Executive Summary

This article is based on OCBC Bank's relevant guidance documents and targets clients who need to open a corporate account in Singapore, summarizing three key factors that most affect the efficiency of account opening: ① whether the documents are complete and verifiable; ② whether the KYC questionnaire is clearly explained and matches the documents; ③ whether passport verification and encrypted email communication after the video session can be completed within the specified time limit.

Key Reminder: Passport verification emails typically require completion within 14 days of receipt; if any relevant personnel fail to complete the verification, it may be necessary to switch to the CTC document plus signed form return process, significantly increasing overall time and cost.

I. Account Opening Document Checklist (Self-check Before Submission)

1. Complete the bank account opening questionnaire (Offshore Company Questionnaire / KYC Questionnaire)
2. Business license or registration documents of related companies: Related companies under the name of Singapore company directors or shareholders, typically recommended to have been established for a longer period (common experience is 2 years or more); if participating as a non-legal entity, usually at least a shareholder with a certain shareholding threshold is required. It is recommended to fully list all company information under the name.
3. Business contracts and documents: Typically, provide 2 sales contracts with corresponding invoices/bills of lading, and 2 purchase contracts with corresponding invoices/bills of lading; for consulting or technical service businesses, bills of lading may not be required.
4. Bank statements of related companies for the past 6 months: Statements should reflect the names of submitted customers and suppliers, with clear annotations.
5. Personal resume: Highlight relevant industry background and work experience.
6. Business card (if available)
7. Website or official account of related companies (if available)
8. Consistency of director and secretary arrangements: If there are nominee directors or secretaries that cannot be verified or are inconsistent with the declaration, it may affect account opening submission or approval results.

II. Key Points on Account Funds and Fees

• Initial Deposit: A minimum of 30,000 SGD for new SGD accounts.
• Management Fee: A monthly charge of 50 SGD if the SGD account balance falls below 30,000 SGD; USD accounts typically have no management fee.
• Transfer Fee: 1/8% of the payment amount + 25 SGD for online remittance + intermediary bank fees; minimum 10 SGD, maximum 100 SGD.
• Receipt Fee: 10 SGD per transaction received.

It is recommended to align the estimated transaction frequency and amounts with the above fee structure when completing the KYC questionnaire.

3. Passport Authentication Operation Guide

Passport authentication is used to replace traditional face-to-face interviews or document CTC processes, typically conducted after video conferences, with current guidance primarily for iOS systems.

1. After receiving the bank system email, complete the authentication within 14 days.
2. Download and open the OCBC Business App.
3. Click MORE → SERVICES → COMPLETE APPLICATION.
4. Select I AM READY, and enter the Case ID from the email.
5. Follow the instructions to complete passport photography, facial recognition, signature, and chip sensing.
6. After completion, email the account opening manager with your personal email address.

IV. OCBC Encrypted Email Opening and Reply Guidelines

OCBC managers often send important notifications via encrypted emails, common forms include web-based one-time passwords (OTP) or attachment decryption for viewing. Regardless of the method, be sure to use Reply All to respond to the bank after reading, to ensure the process is not interrupted.