WHAT DBS BANK IN SINGAPORE OFFERS:
- Multicurrency bank accounts.
- Time deposits.
- Full range of banking services.
- Wide range of debit/credit Visa and MasterCard products.
- Private Banking.
- Tax and wealth management.
- Electronic Banking.
- Telegraphic Transfers.
- Customer support in Chinese and English.
The approximate time-frame for account allocation from 7 to 10 business days receipt of the original documents by the bank.
BANK TARIFFS AND CHARGES
DBS bank can be considered as a medium-cost bank with respect to account maintenance and bank transfer fees. For the purpose of business operation, the minimum account set up fee USD 500. The daily average account balance is USD 50,000. For investment holding purpose, the minimum account set up fee is USD 1,000. The daily average account balance required of USD 100,000.
A one time search fee of minimum SGD 300 (for Singapore Incorporated Company), SGD 500 (for foreign incorporated company) and SGD 1000 (for special purpose vehicle) is applicable upon the account being approved and opened. This fee is not refundable (even if the accounts are voluntarily closed shortly after).
For inward remittances the bank charges SGD 10, and for outward remittances the charge will be 1/8% (min. SGD 10 and max. SGD 120).
For the use of Electronic Banking service, the bank charges SGD 30 per months.
- PLEASE NOTE that bank tariffs may be changed anytime at the sole discretion of the bank, we therefore suggest to contact us or visit the bank’s website for updated details on specific fees and charges.
- Agent Legal professional service fee for the assistance of bank account opening does not include any bank charges and commissions, account maintenance fees, transaction fees, initial deposit or minimum balance.
REQUIREMENTS FOR CORPORATE ACCOUNT SET UP WITH DBS BANK IN SINGAPORE:
- The Beneficial Owners or one Director from the Company must be present for a face-to-face meeting in Singapore for the purpose of Customer Due Diligence.
- Business account minimum set up fee is USD 500 and the daily average account balance must be USD 50,000.
- The minimum investment account set up fee is USD 1,000 and the daily average account balance must be USD 100,000.
- Account opening time-frame. The account will be activated within 7 – 10 business days, upon receipt by the bank of all duly completed forms and relevant information.
DOCUMENTS REQUIRED:
For the Company:
A set of legalized company documents consisting of:
- Certificate of Incorporation
- Memorandum and Articles of Associations
- Documents confirming the appointment of company directors and secretary (if any)
- document confirming the location of the registered office
- Share Certificate(s)
- Certificate of Good Standing if the company is more than 12 months old
- Copy of the Corporate Structure, identifying the ultimate beneficial owner(s)
- Valid License (if applicable)
For each director, shareholder, secretary, authorised signatory and ultimate beneficial owner:
- Notarized copy of valid passport.
The passport must be signed and signature must match the signature in the application form. The photograph must be clear and of good quality.
- Original or notarized copy of utility bill / bank statement dated within 3 months as verification of residential address.
- Original or notarized copy of Banker’s reference letter, dated within 3 months
- Power of Attorney (where applicable)
- Personal CV
For each corporate officer (where the company directors or shareholders are legal entities), please provide:
A set of legalized company documents consisting of:
- Copy of constitutional documents (Certificate of Incorporation, Articles, etc.).
- Copy of Corporate Register (which shall include Register of Shareholders, Directors and Secretary).
- Copy of the Corporate Structure.
- Certificate of Good Standing.
PLEASE NOTE:
Documents that are not in English must be accompanied by a certified translation.
Citizens of CIS countries or US residents can be accepted by the bank only in case their business is conducted in Singapore.
LICENSABLE BUSINESS ACTIVITIES
If you conduct any activity without required license or authorization granted by a relevant authority in any jurisdiction, Agent Legal will not be able to assist you with the company formation or bank account opening related to such unlicensed activity.
Licensable activities include, but not limited to: provision of financial services involving trading/brokerage in foreign exchange, financial and commodity-based derivative instruments and other securities; offering investment advice to public; insurance and banking business; operation and administration of collective investment schemes and mutual funds; payment processing services; money exchange, money transmission or money brokering; asset management; safe custody services; gaming, gambling and lotteries.
Please contact us if you need our assistance in licensing of your financial, Forex brokerage or gambling company.
SHIPPING COST
Shipping of banking kits to your destination requires an extra charge and will be automatically added to the invoice during checkout. Shipping costs for international courier services are set automatically and can vary from USD 75 to USD 95. The fees depend on the jurisdiction where the bank is based as well as your destination country.
