You must be above 18 years of age to be qualified to trade in Singapore. For some brokerage such as DBS Vickers, you must be at least 21 years old.
a) First, proceed to CDP at Singapore Exchange Limited Centre to open a CDP account.
It typically requires less than one day to open a CDP account. (You may skip this step as all stockbroking firms will assist you in applying for a CDP account. But in the event that you need to rush out a CDP so that you can get your hot IPO in time, then this step is strongly recommended.)
b) Next, proceed to your preferred stockbroking firms to open an account for stock trading.
Bring along the following documents:
- Identification card
- Local bank account number
- Central Provident Fund investment account number (if you wish to invest in CPF)
- CDP account number (if you already got it)
- Passports (for foreigners) and Malaysian IC for Malaysians
- Work and re-entry permits (for foreigners working in Singapore)
To access a list of brokerage firms in Singapore Exchange, please refer to below URL.
Their commission rates are more or less the same. For the cheapest option, I would recommend DBS Vickers cash upfront account.
More on the comparisons of the various brokerage firms in the next post.