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. 

 

Take the next step, we are here to help.

Register a Singapore company.
Open a Singapore bank account.

  Resources:

Gibraltar companies now have to disclose full Beneficial Ownership details to Central Register

Gibraltar companies now have to disclose full Beneficial Ownership details to Central Register

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European Commission publishes tax avoidance disclosure directive

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OECD publishes compliance review for all non-compliant jurisdictions

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The OECDs global tax transparency initiative was launched last year in April 2016, with the purpose of encouraging every jurisdiction across the world to commit to implementation of a CRS (Common Reporting Standard) for automatic exchange of information by 2018, and to sign the Multilateral Convention on the exchanging of tax data. A forum on behalf of the OECD has released the results of its review for jurisdictions it considers to be non-compliant.

EU Parliament Committee release findings & recommendations for current offshore taxation measures

EU Parliament Committee release findings & recommendations for current offshore taxation measures

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2017 G20 summit: Enforcement of taxation highest priority

2017 G20 summit: Enforcement of taxation highest priority

The 2017 G20 leaders’ summit took place in Hamburg last week where the European Commission Council and leaders discussed the priorities and primary projects for the upcoming summit. EC President Jean-Claude Juncker has stated that advancing the global combat against tax evasion is top of the list.

The EC takes action against advocates promoting tax avoidance schemes

The EC takes action against advocates promoting tax avoidance schemes

The European Commission has recommended the implementation of a new regulation regarding companies or intermediaries who promote or design cross-border tax planning schemes will going forward be required to provide full disclosure to the tax authorities of their relevant jurisdiction within five days of offering them to clients.

What are the new Beneficial Ownership reporting requirements for BVI companies?

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Going forward, a new regulation will require certain British Virgin Islands companies to gather and retain details of Beneficial Owners with 25% or more of the company’s shareholding rights, with an ongoing requirement to keep the details up to date.

Russian citizens can gain Cyprus tax residency by staying only 60 days on island, whats the catch?

Russian citizens can gain Cyprus tax residency by staying only 60 days on island, whats the catch?

Cyprus is once again working to improve its economic desirability and will be able to increase its alternative business base for Russians with good creditworthiness.