DBS Bank (Singapore)

DBS Bank (Singapore) (Singapore)

  About the Bank
Singapore bank DBS bank is the leading financial institution in Asia. Bank's regional network has more than 250 branches and over 1,000 ATMs in 50 cities. DBS Bank has a network of branches located in all key cities in Hong Kong, Taiwan, China, India and Indonesia. DBS Bank (previously known as The Development Bank of Singapore Limited) was founded by the Singapore Government in 1968 to support the country's economic development. To date, DBS bank is the largest bank in Southeast Asia in terms of capital. It has high credit ratings "AA-" and "Aa1" and serves more than 4 million customers. DBS Bank provides a full range of banking services to both private clients and large corporations as well as small and medium enterprises. DBS was awarded as the Bank of the Year, Asia by The Banker, the Best Bank in Asia-Pacific and Safest Bank in Asia by Global Finance.
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 Chineese and English.
The approximate timeframe for account allocation from 5 to 7 business days receipt of the original documents by the bank.
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 faceto- face meeting in Singapore for the purpose of Customer Due Diligence.
  • An initial deposit of USD/EUR 50,000 or the equivalent is required, upon the accounts being opened.
  • A one time search fee of minimum S$300-00 (for Singapore Incorporated Company), S$500-00 (for Foreign Incorporated Company) and S$1000-00 (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).
  • Account opening timeframe. The account will be activated within 5 - 7 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 Lawyer's/Banker's/Accountant'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.
First you have to know the banks website: http://www.dbs.com.sg/ How to open the account: Please click on the apply button and follow the instructions from the bank here: https://www.dbs.com.sg/sme/dbs-forms/accounts/account-opening.page After you returned the application forms with all necessary documents back to the bank, your account is set up after further 5-7 working days and you will get the access data by post delivered. Your new Offshore bank account is from then on fully usable. Important notes: If the account opening documents provided are incomplete, unverified or are not clear they may have to request further information, documents or clarification from you before they can open your account. As part of the process you will need to send personal information. It’s very important that you use real information. Don’t try to use questionable data. If you have some problem or a specific question the best is to contact them directly and let them know so they can help you. For further questions regarding your account opening we ask you to contact the customer care center directly of the bank via: https://www.dbs.com.sg/index/locator.page