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Opening a corporate account in a Singapore bank DBS

Companies from which jurisdictions are available to open an account with DBS Bank SingaporeCompanies from which jurisdictions are available to open an account with DBS Bank Singapore?

DBS is more loyal to the issue of the company's jurisdiction than the Singaporean OCBC bank.

With a high degree of probability, the bank will not pay attention to either the jurisdiction of your company, or the nationality of the director, shareholder or beneficiary. Of course, individuals from the CIS countries are considered an increased risk for compliance, but this does not mean that the bank refuses to open an account in 100% of cases. The main thing is to explain in detail the reason for opening an account in this particular bank and in this country.

For example, if your company has local counterparties in Singapore, this is a very good factor that the bank will take into account when deciding to open an account with DBS Singapore.

Which documents and information are required to open an account with DBS Bank Singapore?

If a shareholder or director is an individual:

  • Incumbency Certificate / Organization Business Profile;
  • Certificate of Incorporation;
  • Memorandum & Articles of Association;
  • Copies of passports of all directors / shareholders / authorized persons / ultimate beneficial owners;
  • Proof of the registration / residence address of all authorized persons / ultimate beneficial owners. It can be a national ID card with the specified address / utility bill not older than 2 months;
  • Bank statement of the ultimate beneficial owner (an individual who owns more than 25% of the company's shares) for the last 3 months;
  • The last tax return of the ultimate beneficial owner.

If the shareholder or director is a legal entity:

  • Position certificate / business profile;
  • Certificate of Incorporation;
  • Memorandum & Articles of Association;
  • Financial report for the last 1-2 years of a shareholder or director of the company;
  • Bank statement for the last 3 months of the shareholder or director of the company;
  • Proof of occupation / business profile of the ultimate beneficial owner;
  • Financial report for the last 1-2 years of the ultimate beneficial owner;
  • Bank statement for the last 3 months of the ultimate beneficial owner;
  • Reference letter with a wet seal;
  • CV of the ultimate beneficial owner;
  • List of counterparties for incoming and outgoing payments;
  • KYC form that we will provide you with and help you fill out.

* If the highlighted documents are provided to the bank in the form of copies, then they must be certified by a lawyer, notary or auditor.

Documents confirming the reality of the company's commercial activitiesDocuments confirming the reality of the company's commercial activities:

For trading companies:

  • 2 copies of invoices from the client with a personal bill of lading and bank statements to reflect incoming payments;
  • 2 copies of invoices from the supplier with the corresponding bill of lading and bank statements to reflect outgoing expenses;
  • 2 copies of intent or e-mail correspondence of the organization's counterparties (for those who have only potential buyers and suppliers).

For companies providing consulting services:

  • 2 contracts for consulting services with the client and the corresponding bank statements to reflect incoming payments;
  • 2 prescriptions for dealing with suppliers and related bank statements to show outgoing costs;
  • 2 copies of intent or e-mail correspondence with counterparties (for those who only have potential buyers and suppliers).

* Agreements / letters / rules and documents may be in relation to your existing company with similar activities.

Procedure for opening an account with DBS Bank SingaporeProcedure for opening an account with DBS Bank Singapore

You can open an account with DBS Bank Singapore using a remote procedure. In the process, it is necessary to provide the aforementioned documents and information about the company. After that our team will contact the bank manager and start the pre-check process of opening an account for your company.

Due to the fact that it is not always possible to visit Singapore due to quarantine restrictions, the bank is accommodating and conducts a video call to a potential client. If the company is located in Singapore or you have an opportunity to visit the country, the bank manager will be happy to talk to a company representative at a personal meeting.

Online banking DBS digibankOnline banking DBS digibank

What is digibank online banking?

This is an application on your phone that will allow you to manage your personal or company account: view account balances, transfer money and pay invoices, instantly apply for new accounts and credit cards, and manage finances anytime, anywhere.

After activating the application, you will be able to access the full range of services: eStatements, PayLah! and SMS banking (for example).

Is digibank safe?

Definitely yes!

All transactions are conducted using signature and multi-factor authentication.

The bank will send transaction alerts to your registered mobile phone number upon completion of the transaction.

Manufacturability

Thanks to its user-friendly interface, the digibank application has several convenient options:

  • Peek Balance. Allows you to check your account balance by simply swiping your finger across the screen of your mobile device or Apple Watch;
  • Touch ID. Allows you to log in to the online bank using your fingerprint if you are using an Apple device with Touch ID support.

DBS ServicesServices

Online banking provides more than 150 services for comfortable account management from anywhere in the world, at any time, without leaving your office or apartment.

For example, in the section where transfers are made, you will find the following options:

  1. create a translation;
  2. transfer to a DBS or POSB account;
  3. transfer to a mobile number (PayNow) or to another bank account (FAST).

The functions of viewing transaction histories, creating templates, generating receipts for purchases, regulating limits and more than 20 available types of transfers abroad are also provided.

