Level 25–01, 3 Church Street, Singapore, 049483
EN RU

Business operating accounts

Singapore banks have proven to be excellent instruments for businesses’ everyday banking needs regardless of whether the chosen industry is traditional such as manufacturing, trading and logistics, or more innovative such as e-commerce, the development of artificial intelligence etc.

However, opening bank account for a company is a multi-stage and time-consuming process due to numerous local and international regulations banks have to comply with.

Here are just a few major regulations that affect corporate bank accounts opened in Singapore:

  • Banking Act;
  • Notices and Guidelines on Prevention of Money Laundering and Countering the Financing of Terrorism issued by the Monetary Authority of Singapore (MAS – local regulator);
  • Regulations on Prevention of Money Laundering and Countering the Financing of Terrorism issued by international bodies (e.g. FATF);
  • Common Reporting Standards (CRS) in relation to the international exchange of information;
  • Foreign Accounts Tax Compliance Act (FATCA), a US Act that regulates relations of non-US banks with US persons;
  • and many others.

We monitor the requirements of Singapore banks and their processes for establishing business accounts as to assist local and foreign entrepreneurs in getting their corporate accounts opened smoothly and efficiently.

Please contact our experts to answer your questions and to assist with opening a bank account in Singapore for your business.