DBS Bank (Singapore)
Corporate Account Opening in Singapore
Based in Singapore, DBS Bank offers international corporate accounts with full e-banking facilities. It is the leading financial services group in Asia, providing business banking solutions for medium and large-size enterprises.
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FACTS & INFO
REQUIREMENTS FOR ACCOUNT SETUP:
- The beneficial owners, or at least one director from the company, must be present for a face-to-face meeting in Singapore for the purpose of customer due diligence. Alternatively, a Skype interview may be conducted, but this will depend on the nationality of the ultimate beneficial owner and the nature of the business.
- The business account minimum set up fee is S$500 and the daily average account balance must be S$50,000.
- The minimum investment account set up fee is S$1,000 and the daily average account balance must be S$100,000. There is an additional annual fee of S$2,400 for an investment holding company.
- The account will be activated within 7-10 business days (upon receipt by the bank of all duly completed forms and relevant information).
For the Company:
A set of legalised company documents consisting of:
- Certificate of incorporation
- Memorandum and articles of association
- Documents confirming the appointment of company directors and secretary (if any)
- Document confirming the location of the registered office
- Share certificate(s)
- Certificate of good standing if the company is more than 12 months old
- Copy of the corporate structure, identifying the ultimate beneficial owner(s)
- Valid license (if applicable)
For each director, shareholder, secretary, authorised signatory and ultimate beneficial owner:
- Notarized copy of a valid passport. The passport must be signed and the signature must match the signature in the application form. The photograph must be clear and of good quality.
- Original or notarized copy of a utility bill / bank statement dated within 3 months as verification of residential address.
- Original or notarized copy of a bank reference letter, dated within 3 months.
- Power of attorney (where applicable).
- Personal CV.
For each corporate officer (where the company directors or shareholders are legal entities), please provide:
A set of legalised company documents consisting of:
- Copies of constitutional documents (certificate of incorporation, articles, etc.).
- Copy of the corporate register (which shall include register of shareholders, directors and secretary).
- Copy of the corporate structure.
- Certificate of good standing.
- Documents that are not in English must be accompanied by a certified translation.
- Citizens of CIS countries or US residents can only be accepted by the bank in cases where their business is conducted in Singapore.
IMPORTANT NOTE: LICENSABLE BUSINESS ACTIVITIES
If you conduct any activity without the required license or authorisation granted by a relevant authority in any jurisdiction, Starting Business will not be able to assist you with the company formation or bank account opening related to such unlicensed activity.
Licensable activities include, but are not limited to: provision of financial services involving trading/brokerage in foreign exchange, financial and commodity-based derivative instruments and other securities; offering investment advice to public; insurance and banking; operation and administration of collective investment schemes and mutual funds; payment processing services; money exchange, money transmission or money brokering; asset management; safe custody services; gaming, gambling and lotteries.
Please contact us if you need assistance in the licensing of your financial, Forex brokerage or gambling company.
Shipping of corporate documents or banking kits to your destination requires an extra charge and will be automatically added to your order during checkout. Shipping costs for international courier services are set automatically depending on geographic zones.
About the Bank
Singapore's DBS Bank is one of the leading financial institutions in Asia. The bank's regional network has more than 250 branches and over 1,100 ATMs in 50 cities, including a key presence in Hong Kong, Taiwan, China, India and Indonesia.
Previously known as the Development Bank of Singapore, it was founded by the Singapore government in 1968 to support the country's economic development. To date, DBS bank is the largest bank in Southeast Asia in terms of capital. It has high credit ratings of 'AA-' and 'Aa1' from Standard & Poor's and Moody's respectively, and serves more than 4 million customers across the globe.
It provides a full range of banking services to both private clients and large corporations as well as small and medium enterprises, and was named World's Best Bank by Euromoney in 2019, Bank of the Year by The Banker in 2018, and Best Bank in the World by Global Finance Magazine in 2018.
WHAT DBS BANK IN SINGAPORE OFFERS:
- Multicurrency bank accounts.
- Time deposits.
- Full range of banking services.
- Wide range of debit/credit Visa and MasterCard products.
- Private banking.
- Tax and wealth management.
- Electronic banking.
- Telegraphic transfers.
- Customer support in Chinese and English.
The approximate time-frame for account allocation is between 15 to 20 business days (upon receipt of the original documents by the bank).
BANK TARIFFS AND CHARGES
DBS Bank can be considered a medium-cost bank with respect to account maintenance and bank transfer fees. For the purpose of business operations, the minimum account set up fee is US$500. The daily average account balance is US$50,000. For investment holding purposes, the minimum account set up fee is US$1,000. The daily average account balance required of US$100,000.
For inward remittances the bank charges S$5 per ITT (Inward Telegraphic Transfer), and for outward remittances the charge will be 1/8% (minimum S$10 and maximum S$120).
There is no bank charge for internet banking.
PLEASE NOTE: Bank tariffs may be changed anytime at the sole discretion of the bank. Therefore, we suggest that you contact us or visit the bank’s website for updated details on specific fees and charges.
The Starting Business professional service fee for the assistance of bank account opening does not include any bank charges and commissions, account maintenance fees, transaction fees, initial deposit, or minimum balance.