Opening a Singapore Bank Account FAQs"Facts are cheap, information is plentiful - knowledge is precious" - Michael E. Angier
For incorporation of your Singapore Company, we have prepared a list of frequently asked questions by both foreign and local clients. You may also refer to ACRA, Singapore's Company Registry.
Is there tax on bank deposits in local banks?
What is required to open a bank account in Singapore?
All the account signatories and director(s) must personally be in Singapore to attend the bank interview.
Copies of the following documents must be provided to the banker on the day of the bank interview:
Do the local banks have confidentiality?
There is no confidentiality ruling in Singapore.
Can a foreigner open a bank account in Singapore?
With the Anti-Money Laundering (AML) laws in Singapore, it is now difficult for a foreigner (individual) to open a bank account therefore you will be required to provide credible reasons as to why you need to open a bank account in Singapore and your residence address in Singapore.
Proof of residence in Singapore includes a valid employment pass, dependent pass, or student visa. If you are employed by a foreign company to be based in Singapore for a short definite period or you are a director in a local company, these may be valid reasons for your need to open a local bank account.
What is Common Reporting Standard (CRS) and how will it affect me (a Singapore bank account holder)?
Common Reporting Standard (CRS) is an internationally agreed standard endorsed by the Organization of Economic Cooperation and Development (OEDC), Global Forum on Transparency and Exchange of Information for Tax Purposes (“GF”) for the exchange of financial account information. This initiative is aimed at enhancing cross-border tax transparency and deterring tax evasion through offshore bank accounts.
Under CRS, banks of Singapore will be required to collect tax residence information (and in certain circumstances, additional information) from their account holders. The information collected by the bank will then be disclosed to Inland Revenue Authority of Singapore (IRAS) for exchanged with other jurisdictions.
If you have opened a bank account in Singapore, your bank may contact you to request for certain information including your tax residence status. If you do not response to your bank request, IRAS may require your bank to treat your account as a reportable account. You will be legally penalized if you provide false or misleading information on your tax residence(s).
However, information will only be exchanged with participating jurisdiction that has an agreement with the Singapore Government. Therefore, if you are a tax resident in a country with which Singapore has signed a Competent Authority Agreement, the bank is likely to disclose your account information to the requesting country’s authority.
If you have any further enquires regarding your tax residence, please contact us, or you may refer to the information made available on IRAS.
What is the initial deposit requirement to open a corporate bank account?
The initial deposit to open a Singapore business account ranges from S$10,000 to S$50,000.