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Requirements for Corporate Bank Account Opening in Singapore

Update Date:2019-9-20 10:04:57     Source:www.3737580.com     Views:700

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How to open a corporate bank account in Singapore? Singapore companies have plenty of options when it comes to opening a corporate bank account. Most of the banks in Singapore offer attractive features such as multi-currency accounts, internet banking, credit cards, trade financing, freedom to move funds across countries, and more. Opening a corporate bank account in Singapore is a relatively simple and straight-forward procedure. However, it is important to compare the corporate accounts features of the various banks in order to select the bank that comes closest to meeting the particular needs of your company.


In general, most banks have the following requirements for opening a corporate bank account in Singapore:
Many banks require that the account signatories and majority directors 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.


Typically, the banks would require the documents listed below. Additional documents may be required by the bank on a case-by-case basis.
1. Completed Corporate Account Opening Forms (signed by authorized signatories as per the board resolution);
2. Board of Directors Resolution sanctioning the opening of the account and the signatories to the account (to be prepared by your company secretary);
3. 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);
4. Certified True Copy of Certificate of Incorporation (must be certified by the company secretary or one of the directors);
5. Certified True Copy of Company’s Business Profile from Company Registrar (must be certified by the company secretary or one of the directors);
6. Certified True Copy of Company’s Memorandum and Articles of Association (MAA) (must be certified by the company secretary or one of the directors);
7. 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, just bring the originals and the bank will make a copy.


Almost all major banks of the world have their presence in Singapore. Banks are generally happy to open a corporate bank account for any company (whether Singapore or offshore) as long as the necessary paperwork is submitted and the banks are satisfied with the information provided for purposes of their internal due diligence.


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