For more convenient and quick payment remotely, online banking has a Payment section. Among them, for example:

  1. payment of the bill;
  2. payment by credit cards DBS or POSB;
  3. payment by credit cards of other banks;
  4. the ability to add a periodic / regular payment on the account;
  5. viewing the history of transactions on credit cards of another bank.

DBS digibank can also be used to fund an account in:

  1. PayLah;PayPal;
  2. Cashline;
  3. Post-Secondary Education Account (PSEA);
  4. Mobile communication.

Online banking provides 27 services for the use of credit and debit cards.

Also, in addition to investment services and services of a personal banker, you can link your email to the application and send / receive letters.

DBS Bank Singapore tariffsDBS Bank Singapore tariffs

Fees and payments:

For opening an account (minimum):

  • 1,500 Singapore dollars - for Singapore Incorporated (local Singapore companies);
  • 2,000 Singapore dollars - for Foreign Incorporated (non-resident companies in Singapore);
  • 3,000 Singapore dollars - for investment holding companies.

Balance maintenance and service charges

The account will need to maintain a daily credit balance of 10,000 Singapore dollars for operating entities and 100,000 Singapore dollars for investment holding companies.

The bank's monthly service fee is 35 Singapore dollars for operating entities and 160 Singapore dollars for investment holding companies.

The annual account maintenance fee is 40 Singapore dollars for operating companies and 3,000 Singapore dollars for investment holding companies.

opening an account with TaxtersBenefits of opening an account with Taxters

Before submitting documents to the bank, our company will help you:

  • fill out all the required forms;
  • communicate with bank managers;
  • will correct (if necessary) and submit for you the entire set of documents for preliminary verification by the bank;
  • organizes a video conference with a bank manager and helps answer all questions.

Among other things, our team has 10 years of experiencein the field of consulting and will select the most optimal option for you and your company if an account with DBS Bank is not suitable.

Why do we recommend opening an account with DBS Bank?Why do we recommend opening an account with DBS Bank?

The history of the creation of the Singapore Bank DBS

DBS Bank Ltd is an international corporation providing financial and banking services based in Singapore. At the beginning of its journey, the bank was known as The Development Bank of Singapore Limited, and in 2003 the name of the bank was changed to the current one.

The bank's more than 50-year history began in 1968, when the Singapore authorities decided to establish a state-owned bank that would take over the functions of financing industry and small businesses.

In the 1980s, DBS opened the first Taiwanese branch in Taipei, which facilitated trade between China, the United States and Japan. This stage opened the ASEAN market to Singapore.

In the 2000s, DBS Bank strengthens its position in Asia: it opens representative offices in Jakarta and India, acquires 100% of shares in the Chinese bank Dao Heng and its subsidiary bank Overseas Trust.

Since 2010, DBS Bank has been active in tourism and investment in Singapore: launches the first yacht regatta to revitalize the Marina Bay area; opens a 50 million Singapore dollars personal fund to support social enterprises.

On the eve of 2020, the company already had a significant digital background: DBS launched a Digibank in India, which was the first mobile, paperless, unsigned and branchless bank; joined RE100 and was actively involved in solving climate problems; launched the world's largest API platform for banking operations, which included McDonald's.

As of 2021, more than 110 DBS branches are scattered across Southeast Asia, with combined assets of 518 billion Singapore dollars.

Worldwide recognition of DBS bank

DBS Bank is not only the largest bank in Southeast Asia, but also one of the most reliable in the world.

In 2020, Global Finance named DBS "World's Best Bank", which makes it the third year in a row (2018-2020) awarded the "Best Bank in the World" award. The bank received the same award from Global Finance in 2018 and in the same year was named "Global Bank of the Year" by The Banker. In 2019, Euromoney named DBS "World's Best Bank".

Corporate partnerships

DBS is primarily renowned for its history of pioneering ideas and innovations. More than 10 years ago, the bank made a very large contribution to the development of the country, including enterprises in it. In 2009, the bank's management noticed a trend towards the creation and growth of small businesses that needed support from a global financial structure. Such a structure was DBS Bank, which pioneered the implementation of the Social Enterprise Banking Package to provide banking services to support the growth of such small businesses.

Contact us in any convenient way, and we will fully accompany the opening of a bank account for your company!

FAQ

❓If I am unable to leave the country, can I open a DBS Bank account?

Sure. You just need to contact your bank manager by video and have an interview with him.

?If I have no counterparties in Singapore, can I open an account with DBS?

Each case is individual. If you provide compelling reasons for opening an account with this particular bank, then, most likely, an account will be opened for you. You can have contractors from other Asian countries - Singapore is optional.

✍️How long does it take to open an account for a company?

On average, this process takes about 2-3 months.

?How do I open an account with DBS Bank Singapore?

Click on the "Quick consultation" button and we will help you with this!
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