Enterprise Banking International

Frequently Asked Questions

General Questions

  1. What is the difference between DBS Enterprise Banking International and DBS Enterprise Banking?


    2. At DBS Enterprise Banking International, we recognise that your corporate banking needs are outside your country of residence or operation. Our team of dedicated Relationship Managers is professionally trained to take care of international companies, as well as tackle cross-border banking issues to support your business. We will also provide you with a dedicated Relationship Manager who will be your main point of contact for the bank and can provide you with a comprehensive range of services for all your banking needs.

     

  2. What is the qualifying criterion to join EB International?


    3. The basic criterion is to deposit and maintain a minimum average deposit of SGD50,000 for SGD accounts or the equivalent of USD50,000 for other currencies, in a DBS corporate current account per legal entity. There will be different packages with varying minimum deposit amounts and preferential banking fees available for you. Your dedicated Relationship Manager will help you to choose the best package to suit your corporate banking needs.

     

  3. I am a Singapore registered company that only operates within Singapore, can I still open a corporate account with EB International?


    4. Our team at DBS Enterprise Banking International specialises in taking care of overseas or international companies, and may not be able to offer you the most appropriate services and products to suit your needs.

    To help us better understand and service the needs of your company, please visit our DBS Enterprise Banking Centres or call our Corporate Contact Centre at 1800-222 2200 (in Singapore) or +65 6222 2200 (from overseas)

     

  4. I plan to open a few accounts under different currencies with DBS Enterprise Banking International, will I have to maintain a minimum balance for each of the account?


    5. The minimum balance applies on a "per legal entity" basis, i.e. you will only need to maintain the minimum balance for one of the accounts under the same company name. Corporate accounts under different companies within the same group are subjected to a minimum balance for each company.

     

  5. I wish to open a corporate account with DBS Enterprise Banking Group that is outside Singapore (i.e. India, Indonesia, Hong Kong, China or Taiwan), can I approach DBS Enterprise Banking International in Singapore to open my account?


    6. While we do not undertake to handle every application for an account outside of Singapore, we will consider the applications on a case-by-case basis.

     

  6. How can I open a corporate account with EB International?


    7. Contact us via e-mail or call 1800-222 2200 (in Singapore) or
     +65-6222 2200 (from overseas) for any enquiries or assistance.

     

  7. Does DBS help to provide tax advice for companies?


    8. DBS is not in the tax advising business, and will not be able to offer any advice regarding taxation, however, we would be more than happy to refer you to qualified tax advisers or consultants that we work with.

 

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Account Opening

  1. What are the documents I would need in order to open a corporate bank account with EB International?


    2. To find out the documentary requirements, please click on the appropriate business type for your company:
    • Private Limited Company (Incorporated in Singapore)
    • Private Limited Company (Incorporated outside Singapore)
    • Private Limited Company ( Only a Representative Office in Singapore)

     

  2. What are the DBS forms I would need in order to open a corporate bank account with EB International?


    3. The mandatory forms required in order to open a corporate bank account are:
    • Corporate Account Opening Form 
    • Board Resolution for Company
    • Declaration of Beneficial Ownership
    • Declaration of Withholding Tax Form (only applicable for foreign corporates or branches of foreign corporates registered in Singapore)

    The forms above may not be exhaustive and our relationship managers will advise you of any additional requirements depending on your company’s profile and set-up.

     

  3. Do I need to provide a translated copy of my documents if they are not in English?


    4. Yes, we require all documents to be submitted in English. Documents in a foreign language must be translated by an official translator.  Photocopies of translated documents will have to be notarised by a Notary Public.

     

  4. I wish to open a corporate account with EB International. However, I am not residing in Singapore, must I come down personally?


    5. In order for us to understand the nature of your business, as well as to comply with the "Know Your Customer" guidelines set out by the Monetary Authority of Singapore (MAS), we would require to meet up with at least one of the beneficial owners or Directors of the company face-to-face.

     

  5. I wish to open a corporate account with EB International, do all my directors and/or signatories have to come down to sign the forms personally?


    6. We would require a face-to-face meeting with at least one of the beneficial owners or Directors of the company. We also encourage all signatories to come down to Singapore for signature verification. However, we understand the cost and inconvenience associated with travelling to Singapore. Therefore, in the event that not all the signatories are able to be present in Singapore, their signatures can be verified by:
    • an external authorised signatory at our overseas branch or;
    • a notary public or;
    • High Commissioner of Singapore

 

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Fees and Charges

  1. Are there any monthly fees charged for maintaining an account with DBS Enterprise Banking International?


    2. DBS Enterprise Banking International will waive the monthly service fee if you meet and maintain the qualifying criteria of the minimum average daily balance in your corporate account. However, there will be a monthly fall-below fee if you are unable to meet the minimum qualifying criteria.

     

  2. What is the monthly service fee if customer does not meet the minimum qualifying criteria?


    3. The monthly fall-below fee starts from a minimum of SGD 25 and varies according to the plan and currency that the customer chooses.

     

  3. Are there any set up fees for maintaining an account with DBS Enterprise Banking International?


    4. DBS Enterprise Banking International will charge a one-time non refundable Account Search Fee of minimum SGD 500 depending on the complexity of your company’s control and ownership structure. This is to cover the mandatory external compliance and reputational checks that we are required to carry out under MAS guidelines before a banking account can be opened in Singapore. Should there be other searches that need to be carried out, there may be additional costs incurred which will be borne by the customer.

     

  4. How does DBS calculate the minimum average daily balance for the month? When will the fee be deducted from my account?


    5. We will total up the daily end-day balances in your account and divide it by the number of days in the month. If the average daily balance falls below the minimum balance stipulated for the account, we will impose a monthly fall-below fee at the end of the month.

 

Contact us via e-mail or call 1800-222 2200 (in Singapore) or +65-6222 2200 (from overseas) for any enquiries or assistance.

 

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