Expanding your multinational corporation (MNC) to Singapore can be a smart strategic move. Singapore is a global financial hub with a thriving business environment, a skilled workforce and low tax rates.
According to the World Bank’s Ease of Doing Business rankings, Singapore is the second-best place in the world to do business, making it an attractive location for MNCs looking to expand their operations.
In this blog post, we will explore business banking options for MNCs expanding to Singapore, focusing on the importance of choosing the right bank; popular banking options available; why Singapore is the best place to open a business bank account; and other important considerations.
Choosing the right bank is critical for the success of any MNC expanding to Singapore. The right bank can provide MNCs with a range of banking services that meet their unique needs, such as corporate banking, trade finance and treasury services. The right bank can also provide MNCs with a secure and efficient banking experience, which is essential for businesses looking to expand their operations.
On the other hand, choosing the wrong bank can lead to a range of problems, including delays in processing transactions, poor customer service and other issues that can negatively impact a business’s bottom line. Therefore, MNCs must carefully evaluate the banking options available in Singapore and choose the bank that best meets their unique needs.
Popular Business Banking Options for MNCs
- DBS Bank
DBS Bank is one of the largest banks in Singapore and is a popular choice for MNCs looking to set up a business bank account. DBS offers a wide range of banking services, including corporate banking, trade finance, and treasury services. The bank has a strong reputation for financial stability and customer service, and its online banking platform is highly rated by users.
According to a recent survey by the Asian Banker, DBS Bank was ranked as the best digital bank in the world. This means that DBS is highly capable of providing digital solutions to your MNC’s banking needs.
- OCBC Bank
OCBC Bank is the second largest bank in Singapore by total assets and is one of the country’s oldest financial institutions, having been established in 1932. It offers a wide range of banking products and services, including corporate banking, investment banking, and treasury and capital markets services.
Corporate banking clients of OCBC Bank can benefit from a comprehensive suite of banking solutions, such as account services, cash management, trade finance, and corporate lending. Additionally, the bank has a global network of branches and representative offices, which can be advantageous for US MNCs that are looking to expand their operations internationally.
Like DBS Bank, OCBC Bank has won numerous awards for its corporate banking services. For example, it was named “Best Corporate Bank in Singapore” by Global Finance magazine in 2021, and “Best Bank for Cash Management in Singapore” by Euromoney Awards for Excellence in 2020.
US MNCs that choose OCBC Bank as their business banking partner in Singapore can benefit from the bank’s extensive experience in serving multinational clients and its commitment to providing innovative solutions that meet their unique needs.
- United Overseas Bank (UOB)
UOB is another popular choice for MNCs looking to set up a business bank account in Singapore. UOB has a strong presence in Southeast Asia and offers a range of banking services, including corporate banking, trade finance, and treasury services.
According to a survey by the National University of Singapore, UOB is the second-most preferred bank by businesses in Singapore, making it a popular choice for MNCs.
- Citibank
Citibank is a global bank that has a strong presence in Singapore. Citibank offers a range of banking services, including corporate banking, trade finance, and treasury services. The bank has a strong reputation for customer service and offers online banking services that are highly rated by users.
- Standard Chartered Bank
Standard Chartered Bank is another popular choice for MNCs looking to set up a business bank account in Singapore. Standard Chartered has a strong presence in Asia and offers a range of banking services, including corporate banking, trade finance, and treasury services. The bank has a strong reputation for financial stability and customer service, and its online banking platform is highly rated by users.
- HSBC
HSBC is a global bank with a strong presence in Singapore. HSBC offers a range of banking services, including corporate banking, trade finance and treasury services. The bank has a strong reputation for customer service and offers online banking services that are highly rated by users.
- Maybank
Maybank is a leading bank in Southeast Asia and has a strong presence in Singapore. Maybank offers a range of banking services, including corporate banking, trade finance and treasury services. The bank has a strong reputation for financial stability and customer service and is a popular choice for MNCs looking to set up a business bank account in Singapore.
Top Banks in Singapore by Total Assets (2022)
| Rank | Bank | Total Assets (USD billions) |
| 1 | DBS Bank | 509.1 |
| 2 | OCBC Bank | 402.2 |
| 3 | UOB | 340.7 |
These figures indicate that DBS Bank remains the largest bank in Singapore in terms of total assets, followed by OCBC Bank and UOB. Standard Chartered Bank and Citibank are also among the top five banks in Singapore by total assets.
Why Singapore is the Best Place to Open a Business Bank Account
Singapore is a global financial hub with a thriving business environment. According to the World Bank’s Ease of Doing Business rankings, Singapore is the second-best place in the world to do business, making it an attractive location for MNCs looking to expand their operations. There are several reasons why Singapore is the best place to open a business bank account, including:
1. Efficient Banking System
Singapore has a highly efficient banking system that is well-regulated and secure. The Monetary Authority of Singapore (MAS) is the central bank of Singapore and oversees the banking sector. MAS has a reputation for being one of the most transparent and efficient regulatory bodies in the world, which means that MNCs can expect a high level of service and security when banking in Singapore.
2. Low Tax Rates
Singapore has one of the lowest tax rates in the world, which makes it an attractive location for MNCs looking to expand their operations. The corporate tax rate in Singapore is 17%, which is significantly lower than many other countries. This means that MNCs can save a significant amount of money on taxes, which can be reinvested in their businesses.
3. Skilled Workforce
Singapore has a highly skilled workforce that is well-educated and multilingual. This makes it easy for MNCs to hire local talent and expand their operations in Singapore. Additionally, the government of Singapore offers a range of incentives to businesses that hire Singaporean citizens, which can help MNCs save money on labor costs.
4. Strategic Location
Singapore is strategically located in Southeast Asia, making it an ideal location for businesses looking to expand their operations in the region. Singapore has excellent transportation links and is a hub for air, sea, and land transportation, making it easy for MNCs to do business with other countries in the region.
When expanding to Singapore, MNCs should also consider other important factors such as the regulatory environment, the cost of living and the cultural differences. It is essential to work with a reputable and experienced business banking partner that can help navigate these issues and provide guidance on the best banking solutions for your MNC.
Final thoughts
Expanding your MNC to Singapore can be a smart strategic move, but choosing the right bank is critical for your business’s success. The right bank can provide your MNC with a range of banking services that meet your unique needs, such as corporate banking, trade finance, and treasury services.
Popular banking options available in Singapore include DBS Bank, UOB, Citibank, Standard Chartered Bank, HSBC and Maybank. Singapore is the best place to open a business bank account because of its efficient banking system, low tax rates, skilled workforce and strategic location. By working with a reputable and experienced business banking partner such as Healy Consultants Group, your MNC can successfully navigate the regulatory environment, cultural differences and other important considerations, and thrive in Singapore’s dynamic business environment.
If you’re looking to establish your business or open a bank account in Singapore or other countries within the region, Healy Consultants Group is here to help. Don’t hesitate to reach out to us to learn more about our services.
Healy Consultants Group provides a wide range of corporate services across the world. Email or WhatsApp us now to find out more about our services.