Opening a Corporate Bank Account in Singapore

Business-Office-Space-Operations

Opening A Corporate Bank Account In Singapore

Companies in Singapore have extensive options available when looking for a corporate bank account. The majority of the banks in Singapore offer a range of attractive features for account holders, helping them to access their funds from anywhere and anytime such as multi-currency accounts, credit cards, trade financing, internet banking, freedom to move funds internationally and more. New entrepreneurs and newly established companies will be pleased to know that opening a corporate account in Singapore is simple and straight-forward. However, it is important to take time to compare the features offered by each of the various banks to ensure that your new account provides you with what you need to achieve your company’s financial goals.

Ottavia has prepared this guide in order to provide a broad overview of the requirements for opening an account and a brief summary of each bank’s offering so you are better equipped to select a bank that suits your needs. The information below is targeted at small to medium-sized enterprises and larger corporations may not find this information as relevant to their needs.

Please note that the information presented here is for the purposes of general guidance only. Once you have identified a few banks that may meet your needs, it is important to start a discussion with a representative of each bank to confirm the account features and to stay aware of their latest policies and offering. Due to the competitive environment of the Asia-Pacific financial market, banks frequently adjust their offerings.

Account opening requirements

The majority of banks in Singapore mandate similar requirements for opening a corporate bank account:

  • The majority of banks require that all account signatories as well as the majority directors of the applicant company be physically present in Singapore for the signing of the all relevant paperwork at the time of opening the company bank account. Some banks may accept the filing of documents at one of their overseas branches, or in front of a Notary Public.
  • Typically, banks require the documents listed below, and may require additional documents on a case-by-case basis.
    • Completed corporate account opening paperwork (with signatures from authorised signatories as per the relevant board resolution)
    • Board of directors resolution sanctioning the opening of the account and identifying the signatories to the account (prepared by your company secretary)
    • Certified True Copy of Resolution sanctioning the opening of the account and the signatories to the account (the majority of the banks possess their own format and the signatories will simply be required to sign it)
    • Certified True Copy of Certificate of Incorporation (must be certified by one of the directors or the company secretary)
    • Certified True Copy of Company’s Business Profile from Company Registrar (must be certified by one of the directors or the company secretary)
    • Certified True Copy of Company’s Memorandum and Articles of Association (MAA) (must be certified by one of the directors or the company secretary)
    • Certified True Copies of Passport (or Singapore IC) and Residential Address Proof of the Directors, Signatories, and Ultimate Beneficiary Owners. If you are in Singapore, the bank can make a copy form your originals.

All company directors must be aged between 21 and 60 years of age. The company must be registered with the Accounting and Corporate Regulatory Authority in Singapore, and have at least one local director holding a Singaporean citizenship or permanent residency. Companies must have been in operation for a minimum of two years, with an annual sales turnover exceeding S$200,000. Where the business is newly incorporated, the alternative option to apply for a business credit card fully secured is via a time deposit of minimum S$10,000 with the bank.

In conclusion

Singapore offers business-owners an exceptional range of choice in banking options. Almost all major banks in the world maintain a strong presence in Singapore, and businesses will find it easy to find an account with the features that best suits them. The majority of banks are happy to open a corporate bank account for any company (whether based in Singapore or offshore) as long as the necessary paper has been filed correctly, and the directors and appointed signatories are prepared to be physically present in Singapore should the bank require it. Should the banks be satisfied with the information provided for the purposes of their internal due diligence, you will most likely be granted a corporate bank account.

For more information on opening a corporate bank account, or to get advice on choosing the best bank for your business’ needs, get in touch with Ottavia and start a conversation with one of our consultants. Our experience ensures that we are extremely well-equipped to guide you towards the best and most financially prudent decision for your company. Discuss your requirements with one of our knowledgeable team members and find out how we could help you make doing business in Singapore easier and simpler than ever. Contact us at our Collyer Quay location today to find out more.