There are a number of options available to companies who are looking to open a corporate bank account in Singapore. Although it is a relatively straightforward procedure, it’s important that companies consider the various features offered by the banks and make an informed decision about which institution best suits the needs of their enterprise. Different banks offer different corporate services such as credit cards, multi-currency accounts, and the freedom to move funds internationally and trade financing. Ottavia’s online guide provides an overview of the different options open to companies who wish to establish a corporate bank account.
As with all financial related advice, it’s important to double check all of the details with the institution themselves before making a final decision. Given the highly competitive nature of Singapore’s banking industry, the banks are always upgrading their services with new policies and offerings and its important to be well informed of these before you open an account at any one institution.
There are a number of common requirements associated with opening a corporate bank account in Singapore:
1) Physical presence: many (but not all) of the banks in Singapore require the account signatories or principal directors to be physically present in Singapore when the papers are signed and the company bank account is opened. Some banks will accept documents which have been notarised or signed at one of their international branches.
2) Documentation: there are a number of documents which are generally required when a corporate bank account is opened. Additional documents may be requested by the bank:
All of the major international banks have a presence in Singapore and there are some local banks which offer equally competitive rates and features for corporate accounts. Careful research is the key to making an informed decision about which corporate account best suits the needs of your enterprise. Generally speaking, banks are happy to open corporate accounts for both local and offshore companies provided the necessary due diligence paperwork is provided.