Once clients, who may be non-residents or foreigners, submit their online applications to banks, bank representatives will contact them to gather additional documents required for opening a Singapore bank account for foreigners. Several well-known banks are preferred by businesses seeking to open accounts in Singapore for non-resident business owners and investors.
DBS Bank: It has various accounts, including Business Edge Accounts and Business Edge Preferred.
- For the Business Edge Account: It is suitable for the account holder to have multiple transactions and need to stay in touch with the bank regularly.
- For the Business Edge Preferred: Highly recommended for businesses as the banking products and services fit with the businesses’ banking demands.
DBS offers the applicants the option of multi-currency accounts when they apply to open bank accounts with DBS. Most of the services are available to foreign customers. That makes the non-residents account holders can easily manage and transfer their money anywhere.
OCBC Bank: Another bank for foreign business owners to consider to open bank accounts in Singapore is OCBC Bank. However, the application process required a resident of Singapore to fulfill all required conditions.
UOB Bank: Foreign businesses can also apply with UOB Bank to open the corporate bank account in Singapore. However, for the non-residents, they can apply for an account with UOB by attending a meeting in person at a UOB branch