How to open a corporate account with Singapore banks (Best strategy)

No matter where you or your business operates or whether you are a Singaporean citizen, you can use GLA's bank account opening service. We help you open a 100% legitimate Singapore digital bank account online or with major banks like UOB, DBS, and OCBC.

GLA provides a comprehensive, efficient, and reliable service to help individuals and businesses open a Singapore bank account from Vietnam with ease.

Being present at a Singapore bank for an interview to open a bank account will depend on the Company's choice: Does the Company want to open an online bank account or does the Company want to open a physical bank account in Singapore.

• When a Business chooses to open an online bank account in Singapore, the Business will be interviewed 100% online, without having to travel to Singapore.
• When a Business chooses the service of opening a physical bank account in Singapore, depending on the bank chosen, the Business can interview online or must go to Singapore to interview directly with a Singaporean bank specialist.

GLA, with a team of professional and experienced consultants and proud to be a prestigious partner for many years of major banks in Singapore, will support and advise businesses on choosing and opening the most suitable Singapore bank account in Vietnam for individuals/businesses with prestigious banks such as OCBC, UOB, DBS, etc. easily and quickly:

• Open an online bank account in Singapore (online bank) for Individuals/Businesses: quick account opening procedures and documents;
• Opening a physical bank account in Singapore for Individuals/Businesses: 1-3 months, complicated account opening process, higher requirements than online banking.

In addition, GLA will support businesses to establish a company in Singapore in Vietnam from AZ (100% no hidden fees). In just 3-5 days, businesses will own a company in Singapore with full confirmation documents.

Yes. If a company owned by an enterprise generates revenue, the business owner, i.e. the bank account holder, is allowed to withdraw the capital for personal use. 

To open a corporate bank account in Singapore, the account holder is required to have an initial deposit of SGD 1,000 for the SGD account.

For the convenience of customers, Global Links Asia will support issuing a cheque worth 1,000 SGD so that businesses can bring it to a Singapore bank to deposit. 

There are no restrictions on transferring money into or out of a Singapore corporate bank account. However, if the money is transferred in or out of a non-corporate account or is transferred to a country or account that has been flagged as unsafe by Singapore, the bank may request the business to submit additional documentation to prove the source of the funds or close the corporate bank account without providing a reason for the closure. 

The first step to opening a corporate bank account is to prepare the necessary documents and make an appointment with a bank specialist in Singapore. At this step, Global Links Asia will support the account holder, so the time will depend on when the account holder wants to have an appointment with the bank specialist.

Normally, the result of whether the account holder can open a Singapore business account or not will be announced after a face-to-face meeting with a bank specialist. The interview time is only about 1 hour. If the account opening result is successful, the account holder can use the account to receive money from international partners and customers. 

After about 2-3 weeks, GLA will support the account owner to receive tokens (used to manage accounts and make online transactions) and cheques, etc., then transfer them to the account owner's address in Vietnam. After receiving the tokens, the account owner can make online transfers. 

Banks in Singapore are among the few in the world that support opening accounts and storing multiple currencies. Using different currencies can diversify investments, providing higher returns in certain market conditions and lower risk.

Taking advantage of that, business owners when opening a bank account in Singapore should open 2 or more currencies to maintain a safe and stable long-term investment portfolio. In addition, opening a multi-currency account also effectively supports transactions with customers, for example: using USD for international customers and SGD for domestic customers.

The advantage of Singapore banks is that they allow account holders to open multiple currencies in one bank account.
The account will be registered with one login name (ID) and different currencies will be managed under a single ID. Therefore, the account holder does not need to use multiple accounts to access internet banking. 

Because reputable banks in Singapore will need a lot of time to review bank account opening applications, the time to open a bank account from the time of application submission to having an account is about 3 - 4 working weeks, not including the time to prepare documents.

After meeting with a bank specialist in Singapore, if the result is successful, the account holder can activate the account immediately. Within 2-3 weeks, the account holder will receive tokens (used to manage the account and make transactions), cheques, etc. 

Global Links Asia is proud to be a direct partner with the top 10 largest and most prestigious domestic banks in Singapore. Global Links Asia will assist customers in choosing the right bank, preparing documents and providing a set of frequently asked interview questions of the bank.

Thanks to that, Global Links Asia will help customers save a lot of time while still optimizing the results of successfully opening a bank.

Documents/papers required to open a bank account in Singapore include:

• Valid documents of the Singapore company such as Business Registration Certificate and Company Charter, Passport of the bank account holder (usually the company director)
• Proof of address of director/shareholder/bank account holder
• Bank account opening documents
• The deposit amount must be deposited into the initial account according to bank regulations (cheque deposit): When successfully opening an account, customers need to deposit the initial amount into the account.

A standard Singapore bank account includes the following details:

• Account name.
• Account type (checking or savings).
• SWIFT code (8 or 11 characters).
• Bank code (4 digits).
• Branch code (3 digits).
• Account number (1-11 digits).

Opening a bank account in Singapore is easier for Singapore-registered companies than for offshore companies.

For offshore companies, the process is becoming more complex, and many applications are rejected if they do not meet the bank's strict requirements, especially in document preparation.

For Singapore companies, the process is simpler if all required documents are provided, but final approval still depends on the bank.

With years of experience and strong relationships with Singapore banks, Global Links Asia ensures a XNUMX% success rate for both Singaporean and offshore companies. You can contact us today to get a direct consultation from our experts.