For seasoned entrepreneur from a country outside Singapore, you may experience some hassle understand the local regulatory requirements.
Bank account opening may not faze you, but given the many other preparations that will require your attention to open a corporate account, would it not be better to find an expert in Singapore to advise you?
Accounting Solutions Singapore helps you by providing a convenient platform that allows you to choose and open a bank account in Singapore for your business or company in Singapore.
Banks work in a very competitive environment and periodically make adjustments to their offerings to stay competitive.
To open a Bank account for your company in Singapore, you will need the following document
- A resolution by the board of directors approving the opening of a Company bank account and specifying the signatories to the account. Otherwise, the board can use the pre-approved format prescribed by a bank that requires the signatures of the directors.
- Standard account-opening forms signed by the above mentioned authorized signatories
- Copy of the Certificate of Incorporation
- Copy of Company’s Business Profile from ACRA
- Copy of Company’s Memorandum and Articles of Association
- Copies of passports (or Singapore national identification cards) and proofs of residential addresses for directors, signatories, and ultimate beneficial owners.
- Copy of Certificate of Incumbency of the holding company (applicable for corporate shareholder only).
You can operate a business accounts with one of the below banks in Singapore:
Major Local Banks
- DBS Bank Ltd (DBS)
- Oversea-Chinese Banking Corporation Limited (OCBC)
- United Overseas Bank Limited (UOB)
Major Foreign Banks
- Australia & New Zealand Banking Group Limited (ANZ)
- Bank of China Limited
- Bank of India
- Bank of Tokyo-Mitsubishi UFJ, Ltd
- Citibank
- HL Bank
- Indian Bank
- JPMorgan Chase Bank, N.A.
- Malayan Banking Berhad
- Mizuho Bank Limited
- Standard Chartered
- The Hong Kong and Shanghai Banking Corporation (HSBC) Limited
- RHB Bank Berhad
- State Bank of India
- UCO Bank
- Many more…
A reminder before you choosing a bank:
There are many operational banks in Singapore. But before you choose, you should take note of the following:
- Availability of service locations and ATMs
- Availability of cashless payment services
- Extended opening hours and weekend banking services
- Online banking services
- Minimum deposits and income
- Minimum balance to maintain
- Fees and surcharges
Take the time to study the bank’s list of general fees carefully and think about the frequent transactions your company will make.
There can be some charges for local and international fund transfers, for standing orders, general account service fees, getting a second checkbook, and more.
So you need to be aware of these before you choose the banks and their services that suit your company.
It is highly recommended that the directors be present in Singapore to open the bank account.
A bank always reserves the right to request the beneficial owner to be physically present before the approval of a corporate bank account.
Should you need assistance or would like to find out more about annual compilation services in Singapore, please send an email to Contact@AccountingSolutionsSingapore.com, and our business advisor will contact you.