DBS Bank (Singapore)
Corporate Account Opening in Singapore
International corporate bank account with full e-banking facilities in Singapore with DBS Bank - the leading financial services group in Asia. Business banking solutions for medium and large-size enterprises.
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FACTS & INFO
REQUIREMENTS FOR CORPORATE ACCOUNT SET UP WITH DBS BANK IN SINGAPORE:
- The Beneficial Owners or 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 will depend on the nationality of Ultimate Beneficial Owner and nature of the business.
- Business account minimum set up fee is SGD 500 and the daily average account balance must be SGD 50,000.
- The minimum investment account set up fee is SGD 1,000 and the daily average account balance must be SGD 100,000. There is an additional annual fee of SGD2,400 for an investment holding company.
- Account opening time-frame. 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 legalized company documents consisting of:
- Certificate of Incorporation
- Memorandum and Articles of Associations
- 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 valid passport. The passport must be signed and signature must match the signature in the application form. The photograph must be clear and of good quality.
- Original or notarized copy of utility bill / bank statement dated within 3 months as verification of residential address.
- Original or notarized copy of Banker's 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 legalized company documents consisting of:
- Copy of constitutional documents (Certificate of Incorporation, Articles, etc.).
- Copy of 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 be accepted by the bank only in case their business is conducted in Singapore.
LICENSABLE BUSINESS ACTIVITIES
If you conduct any activity without required license or authorization 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 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 business; 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 our assistance in 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 the leading financial institution in Asia. The Bank's regional network has more than 250 branches and over 1,000 ATMs in 50 cities. DBS Bank has a network of branches located in all key cities in Hong Kong, Taiwan, China, India and Indonesia.
DBS Bank (previously known as The Development Bank of Singapore Limited) 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' and serves more than 4 million customers.
DBS Bank provides a full range of banking services to both private clients and large corporations as well as small and medium enterprises.
DBS was awarded as the Bank of the Year, Asia by The Banker, the Best Bank in Asia-Pacific and Safest Bank in Asia by Global Finance.
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 as 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 USD 500. The daily average account balance is USD 50,000. For investment holding purpose, the minimum account set up fee is USD 1,000. The daily average account balance required of USD 100,000.
For inward remittances the bank charges SGD 5 per ITT (Inward Telegraphic Transfer), and for outward remittances the charge will be 1/8% (min. SGD 10 and max. SGD 120).
There is no bank charge for internet banking.
PLEASE NOTE that bank tariffs may be changed anytime at the sole discretion of the bank, we therefore suggest to contact us or visit the bank’s website for updated details on specific fees and charges.
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.