Singapore banking institutions have a reputation for catering to overseas clientele and foreign corporations. Singapore commercial banking offers all the services of American banks, and Singapore banks provide a convenient and secure entry point to the robust Asian market. With the growing ubiquitous nature of Internet-based banking, working with banks in Singapore has become almost as convenient as using the bank around the corner.
Corporate banking in Singapore necessitates the establishment of a corporate identity with the Singaporean government. After registering, select a Singapore banking institution with a proven track record of financial solvency. A smaller regional commercial bank in Singapore would be incapable of providing the full range of service of large Singapore banks with large foreign depositors. Select a foreign based bank or Singapore commercial bank with a western banking partner for additional security.
1. Start banking in Singapore by registering your business with the appropriate authorities.
2. Deposit the minimum deposit to test the system before banking in Singapore.
3. Work with a foreign owned Singapore banks to guarantee full integration across international banking channels.
Action Steps
The best contacts and resources to help you get it done
Work directly with authorities to utilize the full services of Singapore banking institutions
Singapore commercial banking is regulated through the nation's central bank - the Monetary Authority of Singapore (MAS). Business banking in Singapore has become very attractive to corporations, from large multinational corporations to small private businesses. Singapore is a rising star in international banking and investment. Check with the MAS to investigate the stability of any bank in Singapore.
I recommend: The
Monetary Authority of Singapore is the main authority for corporate banking. The
Accounting and Corporate Regulatory Authority will gladly help foreign businesses establish a presence in Singapore.
Arrange banking in Singapore by making a small initial deposit
Singapore banking institutions have top-of-the-line electronic facilities. Due to Singapore's affluence, Singapore banks are integrated with the international banking system, which allows for a full series of electronic banking and international monetary exchange. Establishing a small account is relatively easy and can be done over the telephone. Work with your current bank to get the correct banking identification numbers and to establish the transfer and deposit of funds.
I recommend: Many American banks have a presence in Singapore. The
Citibank group has worked with Singaporean authorities for many years.
American Express offers corporate customers in Singapore their full range of business services.
Visit Singapore to work face-to-face with Singapore banking institutions
If a business is to be successful in Asia, owners and managers need to spend time in Asia. Although Singapore banking institutions are completely connected to the international banking system, personal relationships are much more important in Asia than they are in America. If a company wishes to grow in Singapore, management staff must meet repeatedly with local authorities and banking officials.
I recommend: Staff of banks in Singapore place a great deal of importance on private meetings in order to connect on a personal level with business associates. The
United Overseas Bank Limited is a banking leader in Singapore. The
Standard Chartered Bank offers a very flexible US Dollar High Account foreign currency account.
Tips & Tactics
Helpful advice for making the most of this Guide
- When addressing local staff of Singapore banking institutions, refer to them by their official titles, followed by family names and given names.
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