Once the business is registered the next important step is to open the bank account. After all you need bank account to deposit the cheques you received for your services and to make payment for purchases and office expenses. Just like local entrepreneurs, foreign entities are also interested in in selecting the right bank which can be operated easily for fund transfers and internet transaction. The main banks in Singapore are OCBC bank, DBS Bank, UOB bank, Standard Chartered bank, Citibank and HSBC bank.
Documents required for bank account opening
After the company is incorporate a visit to the bank will be planned. During that visit following documents are required ;
- Account opening form
- Submit Memorandum of association and Articles of association of the company
- First board meeting resolution
- Certified copy of Bizprofile
- All directors and proposed bank account operators will need to carry their original NRIC / Passport
Below table summarizes the account opening requirements, maintenance requirements and other allied aspects.
|Requirement||DBS Bank||OCBC Bank||UOB Bank||Stanchart||Citibank||HSBC|
|Minimum Account opening balance||3000 SGD1000 EURO (EUR Act)1000 USD (USD Act)||3000 SGD500 EURO (Eur Act)500 USD (USD Act)||10000 SGD||10000 SGD||100000 SGD||50000 SGD|
|Minimum maintenance balance||8000 SGD after 6 months1000 EURO (EUR Act)1000 USD (USD Act)||8000 SGD after 6 months1000 EURO (EUR Act)1000 USD (USD Act)||10000 SGD||10000 SGD||50000 SGD||50000 SGD|
|Penalty if balance falls below maintenance balance||25 SGD per month||25 SGD per month||35 SGD per month||Varied||100 SGD per month||100 SGD per month|
|Accounts in multiple currencies available ?||Yes. In major currencies||Yes. In major currencies||Yes. In major currencies||Yes. In major currencies||Yes. In major currencies||Yes. In major currencies|
|Internet banking available||Yes||Yes||Yes||Yes||Yes||Yes|
|Debit card available||Yes||Yes||Yes||Yes||Yes||Yes|
|Can the account be opened without physical presense||No. Physical presence of director and account operator required||No. Physical presence of director and account operator required||No. Physical presence of director and account operator required||No. Physical presence of director and account operator required||Yes. Verification needs to be done in overseas branch of Citibank. But physical presence recommended||Yes. Verification needs to be done in overseas branch of HSBC. But physical presence recommended|
|Can newly incorporated companies open bank account easily ?||Yes||Yes||No. Unless you have previous banking relations||Yes||No. First year turnover of 2 million SGD required||No. First year turnover of 2 million USD required|
|*Terms & conditions of various banks keep on changing from time to time.|
In general for local entrepreneurs and foreign businesses (with business setup in their home country) there is no problem in opening bank account. However banks will carry out their due diligence checks and in some cases may reject the account opening.