Private Banking Solutions for Family Offices in Singapore

Private banking accounts for family office structures

We help with the company side of opening a private bank account: we prepare the corporate and due diligence paperwork a private bank asks a single family office, private trust company or holding company for, and keep it accurate after the account opens.

We can help with Singapore bank account applications where possible; the bank decides. What we can influence is how clearly the structure is documented and how complete the papers are when the bank first sees them.

Why family office structures need bank accounts

For many family office entities, the account is a condition rather than a choice.

• Single family office: under the class exemption, which MAS’s licensing FAQs explain, the office and each fund vehicle keep an account with a MAS-licensed bank; a fund vehicle set up overseas may bank with a regulated bank in a jurisdiction that meets FATF standards
• 13O, 13OA or 13U fund: a single family office fund awarded from 1 August 2026 must hold a private banking account with a MAS-licensed financial institution, from the application onwards and in every year of the award; earlier awards need at least a bank or private banking account with one. Our fund tax exemption page sets out the other conditions
• Private trust company: it opens accounts in its own name as trustee and, under MAS Notice TCA-N03, must tell the bank it is acting as trustee. Our private trust page explains the rest
• Family holding company: it banks like any Singapore company, with the same ownership checks. Our holding company guide explains how such companies are usually set up

What a private bank will ask for

Banks follow MAS Notice 626, which sets out what a bank must find out when it takes on a company or trust as a customer. For a family office entity, expect requests for:

• The entity’s name, registration number, registered address, and date and place of incorporation
• Its constitution and the powers that bind it, and for a trust, a copy of the trust deed
• Why the entity was set up and where it is administered
• Its directors and anyone else with executive authority
• The individuals who ultimately own or control it, through every layer of the structure
• For a trust: the settlor, trustee, protector and beneficiaries, and anyone with ultimate control
• How the business works and how ownership and control are structured
• The source of wealth and the source of funds: private banks usually ask for both, and Notice 626 requires them where the risk is higher, such as a politically exposed owner

Why applications stall

In our experience, delays usually come from a structure the bank cannot follow, or from gaps between the documents and the official records.

Our guide to corporate bank account rejections covers the common reasons and what to do next.

What we prepare

1. Map the structureA chart from each account-holding entity up to the individuals, showing the role of each entity: office, fund vehicle, trustee or holding company.
2. Corporate documentsCertified constitutions, business profiles, registers of directors, members and registrable controllers, and board resolutions to open the account and appoint signatories.
3. Due diligence packIdentity and address documents for directors, controllers and signatories, and background checks on the entities and people involved.
4. After the account opensChanges filed with ACRA within 14 days and registers kept current, so the bank’s periodic reviews match the records.

For a company that needs an ordinary corporate account rather than a private banking relationship, our bank account opening service covers the process.