Opening Corporate Bank Account in Singapore
After incorporation, you must open a corporate bank account for your company.
However, it’s important to compare the corporate accounts features that various banks have so that you choose the one that meets the specific needs of your company.
What Documents Will You Need to Open a Corporate Account?
Singapore banks may ask you to produce additional documents depending on your company. However, as soon as you narrow down your choice to a few banks, you will need to prepare the following documents:
- Duly filled Account Opening Forms for a Company
- Board of Directors Resolution to open the bank account, including appointed signatories
- Certified True Copy of Company’s Business Profile from Company Registrar
- Certified True Copy of Company’s Memorandum and Articles of Association (M&AA)
- Certified True Copies of Passport or Singapore Identity Card and Proof of Residential Address for Directors, Signatories, and Beneficiaries.
- Certificate of Incumbency (For Offshore Accounts Only)
- Certificate of Good Standing (For Offshore Accounts Only)
Things to Consider When Opening Corporate Bank Account in Singapore
- Can the account be opened without being physically present in Singapore? – Most banks strongly recommend physical presence to avoid delays.
- How much is the setup fee?
- How much deposit is required?
- What’s the minimum account balance required?
- Does the bank provide a debit card?
- Does the bank provide a credit card?
- Does the bank provide a cheques book?
- Does the bank provide internet banking services?
Opening a bank would require your presence
Generally, the majority of the banks require that the account signatories and majority directors be physically present in Singapore for signatures at the time of opening the company bank account. However, some banks will accept the signing of documents at one of their overseas branches or in front of a Notary Public.
Opening a corporate bank account in Singapore is a relatively simple and straight-forward procedure. All commercial banks in Singapore are governed and licensed under the Banking Act, which allow them to carry out universal banking practices. The Monetary Authority of Singapore (MAS) ensures that all banks in Singapore comply with requirements on asset maintenance, capital adequacy, limits and liquidity on credit and investment exposure. Currently, Singapore has 127 commercial banks, out of which only 5 are Local Banks and 122 are Foreign Banks.
Almost all major banks of the world have their presence in Singapore. Banks are generally happy to open a corporate bank account for any company (whether Singapore or offshore) as long as the necessary paperwork is submitted and the banks are satisfied with the information provided for purposes of their internal due diligence.
Need Help Opening a Singapore Bank Account?
Tianlong Services offers unparalleled expertise and comprehensive support for clients who want to establish and manage their business in Singapore. Do not hesitate to contact us today for a free consultation should you have any queries regarding the opening of Singapore corporate bank account.
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