Guide to Opening a Singapore Business Bank Account
Most banks operating in Singapore provide their clients with multiple features like ability to transfer funds from one country to another, trade facilities, debit cards, internet banking, and multi-currency accounts. The process of opening a corporate account is really easy. What is important is to understand each bank’s peculiar features to be able to select the best financial institution that will provide for your banking needs.
The purpose of this article is to impart general guidelines and information. More details can be provided by the bank of your choice, especially with regards to their latest offers and policies. You may find out more up-to-date competitive offers that will provide your company with most benefits.
General Requirements in Opening a Business Account
Majority of Singapore banks need directors and account signatories to be physically in the country to sign pertinent documents. Foreign banks may allow document signing at their overseas branch office. Notarised documents are generally not accepted by bank for account opening. Presence either in Singapore or at overseas branch of the bank is must.
General document requirements are listed below. There might be other paper works that will be requested from you by the bank:
- Resolution from the Board of Directors authorizing the opening of the account and approving the account signatories.
- Certified true copy of the resolution (a pro-forma is available in many banks and authorized representatives can just affix their signatures on it)
- Completely filled-up Corporate Account Opening Form signed by the company’s designated signatories
- Certified true copies signed by the company secretary and / or any of the company’s directors of Memorandum and Articles of Association (MAA) of the company
- Proof of Residential Address of Signatories, Directors, and Ultimate Beneficiary Owners
- Passports of the individuals previously mentioned
While it is true that above documents are required, for most of the banks you just need to visit their representative with your passport and a copy of Memorandum and articles of association. Banks will generate all prefilled forms using their computerized system.
Banks own due diligence process
In case of foreign individuals and corporates, each bank has their own due diligence process and they will usually like to know the purpose of Singapore account, about your business in home country.
List of Singapore’s Major Local Banks
Foreign Banks Operating in Singapore
Different banks have different polices about which we can guide you. In general if you do not have existing relationship with a foreign banks then the Singapore local banks will be ideal for you. All the Singapore local banks are stable, secure (in top 15 safest banks list) and offer full internet banking facilities.