

Silver:

  • Application for bank account opening with one bank of the client’s choice.
  • Appointment with bank.
  • Personal accompaniment to the bank.
  • Preparation of all supporting documents required for bank account opening (Business Profile etc.).

 SGD $1,560 (For each additional bank account opening application there is an additional charge of SGD $250).

Gold:

 
  • Application for bank account opening with one bank of the client’s choice.
  • Appointment with bank.
  • Personal accompaniment to the bank.
  • Preparation of all supporting documents required for bank account opening (Business Profile etc.).
  • Website (for bank account opening purposes).

 

 SGD $2,600 (For each additional bank account opening application there is an additional charge of SGD $250).

 

 

Please note that the above is only a guide to the process of opening bank accounts. 

Once we have established your requirements and provided options to meet your needs then the exact account features will be confirmed. Banks work in a highly competitive environment and periodically make adjustments in order to remain competitive. Eltoma can help you choose the best bank and best bank account in order to fulfill your requirements. 

Feel free to contact us for more information or support.

 



Take the next step, we are here to help.

Register a Singapore company.
Open a Singapore bank account.

  Resources:

The Dematerialisation of Shares in the UK: Current Update & Assessment

The Dematerialisation of Shares in the UK: Current Update & Assessment

Business is an area that is continuously developing. An integral part of both business and economics are companies. It is possible to say that companies dictate the conditions of the market to a certain extent. Any public or private company has its own shares; a share is a security that provides a portion of ownership of the company and gives the holder the right to a part of the profits.

Current Information on the Payment of Cyprus Taxes for Pensions & Rental Income

Current Information on the Payment of Cyprus Taxes for Pensions & Rental Income

Cyprus employees who are considered to have tax resident status, pay tax on their global income. Employees not considered to be tax resident are only charged for specific types of income that are originating from Cyprus-based sources.

Contrary to the Bearish Trend: How Tether Gained a Place in the CoinMarketCap Top 10

Contrary to the Bearish Trend: How Tether Gained a Place in the CoinMarketCap Top 10

Tether Ltd, the issuer of Stablecoin, a type of cryptocurrency under the ticker USDT, has been hotly debated for the past year. Many representatives within the crypto-community suspect the issuer of the "tokenised dollar" regarding the insufficient supply of the currency, as well as the regular "quantitative easing" of the market during periods of recession.

Current Information on the Payment of Cyprus Income Tax

Current Information on the Payment of Cyprus Income Tax

An individual is considered to be tax resident in Cyprus by spending a total (consecutive or otherwise) of 183 days or more in any one calendar year in Cyprus. Anyone earning an income in Cyprus falls into two categories:

UK Company Law: The Doctrine of Lifting the Corporate Veil

UK Company Law: The Doctrine of Lifting the Corporate Veil

One of the main advantages of forming a legal entity is to limit the liability of the members of the company. However, in some circumstances, legal entities can be disregarded. This process is known as piercing the corporate veil and is the most common method for shareholders to take responsibility for the actions of the corporation.

How to Spot Professional Money Laundering Activities: A Guide for Companies

How to Spot Professional Money Laundering Activities: A Guide for Companies

A sound client due diligence (CDD) policy is crucial for any providers offering banking, incorporation, legal or accounting services to any extent or otherwise. Compliance must play a huge role around all company decisions to accept and work with new clients, with an explicit set of rules for knowing and identifying different risk categories.

Creating Physical Presence & Capital Requirements for Cyprus Shell Company Crackdown

Creating Physical Presence & Capital Requirements for Cyprus Shell Company Crackdown

Recently, the Cyprus Central Bank issued guidance to banks & credit institutions, advising them of the new mandatory refusal to take on new clients or to continue servicing existing accounts with so-called shell or letter-box companies.

How the UK is Combating Offshore Culture & How it Could be Doing More

How the UK is Combating Offshore Culture & How it Could be Doing More

Typical tax haven destinations such as BVI, Jersey and Switzerland have always been in the spotlight from profiting off of helping clients circumvent legislation in their jurisdiction of residence for decades.