How to open company bank account in Singapore .pdf
Original filename: How to open company bank account in Singapore.pdf
This PDF 1.4 document has been generated by Online2PDF.com, and has been sent on pdf-archive.com on 01/08/2017 at 14:06, from IP address 182.77.x.x.
The current document download page has been viewed 143 times.
File size: 683 KB (13 pages).
Privacy: public file
Download original PDF file
How to open company bank
account in Singapore
Once a Singapore company is incorporated, it will be advisable to
open a corporate bank account in order to smoothly carry out
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
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-tobank.
What documents are required for
opening company bank account in
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-bycase 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
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
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
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
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
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
For more information read this