A corporate bank account is among the key basics of incorporating a company in Singapore. Singapore houses 127 commercial banks, out of which 5 are local and 122 are foreign banks. These 122 foreign banks differ in terms of the type of licenses they have; such as, 28 are complete foreign banks, 56 are whole banks and 38 belong to the offshore category of banks.
Types of Local Banks
The 6 former local banking groups, consolidated into the recent 3 major local banks (DBS, OCBC and UOB) brought in the following benefits:
Major Local Banks
Types of Global Banks
Global banks, totaling 117 in number, are differentiated on the basis of the following categories:
One-stop institutions with provisions to cater to every type of banking need of corporate clients as well as individuals. The banks that top this list are Citibank, HSBC, Standard Chartered, BNP Paribas, and Maybank.
These are branches of overseas banks offering all types of banking services. However, they are disallowed within the SGD retail activity realm. National Australia Bank, Deutsche Bank, or ING Bank are instances of wholesale banks.
These banks serve corporate bodies’ by managing their finances, underwriting (subscription to bonds and shares for furthering them to investors), making investment strategies, union of companies and other business/investment linked services. A few such banks are Barclays Merchant Bank Singapore Ltd or Credit Suisse Singapore Ltd.Largest Foreign Banks in Singapore
Singapore HSBC offers retail banking and wealth management; commercial, investment and private banking; insurance; forfaiting and trustee services; securities and capital markets services.
In the present day scenario, it has 15 branches all over Singapore, 5 Priority Banking centers, 31 ATMs and a workforce of more than 9000 people.
Citibank has more than 15 branches and 181 ATM locations with around 1600 consumer banking employees. Citibank offers personal banking, credit cards, home loan, deposits, insurances and investment.
Requirements to Open a Bank Account
To open a Singapore corporate bank account, the following essential documents are required:
To learn more about what bank account options are available for your Singapore business, please contact us.