There are three major banks in Singapore: DBS, UOB, and OCBC

Singapore companies often choose the three major local banks to open accounts, and local bank services are more comprehensive. , has the advantage that not only is the account convenient to use, but if you need further financial services, loans, letters of credit, etc., it is also easier to apply for.

DBS Bank DBS

It is currently the largest commercial bank (measured by assets) in Singapore and Southeast Asia. It was named "Asia's Safest Bank" by Global Finance magazine. As a state-owned bank in Singapore, it is large in scale and has a wide distribution of branches around the world.

OCBC

Singapore’s second largest private commercial bank and the oldest local bank in Singapore, the bank charges lower handling fees and other fees. OCBC Bank serves Singapore, Malaysia, Indonesia and China as its main markets.

United Overseas Bank UOB

UOB is the third largest bank in Singapore. It was founded by Sarawak businessman Huang Qingchang and other Fujian businessmen. Ranked 14th in the ranking of "Asia's Safest Banks" selected by "Global Finance" magazine, it has advantages in financing projects.

Information required for opening a bank account in Singapore

1. Copy of registration document (Business Profile)

2. Copy of company articles of association

3. Clear copies of ID cards and passports of directors and shareholders of the company

4. Proof of private address of the person authorizing the account signature, which can be a bank statement, water, electricity and gas bill, etc. The date of issue must be within 3 months

5. Resume of the account signing authorizer (mainly describing the company management experience)

6. Business certificate:

a) Trading company: Sales in the past three months , three copies of each purchase contract/corresponding invoice/bill of lading/packing list/customs declaration, etc. b) Investment holding company: investment certificate (i.e. letter of intent, equity agreement or title deed), equity structure

c) If the newly established company has not started business, it needs to provide business contracts of affiliated companies in other countries as supporting materials

d) List of suppliers and customers

7. Fill in the bank account opening questionnaire

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