May 07, 2015 | Sharon Cheong
Companies in Singapore have numerous options when it comes to opening a business bank account. Singapore is a very business friendly culture and many banks offer numerous attractive features such as trade financing, credit cards, and Internet banking. Most entrepreneurs find that opening a corporate bank account is fairly straightforward and allows them to move funds both locally and internationally.
Singapore has many large and small financial institutions offering a wide range of features and perks. Choosing the right bank for your company can be a simple matter of finding the institution that most closely meets your financial needs. As in many nations, the local banks are very competitive and frequently adjust their offerings to meet the needs of their customers. Be sure to make your account needs clear to the bank personnel and confirm account features before moving forward to sign any legal documents.
Account Opening Requirements
In order to open a corporate bank account in Singapore, most banks require specific documents. These include, but are not limited to:
- Account signatories and directors must be physically present to sign at the time of opening a business bank account. In some cases, documents can be signed before a notary public or at an overseas branch of the bank.
- Certified True Copy of Certificate of Incorporation
- Certified True Copy of Business Profile from Company Registrar
- Board of Directors Resolution authorizing that the account be opened (to be prepared by the company secretary)
- Various corporate account forms authorized and signed agreeing to the board resolution to open an account
- Certified True Copy of Corporation's Memorandum and Articles of Association (MAA)
- Certified True Copies of Passport and Residential Proof of Address for Company Signatories, Directors, and Beneficiary Titleholders
Physical Presence Recommended
Most banks allow you to simply bring in your original documents and paperwork and copies will be made from those. Though physical presence is strongly recommended, it may be possible to set up your corporate accounts at an overseas bank branch. In this event, it is usually best to at least have your Singapore accountant available at the bank branch during the account opening process. Local accountants are very familiar with financial requirements and will readily understand what is needed.
A large financial deposit is usually required for the opening of a corporate bank account in Singapore. Each bank has different requirements so it's best to check with the bank that you are considering. Monthly minimum balance requirements are also required and almost all banks do charge a monthly fee for corporate accounts. Internet banking services are also available, along with overseas and local payment options. A cheque book and ATM card are also issued to account holders or their representatives.
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If coming to Singapore to set up a new business, a convenient way to get an attractively furnished office in the financial district is through leasing a serviced office. Servcorp Serviced Offices give you fashionable furnishings, gorgeous decor, along with skilled personnel, and mail service, email forwarding, expert IT services and many other features. Please contact us for a quote on leasing serviced offices in Singapore.