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Assistance in Bank Account Opening
(Singapore & Worldwide)
End-to-end support for corporate and personal bank account opening in Singapore and key international financial centres.
Assistance in Bank Account Opening
(Singapore & Worldwide)
End-to-end support for corporate and personal bank account opening in Singapore and key international financial centres.
Eltoma (Singapore) Pte. Ltd. assists businesses, investment funds, and private clients in opening corporate, personal, and multi-currency accounts with traditional banks and reputable fintech institutions. We manage the entire process — from bank selection to compliance preparation — ensuring a smooth, efficient, and successful account opening.
Who we assist:
- Singapore-incorporated companies seeking local or overseas bank accounts.
- Multinational groups opening accounts for subsidiaries in different jurisdictions.
- Start-ups and SMEs needing operational accounts and payment solutions.
- Investment funds, LLPs, and VCCs requiring dedicated client or investor accounts.
- High-net-worth individuals (HNWIs) and family offices opening private banking accounts.
Our Services Include:
- Selection of MAS-regulated banks suited to your sector and transaction profile.
- Arranging corporate accounts with major local and international banks such as DBS, OCBC, UOB, HSBC, Standard Chartered.
- Coordination of in-person or remote account opening (where permitted).
- Guidance on bank fee structures, online banking platforms, and account packages.
- Preparation of all incorporation, compliance, and KYC documents required by the bank.
- Assistance with banking in reputable jurisdictions including Hong Kong, Cyprus, Switzerland, Luxembourg, and the UK.
- Coordination with offshore banks for foreign currency, multi-jurisdictional payment, and investment accounts.
- Advising on jurisdiction-specific KYC requirements and expected timelines.
- Facilitating introductions to private banking relationship managers for HNWIs.
- Onboarding with regulated payment service providers such as Wise, Airwallex, Revolut Business, Nium, Stripe Treasury, and others.
- Multi-currency wallet set-up for cross-border transactions.
- Integration of payment platforms with accounting and e-commerce systems.
- Guidance on compliance with Singapore’s Payment Services Act 2019.
- Compilation of bank-ready due diligence packs, including corporate documents, proof of business activity, and UBO identification.
- Preparation of business activity summaries for compliance teams.
- Assistance in drafting source of funds/source of wealth declarations.
- Guidance on meeting anti-money laundering (AML) requirements under the bank’s jurisdiction.
- Set-up and activation of internet banking access and token devices.
- Assistance with linking bank accounts to accounting software (e.g., Xero, QuickBooks).
- Coordination of additional account openings for subsidiaries or branches.
- Advisory on KYC updates and ongoing compliance obligations.
How it works?
We work hard every day to make life of our clients better and happier
- Bank selectionShortlist suitable institutions based on your needs and eligibility.
- Pre-application reviewEnsure your corporate structure and documents meet bank standards.
- Application submissionPrepare, compile, and send full KYC package to the bank.
- Liaison with complianceRespond to any queries from the bank’s onboarding team.
- Approval & activationArrange for signing, token collection, and online banking set-up.
- AftercareOngoing compliance support and account-related assistance.
Compliance anchor points:
- MAS regulations for banks and financial institutions in Singapore.
- Payment Services Act 2019 – covering fintech and payment institutions.
- Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act 1992 – AML compliance obligations.
- Banking Act 1970 – regulation of licensed banks in Singapore.
- International AML/CTF regulations for foreign banking jurisdictions.
Deliverables:
- Approved corporate or personal bank account with internet banking access.
- Full set of account-opening documents and agreements.
- Banking compliance pack for internal records.
- List of ongoing obligations and review deadlines.
Why choose Eltoma for Bank Account opening?
-
Proven track record – high success rates for corporate accounts, even in complex cases. - Global reach – banking relationships in Singapore and over 20 other jurisdictions.
- Compliance-first approach – we ensure you meet all AML/KYC standards before submission.
- Time efficiency – minimising delays by anticipating and addressing bank queries early.
- Integrated with incorporation – accounts can be opened immediately after company formation.
FAQs:
Some banks allow remote account opening for certain clients, but many still require in-person signing. We advise on the best options for your situation.
- Yes — for HNWIs and family offices, we facilitate introductions to private banks in Singapore and overseas.
- No firm can guarantee approval, as final decisions rest with the bank’s compliance team. However, our preparatory work significantly improves approval chances.
- Yes — both in Singapore and internationally, we help set up accounts in multiple currencies.
- We assess each case individually and recommend banks or jurisdictions more open to your sector.
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