Once a Singapore company is incorporated, it will be advisable to open a corporate bank account in order to smoothly carry out business operations.
Companies have several options for opening a corporate bank account in Singapore. Different banks in Singapore have attractive benefits such as multi-currency accounts, internet banking, credit cards, trade financing, the freedom to move funds across countries and so on. While the procedure for opening a corporate bank account in Singapore is relatively simple and straight-forward, having questions about required documents, available banks and which bank to choose must be carefully considered.
This post is intended to provide information on requirements for opening corporate bank account in Singapore, corporate bank account opening features of popular banks and the overview of procedure that needs to be followed through the means of answering key questions so that you can take an informed decision based on your specific needs, requirements and nature of business.
What is the procedure for opening company bank account in Singapore?
Depending on your interest, you can choose the bank in which you want to open the account. Once you have chosen the bank, the general procedure is to fill in the form, provide the required documents, provide make required signatures and then finally deposit the money (if the bank has any minimum account balance restrictions. Specifications, details, and steps may vary from bank-to-bank.
What documents are required for opening company bank account in Singapore?
While the exact requirements in terms of documentation may vary from bank-to-bank, typically, the banks would require the documents listed below. Additional documents may be required by the bank on a case-by-case basis.
- Completed Corporate Account Opening Forms (signed by authorized signatories as per the board resolution)
- Board of Directors Resolution sanctioning the opening of the account and the signatories to the account (to be prepared by your company secretary)
- Certified True Copy of Resolution sanctioning the opening of the account and the signatories to the account (most of the banks have their own format and you just need to sign it)
- Certified True Copy of Certificate of Incorporation (must be certified by the company secretary or one of the directors)
- Certified True Copy of Company’s Business Profile from Company Registrar (must be certified by the company secretary or one of the directors)
- Certified True Copy of Company’s Constitution (Formerly known as Memorandum and Articles of Association) (must be certified by the company secretary or one of the directors)
- Certified True Copies of Passport (or Singapore IC) and Certified True copy or original Residential Address Proof of the Directors, Signatories, and Ultimate Beneficiary Owners.
Note: Many banks require account signatories and the directors to be physically present in Singapore for paperwork signing at the time of opening the company bank account. Some banks may accept the signing of documents at one of their overseas branches or in front of a Notary Public. This, however, depends on the policies of the respective bank and approval of such a service is at the bank’s own discretion.
What options are available for opening Singapore company bank account?
Currently, there are 125 commercial banks in Singapore, 4% of which are local banks while the remaining 96% are foreign banks.
With this number of banks, you would have plenty of options as a company looking to open a bank account in Singapore.
Some of the major banks known for the opening of corporate bank account in Singapore include DBS, OCBC, Maybank, Standard Chartered and Citi Bank just to name a few. Each of these banks has attractive offerings, services, and facilities that you can access by opening corporate bank account of your Singapore company.
If you are a foreigner, the decision to select which bank to open a bank account in should be made carefully, keeping in mind the various factors such as the requirement of being physically present for opening the account, the services, and facilities, it provides work hours, required for the process, the minimum amount required as well as possible fees on foreign transactions.
At Precursor, we offer end-to-end service, consultancy, and support for the various requirements and needs for when doing business in Singapore. This includes Singapore company incorporation, obtaining Visas and passes for foreigners, obtaining business license, provision of a nominee director for opening corporate bank account and so on.
Knowing that having a right bank account is absolutely critical for any business, our experts at Precursor can help you in opening bank account for your Singapore company no matter what stage you are at. Whether you need support in the collection of required documents or you are a foreigner wanting to have a bank account opened in Singapore, industry experts at Precursor are here to help and provide the exact solution and consultation that you need.
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