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:
- Eltoma receives your questionnaire with details required for the bank account opening process.
- Once we receive your payment, the process will begin immediately.
- 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.
- Eltoma conducts a briefing with you for the bank meeting to review any potential questions which may be asked of you by the bank.
- We organise and accompany you to the meeting with the bank, where all documentation is signed and all matters are discussed.
- 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.
SGD $1,560 (For each additional bank account opening application there is an additional charge of SGD $250).
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.
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