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Bank account opening

Bank account opening services for Non-Resident entrepreneurs

hotel_fountainWe also offer separate bank account opening services in Singapore. Our dedicated team of professionals will help you to open an account in a bank, which is most suitable either for your business or personal needs or both. We will also provide step by step support and guidance during document preparation/opening process as well as accompany you during your initial account opening interviews in the bank.

Wellstead Consultancy works with three major banking service providers in Singapore. Our recommendations are based upon dozens of foreign clients having successfully registered their accounts within shortest period of time and without any complications.
We recommend to all of our clients to work with the following local banks:
  1. OCBC (Oversea Chinese Banking Corporation)
OCBC consists of 7 banks, with the oldest bank being established in 1932. The group constantly explores the requirements of its clients and offers a wide range of financial services and solutions to its customers. According to Bloomberg Markets Journal, OCBC group was ranked first in “strongest banks in the world category” during 2011 and 2012.

OCBC supports local start-up companies and has a simple process for opening a bank account for new companies. As the company is new to the market, the bank won’t charge a minimum balance fee for 6 months. However, after initial 6 months period, you are required to have a minimum monthly average balance of S$8,000, otherwise a fee of S$35 will be applied. If you are a Singaporean company, the approval is immediate and a cheque book is issued immediately.
  1. DBS (Development Bank of Singapore)
The bank was first established in 1968 under governmental authority with a purpose to be a country’s development bank to act as a catalyser for economy development. Since then, the DBS banking group has become one of the largest in Asia, operating in 15 countries, having 250 subsidiaries, and more than 1000 ATMs.  The bank has a strong capital position and it’s credit ratings are the highest among the Asian region, being “AA-“ and “Aa1” respectively.

DBS is not only a leading consumer bank in Singapore and Hong Kong with more than 5 million customers, but has also greatly focused on corporate banking for small and medium SMEs. The bank is widely recognised and since 2009 has earned a status of “Safest Bank in Asia” for 5 consecutive years.
  1. UOB (United Overseas Bank)
The bank was established in 1935 and nowadays is a widely recognised financial institution, being one of the leading banks in Asian region. Over years the bank has employed an intensive expansion strategy and currently is present in 20 countries with more than 500 branches. The bank provides a wide range of financial services and acts as a key player in SMEs financing and lending. In 2011 the bank has received several awards- Best Retail Bank in Singapore and the Best SME Banking Business.

The following documents are usually required to be presented to the bank authorities to register a corporate bank account:
  1. Corporate Account Opening Form
  2. Resolution of Board of Directors (need to be certified by director and secretary)
  3. Certified True Copy of Certificate of Incorporation
  4. Certified True Copy of Company’s Business Profile from Company Registrar
  5. Certified True Copy of Company’s Memorandum and Articles of Association
  6. Certified True Copy of Passport and Proof of Residential Address of Directors and Signatories
Also, starting from the 1st of September 2011 all account signatories are required to make personal visit to the bank. This is done for the purpose of verification of individuals’ identities, corporate documents and signatures.

Wellstead can assist you with preparing and acquiring all of the above documents as well as guide you through the entire bank account registration process.

Price: $800

If you have any additional questions, please read our F.A.Q or contact us directly via enquiry form.