Package OJ-3: Singapore bank account for your overseas registered business


About this package

Foreign businesses (i.e. businesses not registered in Singapore) can also open a bank account with Singapore based bank. This can be very helpful if you wish to keep your funds in an economically stable country which has no cumbersome exchange restrictions.

Singapore has abolished exchange restrictions way back in 1978. Businesses are allowed to keep funds in any currency they want and remit it for their business purposes without complex requirements. Overseas businesses find this option particularly attractive.


    Important note

    Since in this case the bank is approving an account for the business registered out of Singapore the checks they carry are usually through. Therefore it is important that you provide all relevant information about your existing business, copies of contracts, invoices etc as requested.

    Transcend has necessary expertise to advise you on necessary documentation to get your bank account approved.


      We require following documents from you

      You can send us scanned copies of these documents, and bring original documents for verification during your visit to Singapore.
      Documents must be in English, otherwise official translation will be required.

        Transcend offshore company registration / Bank account information form

        This form captures all relevant details for your existing business for which you want to open the account

        Transcend KYC form

        KYC form collects information about client's existing business and purpose of new entity or the bank account.

        Copies of passports of all directors / shareholders of proposed new company

        Proof of identification of all Directors / Shareholders of the company. In case of Singapore residents the NRIC will be required.

        Residential address proof of all directors / shareholders

        Usually utility bill, telephone bill, bank statement with address will suffice

        Clients business profile / work profile in his home country

        Certificate of incorporation of your business in home country. Also provide the proof of how you are related to this business. Generally Memorandum of Association of company in home country where you have signed as subscriber is enough.

        Bank statement / Bank reference letter

        Issued in the name of your business in home country.

        Additional documents

        For the offshore incorporation we definitely require additional documents from you. We will guide about these documents for your case once we receive above documents

        Package price : To know the package price please drop us a note

        Drop us a note to know the cost of this package

        What services Transcend provides in this package

        1Advise and collect all required documents
        2Work with the bank representative and get indicative clearance for the bank account for your foreign business
        3Arrange your meeting with the bank representative in our office
        4Post account opening support

        Process flow : Following steps are involved in this bank account opening process


        Provide all relevant details as above

        Provide the scanned copies of documents and our forms with relevant details

        Consultation with bank representative

        We will pass above details to the bank representative and get indicative approval for bank account


        You will be required to make the payment once bank representative provides his indicative pre-approval.

        Your visit to Singapore for bank account opening

        You will need to visit Singapore for completing bank account opening formalities. Usually a visit for 2 days will suffice.

        Bank documents

        Bank will process your account in few days and send all the documents to you at your address